downstream economics - ifptraining.com supply and demand fundamentals petroleum physical trading...

Downstream Economics

f p. 57 to 67

Downstream Economics

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In-house course

Trading 2 dOil supply and demand fundamentalsPetroleum physical tradingFinancial trading (futures), markets place, derivativesHedging and strategies

refining and peTrochemicals economics 3 dBrief technical overview of the main refining and petrochemical processesWorld refining and petrochemicals demandEvolution of the downstream supply: refining overcapacities, production nature and quantityMain challenges for the refining sector: deep conversion, new product specifications, petrochemical integration, environment, etc.Refining margins and costsCase study: valuation of intermediate products of a FCC (Fluid Catalytic Cracking) unitCase study: refinery blending simulationMain characteristics of the petrochemical business: economic drivers, cyclic behavior, etc.Case study: steam cracker economics

opTimizaTion of refining operaTion - linear programming 2.5 dLinear programming (LP) principles: linear equation, objective function, profit maximization or cost minimization, Simplex method, graphic interpretation, etc.Analysis of the LP results: optimum properties, marginal costs, domain of validity of the results, etc.Case study on Excel: introduction to the preparation of a refinery model matrix (material balances, products specifications, utilities consumption, objective function, etc.); team work on the optimization of a cracking refinery

refining operaTions planning - scheduling 1.5 dPrinciples of refining management: constraints, operations organizationMonthly program to daily operationsOptimization of margins from different process unitsCase study: management of typical sequential constraints (delays, processing problems, etc.)

invesTmenT profiTabiliTy sTudies 1 dValue creation and capital cost, cash flows, discounting principle and inflation impactStandard global profitability analysis: cash flow schedule, economic criteriaIntroduction to risk analysisExercises on various investment profitability studies for refineries and petrochemical plants

sTraTegic markeTing 2 dMarketing role in a firm and in the economy, marketing organizationMeasuring the firm’s competitivenessDesigning a development strategy

supply chain managemenT 3 dSupply chain principles: definitions, review of activities, interactions with consumersStorage management: «pull» and «push» modes, basic tools for stock management, technical and economic aspectsSupply chain design and methodological approaches: analysis of the industry (organization, process, location)Benchmarking context

purposeTo allow the participants to acquire a complete view of the economic principles of the downstream sector as well as the methods necessary for the decision-making processes

audienceProfessionals from the refining, the petrochemicals and the distribution sectors in a management position where they need to deepen their understanding of all the essential economic aspects as well as the management tools used in the oil downstream sector

learning objecTivesUpon completion of the course, participants will be able to: - analyze the economic fundamentals of the energy scene, with a particular attention to the importance of markets dynamics and its impact on the economics of refining, petrochemicals and distribution

- evaluate the economic values of various intermediate or semi-finished products

- use linear programming models and management tools in order to optimize refining and petrochemical operations

- do project profitability evaluation - take part in the development of a marketing strategy

- analyze the supply chain of an industry

Downstream Economics & Management

coordinator: Sylvie Saulnier

foundation

15 days

Reference EAV / DEM

downstream economics

58

LANGUAGE LOCATION DATE FEES REFERENCE REGISTRATION CONTACT

London Oct 18 - 21 £3,200 EAV / PERO [email protected]

Technical overview 0.25 dBrief technical presentation of the main refining units: distillation, conversion, etc.Refinery scheme evolution

refining indusTry 0.5 dWorld petroleum product demand and evolution of the crude oil supplyRefining supply: overcapacity, types and quantityMain challenges: deep conversion, new product specifications, petrochemical integration, environment, etc.Projects and perspectives

refinery margins and cosTs 0.75 dRefinery margins and costs: definitions and evolution worldwideUnit margins and intermediate product valuationCase studies: crude oil arbitrage, Fluid Catalytic Cracking (FCC) unit margin

refinery blending simulaTion 0.5 dCase study: managing the blending operation of a refinery taking into account the economic and technical (product specifications, capacities, etc.) constraints

opTimizaTion of refining operaTions – linear programming 1 dLinear programming (LP) principles: linear equation, objective function, profit maximization or cost minimization, Simplex method, graphic interpretation, etc.Analysis of the LP results: optimum properties, marginal costs, domain of validity of the results, etc.Case study on Excel: explanation of a refinery model matrix (material balances, product specifications, utilities consumption, objective function, etc.); team work on the optimization of a cracking refinery and on the result analysis

