Solomon Associates, the leading performance improvement company for the global energy industry, reported that it will offer a two-day Refinery Economics Seminar (RES) workshop October 22–23, in conjunction with the 1st Middle East Process Engineering Conference & Exhibition 2011 in Bahrain. The seminar marks Solomon Associates’ first RES workshop in the Middle East; the company has previously held successful events across the United States, Europe, and Asia.

“We are excited that MEPEC 2011 has invited Solomon Associates to teach this workshop at its first annual conference,” said Charles Reith, senior vice president and Middle East business development leader for Solomon Associates. “This in-depth training seminar covers the economic and optimization skills needed to maximize refinery profit. The course is valuable for anyone who takes part in the development of refinery operating plans or helps decide business strategy.”

Led by senior consultant Joe Barth, the RES workshop offers practical, hands-on examples to illustrate Solomon Associates’ unique approach to the intricacies of marginal economics and the workings of linear programming (LP) models. In addition, participants will learn about planning and optimization best practices.

Topics covered in the seminar include:

• Differences between average and marginal costs • How to calculate refinery netback prices • Why a “herd mentality” is so common in the industry • How to use LP models to guide decision-making • How to evaluate crude and feedstock purchase opportunities • How to evaluate incremental product sales • Limitations of shadow values • Planning and optimization best practices • Case studies on value of crude oil, value of cracker feed, and optimization of gasoline production

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