The petroleum refining industry processes crude oil and produces a variety of products that are used in the transportation, residential, commercial, and industrial sectors of the economy. 

In 2006, over two thirds of refinery output went to transportation uses, nearly a quarter went to industrial uses, and the remainder was used in residences, commercial activities, and electricity generation. The transportation sector remains the most heavily dependent on petroleum, drawing over 95% of its fuel needs from refineries. 

Because the refining industry plays such a key role in providing energy for the economy, its structure and economic condition are matters of national interest. In recent years the industry has undergone significant change. 

The traditional industry model, based on ownership by vertically integrated oil companies with profitability viewed within the context of a linked supply chain, has been altered by companies and joint ventures whose primary business is refining. Increasingly, the business model for these firms, as well as the integrated oil companies, is the standalone profit center. 

Refiners now must earn market rates of return for investors, as well as returns sufficient to make investments in expansion, technological improvements, possible business restructuring, and to meet environmental regulations, both with respect to refined product specifications and refinery site operations and expansion.

The aim of this course is to provide participants with a complete and up-to-date overview of the refinery operational economics, planning and profitability. Upon the successful completion of this course, participant will gain a satisfactory understanding of the concepts of operational profitability, refinery configuration, planning objectives and tools, key crude and product qualities, crude and product pricing, practical refinery modelling, market dynamics, managing risk, performance measures and benchmarking. Actual case studies from around the world will be demonstrated to highlight the topics discussed.