invesTmenT profiTabiliTy sTudies 1 dValue creation and capital cost, cash flows, discounting principle and inflation impactStandard global profitability analysis: cash flow schedule, economic criteria (net present value, internal rate of return, etc.)Introduction to risk analysisExercises on various investment profitability studies for refineries and petrochemical plants

purposeTo enable delegates to understand the essential elements of refinery operations and investment economics, to review the various parameters which affect refinery profitability and to develop a working knowledge of the management tools used in the refining industry

audienceTechnical, operating and engineering personnel working in the refining industry, trading and commercial specialists, independent consultants, process licensors, catalyst manufacturers and refining subcontractors

learning objecTivesUpon completion of the course, participants will be able to: - assess the latest trends in product specifications, and refining schemes

- calculate product value, refinery margins and process unit margins

- simulate and to optimize refinery operations, crude oil selection and product manufacturing

- analyze the results of an linear programming model optimization

- evaluate the profitability of a new process unit

ways & meanscase studies and exercises derived from present refinery situationseconomic optimization using excelQuiz

Planning & Economics of Refinery Operationsin collaboration with the energy institute, london

coordinator: Silvio Sparano


Can be organized for a single companyproficiency

4 days

Reference EAV / PERO

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In-house course

oil markeTs and Trading 0.25 dOil supply and demand fundamentals and evolutionPetroleum physical trading (spot, forward)Crude oil and petroleum product pricing: benchmark, quality differential, etc.Financial trading (futures) and hedging strategies for a refiner

refining conTexT 0.5 dWorld petroleum product demandRefining supply: overcapacity, types and quantityMain challenges: deep conversion, new product specifications, petrochemical integration, environment, etc.Projects and perspectives

refining margins and cosTs 0.75 dRefinery margins and costs: definitions and evolution worldwideUnit margins and intermediate product valuationCase studies: crude oil arbitrage, Fluid Catalytic Cracking (FCC) unit margin

opTimizaTion of refining operaTions – linear programming 2.5 dLinear programming (LP) principles: linear equation, objective function, profit maximization or cost minimization, Simplex method, graphic interpretation, etc.Analysis of the LP results: optimum properties, marginal costs, domain of validity of the results, etc.Case study on Excel: parametrization and preparation of a refinery model matrix (material balances, product specifications, utilities consumption, objective function, etc.); team work on the optimization of a cracking refinery and on the result analysis

opTimizaTion of refinery operaTions – scheduling 1 dPrinciples of refining management: constraints, operations organizationMonthly program to daily operationsOptimization of margins from different process unitsCase study: management of typical sequential constraints (delays, processing problems, etc.)

purposeTo provide an in-depth understanding of the techniques used for decision making operations concerning supply and refining

audienceManagerial staff, supply planners, oil economists and personnel in charge of supply, planning, programs and product blending

learning objecTivesUpon completion of the course, participants will be able to: - optimize refinery operations, crude oil selection and crude oil selection

- analyze the results of a linear programming model optimization

- help optimizing a planning, from preparation of optimal monthly programs up to daily operation scheduling

ways & meanscase studies and exercises derived from present refinery situationseconomic optimization using excel software and the solverQuiz

Refinery Operation Management & Linear Programming


proficiency

5 days

Reference EAV / ROM


60


Rueil May 23 - 27 €2,997 EAV / EFR [email protected]

Technical overview 0.25 dBrief technical presentation of the main refining units: distillation, conversion, blending, etc.Refinery scheme evolution

oil markeTs and Trading 0.25 dOil supply and demand fundamentals and evolutionPetroleum physical trading (spot, forward)Crude oil and petroleum product pricing: benchmark, quality differential, etc.Financial trading (futures) and hedging strategies for a refiner

refining conTexT 0.5 dWorld petroleum product demandRefining supply: overcapacity, types and quantityMain challenges: deep conversion, new product specifications, petrochemical integration, environment, etc.Projects and perspectives

refining margins and cosTs 1 dRefinery margins and costs: definitions and evolution worldwideUnit margins and intermediate product valuationCase studies: crude oil arbitrage, Fluid Catalytic Cracking (FCC) unit margin

