It may seem to some people that the process of having the right crude at the right place at the right time for the right price would be straightforward—but for those in the industry who are trying to do just that, it is anything but straightforward. The decisions made by these individuals have a large impact on the overall refining downstream enterprise profitability, and must be made with a high degree of uncertainty about demand, product prices, crude quality, logistics, and refinery operating capabilities/capacities. As a result of these risks and incentives, many companies have focused significant effort on developing procedures and practices to maximize the value gained and reduce the uncertainties. This paper compares practices in place at several different companies, analyzes the effectiveness of these practices, evaluates the various business strategies employed, and recommends several best practices that downstream refineries should consider adopting.
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