The commoditised refining industry finds itself subject to ever-increasing competitive pressures. In mature markets small and mid-sized refineries have to compete with large, integrated complexes recently built in emerging markets which enjoy the benefits of easier access to feedstock and lower labour costs, a situation exacerbated by the costs of creating low sulfur fuels from heavier, more sour crude, as the world’s crude oil resources dwindle.
The sulfur content of the world’s diminishing crude oil resources is higher than ever before as oil companies are forced to tap into a cheaper but lower quality of crude that requires more refining to meet tightening environmental standards and while maximising margins. To be competitive in this challenging landscape, modern refineries must operate efficiently, ensure adequate capacity, and control emission levels. Operators are therefore keen to maximise profitability factors, often by optimising the efficiency of their assets.
State-of-the-art technologies can help unlock opportunities in such a volatile market. However, with investment budgets limited, new technologies must offer a high return on investment coupled with a short payback period.
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