refinery blending simulaTion 0.5 dCase study: managing the blending operation of a refinery taking into account the economic and technical (product specifications, capacities, etc.) constraints

opTimizaTion of refining operaTions – linear programming 1 dLinear programming (LP) principles: linear equation, objective function, profit maximization or cost minimization, Simplex method, graphic interpretation, etc.Analysis of the LP results: optimum properties, marginal costs, domain of validity of the results, etc.Case study on Excel: explanation of a refinery model matrix (material balances, product specifications, utilities consumption, objective function, etc.); team work on the optimization of a cracking refinery and on the result analysis

opTimizaTion of refinery operaTions – scheduling 0.5 dPrinciples of refining management: constraints, operational organizationMonthly program to daily operationsOptimization of margins from different process unitsCase study: management of typical sequential constraints (delays, processing problems, etc.)

invesTmenT profiTabiliTy sTudies 1 dValue creation and capital cost, cash flows, discounting principle and inflation impactStandard global profitability analysis: cash flow schedule, economic criteria (net present value, internal rate of return, etc.)Introduction to risk analysisExercises on various investment profitability studies for refineries and petrochemical plants

purposeTo enable delegates to get a grasp of all the fundamental aspects and challenges of the economic framework in which the refining industry is evolving

audienceTechnical, operating and engineering personnel working in the refining industry, trading and commercial specialists, independent consultants, process licensors, catalyst manufacturers and refining subcontractors

learning objecTivesUpon completion of the course, participants will be able to: - calculate product marginal value, refinery margins and process unit margins

- identify cost savings in order to improve margins

- simulate refinery operations and product blending

- simulate and to optimize refinery operations, crude oil selection and product manufacturing

- analyze the result of an linear programming model optimization

- do project profitability evaluation

ways & meanscase studies and exercises derived from present refinery situationseconomic optimization using excelQuiz

Economic Framework of Refining



Can be organized for a single companyfoundation

5 days

ReferenceEAV / EFREAV / CER

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Rueil Dec 12 - 16 €3,120 EAV / REO [email protected]

Technical overview 0.25 dPetroleum demandCrude oils - Qualities and characteristicsPetroleum products - Characteristics and specificationsRefining schemes and processes

price consTiTuTion of crude oils and peTroleum producTs 1 dThe different types of crude oils and their interactionsNotions of incoterms (FOB, CIF…)Price determination from reporting agencies (e.g.: Platt’s and Argus)

refining margins and cosTs 1 dDefinitionsDifferent types of margins and indicatorsPrinciple of estimation of the real margin in a refinery from the reference indicatorRefining variable and fixed costsDefinitions and principle of a refinery break-even point

refining managemenT iTems 1 dEconomic impact of unit yieldsProduct valorization challengesNotion of constraint costThe use value of intermediate, semi-finished and finished productsExamples

value and simulaTion of inTermediaTe and semi-finished producTs 0.75 dValue of a product depending on its use and the economic contextNotion of marginal cost, netback valueCapital gain or loss of separation, product blending or transformation operations; examplesCase study of the premium “straight-run” for atmospheric residues

how To improve The refining margin daily? 0.5 dBlending optimizationEnergy integration, maintenance managementMonitoring and control of consumption (energy, chemicals, catalysts) and lossesInventory management, working inventoryOrganization, reactivity, employees trainingImplementation analysis and performance monitoring tools (KPI: Key Performance Indicators), ...

opTimizaTion of The feedsTocks – key criTeria 0.5 dCrude oil case study: tools and models used, basic knowledge of linear programmingCase study

purposeTo allow the participants to acquire the main economic challenges of the running of a refinery and to understand the oil markets (crude oil and petroleum products) in order to optimize refining operations

audienceEngineers, independent consultants, subcontractors or managers from refining who need a better understanding of operation optimization

learning objecTivesUpon completion of the course, participants will be able to: - understand the economic issues and the main parameters influencing refining profitability

- develop a working knowledge of management tools and models used in the industry

- get a grasp of the input/output balances of the refining industry

- calculate product value (intermediate, semi-finished or finished products), refinery margins and process unit margins; how cost and margins compare; how to simulate refinery operations and product blending

- understand and analyze the refining margin from an operational point of view, considering the contribution of each unit operation

- understand the notion of break-even point (as an evaluation tool for assessing the resilience of a refinery to economic changes)

- comprehend ways to optimize refinery operations, crude oil selection and product manufacturing, in order to improve profitability

- gain a working knowledge in decision-making regarding future investments

- better understand and use the various elements that contribute to refining margin improvement, such that: blending optimization, energy optimization, maintenance management, inventory management, analysis, performance monitoring,...

ways & meanscase studiesexample cost of give-awaycalculation of a working inventory

Economic Optimization of Refining Operations

coordinator: Lucien Guez


5 days

ReferenceEAV / REOEAV / OER


62


Rueil Nov 23 - 24 €1,420 EAV / SRP [email protected]

Technical review of refining and peTrochemisTry 0.5 dMain petroleum and petrochemical products: key product specifications reviewRefining and petrochemical schemesHSE specifications: refining (H2S, etc.), petrochemicals (product instability, etc.)

synergies beTween refining and peTrochemisTry 1 dUtility exchanges: H2, gas, fuelSupply: ethane, LPG, naphtha, atmospheric gasoil, vacuum distillateProduct exchanges: pyrolysis gasoline, olefinsCommon treatment of the C4 cuts: BTX (Benzene-Toluene-Xylene) extractionPooling services

refining and peTrochemicals economics 0.5 dRefining and petrochemical margins and costsLocation and unit severities effectsGains due to synergiesCase study: economics of a refinery, of a steam cracker and of the integration of both (with some synergies)

purposeReview of the pain refining and petrochemical specificities, identification of the possible synergies and highlight the economic gains achievable from refining-petrochemicals integration

audienceStaff from refining and petrochemistry involved in production, planning, procurement, marketing, management control and investment

learning objecTivesUpon completion of the course, participants will be able to: - describe the main specificities of the refining and petrochemical sectors

- identify the possible synergies between refining and petrochemistry

- explain the economic challenges and the main factors of these sectors’ profitability

- analyze the effects of these synergies

ways & meansQuiz, examplescase studies and exercises in team work

Refining-Petrochemicals Synergies




2 days

ReferenceEAV / SRPEAV / IRP

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Rueil May 11 - 13 €1,940 EAV / PDP [email protected]

economic criTeria 0.75 dValue creation, capital cost and discount rate of a companyEquity and debt, Corporate finance and return on capital, ROCE and ROECash flows and discounting principleNet Present Value (NPV), Internal Rate of Return (IRR), Pay-Out Time (POT), financial exposure, profitability index

global profiTabiliTy analysis 0.75 dAnalysis of operating cash flows and economic criteriaReturn on capital employedProfit and Loss accounts and associated project income taxesImpact of taxation and inflation in profitability investment studiesChoice of an investment program with a limited budget, scarcity cost of capital

risk analysis 0.5 dRisk analysis methodologySensitivity analysis in investment decision, Spider and Tornado chartsLimits of sensitivity analysis

case sTudies on invesTmenT profiTabiliTy 1 dOctane improvement: implementation of isomerization and/or alkylation process unitsHydrocracker projectRefinery projectSteam cracker project

purposeTo provide an in-depth understanding of the concepts behind the theory of capital budgeting and thus improve the analysis in investment profitability studies

audienceManagers and staff concerned with decision affecting medium and long term cash flows (such as investment, disinvestment and acquisitions); people who need to improve their understanding of the theory and the practice of investment analysis

learning objecTivesOn completion of the course, the participants will be able: - use tools related to an investment profitability analysis

- incorporate terms of financing plans in equity profitability analysis

- build complex computer models for cash flow analysis

- carry out risk analysis of investment projects

prereQuisiTeBasic notions of Microsoft Excel

ways & meanscase studies and exercises derived from actual refinery situations

Profitability Analysis of Downstream Investment Projects



3 days

ReferenceEAV / PDPEAV / PPA


64


Rueil Apr 18 - Jul 13 €12,240 EAV / DOM [email protected]

refining 6 dCrude oils and finished productsRefining processesDeep upgradingEnvironmental constraintsConsequences of the reduction of heavy fuel oil outletsShort-term refinery managementUnit margins

decision sciences 4 dLinear programming: simplex, duality, economic interpretation, etc.Refining supply and demandRefinery investments, costs and marginsDynamic programming, non-linear programming, MCP problems in their applications in Energy industries (Gas and Electricity)

downsTream managemenT & susTainable developmenT (refining, gas & power)

22 d

Mid and downstream business: oil refining, petrochemicals and productsUtility management: coal, gas and powerRenewables and Environmental Management

commodiTies markeTs & Trading 5 dIntroduction to commodities markets (energy, soft, tropical & non-ferrous)Physical oil marketsOTC productsFuture markets. OptionsRisk management and hedging

sTraTegic markeTing and managemenT 8 dRole of marketing in the firm and in the economyMarketing organizationMeasuring the firm’s competitivenessDesigning a development strategy

advanced economeTrics 5 dApplied probability and statisticsApplications of statistical and probabilistic concepts

independenT sTudy 10 dPersonal research work

purposeTo gain an understanding of the downstream petroleum sector in its technical, economic, commercial and environmental dimensions (main refining units, key economic data and characteristics, management tools...)

audienceRecently hired professionals, preferably with an engineering background, about to take up a position in downstream petroleum activitiesStaff from other petroleum sectors (upstream, chemicals, etc.) taking up a downstream managerial position or from government agencies with responsibilities for petroleum matters will also benefit from this course

noTeThis module is a part of a 16-month master degree program, Petroleum Economics and Management, run by IFP School

Downstream Module



Can be organized for a single company

60 days

Reference EAV / DOM

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Rueil Mar 14 - 18 €2,780 RPC / RPPP [email protected]

Bahrain Apr 17 - 21 €3,090 RPC / RPPP [email protected]

Rueil Nov 14 - 18 €2,780 RPC / RPPP [email protected]

peTroleum producTs 1.25 dEnergy and non-energy products and their main uses, CO2 emissions and main regulated pollutants in the end usePrincipal components of petroleum products; general hydrocarbon classification and main impurities (sulfur, nitrogen, metals and asphaltenes, etc.)Quality requirements imposed on petroleum products in view of their utilization: quality specifications measured by standard tests, characteristics related to the product composition, origin and processing routesNew trends in market structure and product characteristics to European and worldwide scale, post-combustion depollution systems, biofuels (nature, alternative fuel pathways for transport, strengths and weaknesses)

refining processes 2.75 dCrude oil fractionation

- origin, overall characteristics and classification of crude oils - yields and properties of straight-run cuts obtained by distillation, potential destinations - industrial units: atmospheric distillation, vacuum distillation, light-ends fractionation - typical process scheme, operating conditions, energy consumption

Catalytic reforming and isomerization - octane improvement of virgin naphthas - basics of processes, types of catalyst, product yields and hydrogen production - industrial units: process flowsheets, operating conditions, equipment, low pressure processes

Hydrorefining processes - main features of impurities removal by catalytic hydrogen treatment - main refining applications - example of ULSD hydrotreatment unit: operating principles, operating conditions - scrubbing treatments: amine washing, sulfur production, treatment of residual gases from Claus units

Conversion units - outline of conversion and various cracking processes - characteristics and origin of feeds for cracking - conversion by means of thermal cracking: visbreaker, various cokers - conversion by means of catalytic cracking: FCC and related units, gasoline sweetening and desulfurization, alkylation, production of MTBE, ETBE and propylene, hydrocracker and related units, hydrogen production (SMR, POX)

- recent developments in hydrotreatment and hydroconversion of heavy residues - hydrogen balance in the refinery, energy consumption per unit, CO

2 emissions at the outlet of the refinery

Other processes for production of petroleum products: GTL, synthetic crude oils

manufacTuring flowsheeTs 0.25 dMain routes to major productsUp to date refining schemes including the production of petrochemical intermediate productsImpacts of the evolution of market demand and the quality of the products on manufacturing patternsBase lube oil manufacturing

main economic feaTures of refinery operaTion 0.75 dPrices of crude oils and products, operating costs, economic margin of a refineryExamples of flexibility in operation and its economic consequences

purposeTo provide broad technical information on refining processes and petroleum products, enabling a rapid immersion in the refining industry

audienceProfessionals in the oil and gas industry or related sectors (in the technical, commercial, legal, finance, or HR departments) interested in oil refining

learning objecTives - To learn about the composition, main characteristics and new trends of petroleum products

- To understand the role of various processing units in a refinery

- To describe the main manufacturing schemes encountered in oil refining

- To assess the economic environment of this industry

ways & meansDetailed course material with a glossary of the main technical terms used in the refining industryActive participation of trainees through interactive games and quizzes to grasp the key points of the courseA summary per unit is built to highlight key process variables

Refining Processes & Petroleum Products

coordinator: Carole Le Mirronet

Can be organized for a single companyfoundation

5 days

ReferenceRPC / RPPPRPC / BRP


66

In-house course

lubricanTs markeT 0.5 dOverview of the lubricants marketEvolution of demand and general characteristicsOil industry and the lubricantsAdded value chainBusiness models

lubricanTs performance 0.5 dPerformance standardEnvironmental issuesAutomotive lubricantsTransmission oilsIndustrial lubricantsMetal working fluidsGreases

base oils 0.5 dGroup classification and technical aspectsWorldwide capacity breakdown by quality: mineral, syntheticWorldwide capacity breakdown by operatorBase oils re-refiningCapacity and demand trend outlook: 5 years’ time horizonFinancial structure: profitability, pricing, contract terms

addiTives 0.25 dRole and functions of the additivesRespective role and responsibilities in technology developments and ownership: OEMs, additives vendors, lubricants marketersMarket structure and playersFuture trends outlook

operaTions 0.25 dLubricants manufacturing and distributions: main steps, strategic optionsManufacturing optimization: procurement, blending, fillingTypical cost structureManaging performance

lubricanTs markeTing 1.5 dGeneral consumer marketingGeneral lubricants market segmentation: factors of impactImplementing appropriate marketing toolsDeveloping a strategic marketing planAdded value opportunities: total fluid managementPractical case exercise

marine lubricanTs 0.5 dMarine lubricants market specific requirementsOperational constraints and consequences on products technologies and logisticsMarket organization and playersFinancial structure and contractual terms

purposeTo identify the specificities of lubricants market and to improve performances during production processes and sales development

audienceManagers in a new position in lubricants business. Commercial staff moving into the lubricants area or with responsibilities, e.g. in refining, research, planning etc., related to lubricants. Staff who already have lubricants experience but who require to extend their general, marketing and strategic knowledge

learning objecTivesUpon completion of the course, participants will be able to: - understand the commercial and marketing environment, covering base oils, additives, blending plants, automotive and industrial sectors, and consumer requirements

- know the marketing and strategic options available

ways & meansindustrial experience of the lecturerinteractive lecturereal case studies

Marketing & Sales of Lubricants



proficiency

4 days

Reference EAV / MSL

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In-house course

biTumen markeTing 1.5 dRelevant technical properties of bitumenCommercial aspects of paving bitumen, polymer modified bitumen, bitumen emulsions:

- market characteristics, consumption of various products, market trends - different types of customers, impact of technology development on the business - competition law: risks and compliance

Commercial aspects of industrial bitumenMajor European, American, African and Asian marketsInternational bitumen tradingProduction and consumption areas, distribution

Technical & hse aspecTs 1.5 dProperties and main uses of bitumen, polymer modified bitumen, bitumen emulsionsManufacturing: importance and constraints linked to bitumen production

- tests, specifications, quality control - road building with hot, warm and cold mixes

Polymer modified paving bitumen and other modified bitumenRoad repairs and road maintenance techniquesBitumen emulsions and polymer modified bitumen emulsionsRoof waterproofing techniquesBitumen, polymer modified bitumen, oxidized bitumen, for waterproofing techniques: recent specifications in Europe, USA, and other countriesHealth, safety, environment:

- safety during transportation, storage, application of bitumen binders - health classification of bitumen - environmental aspect: recycling, LCI, authorities view

purposeAs a result of the course, participants will obtain a better understanding of the bitumen binders industry, for roads, highways, airports, roofing, with special attention for two products having a world-wide development, namely polymer modified bitumen and bitumen emulsionsObjectives of this seminar are to present European and international commercial aspects of bitumen, and to improve the technical knowledge of participants

audienceProfessionals taking up new positions in the manufacturing, marketing, utilization and technical assistance of bitumen and other bituminous binders, as well as those involved in road repairs, new roads, and industrial bitumen uses

ways & meansindustrial experience of the lecturerinteractive lecture

Marketing & Sales of Bitumen


proficiency

3 days

Reference EAV / MSB


downstream economics - ifptraining.com supply and demand fundamentals petroleum physical trading...

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