Specialist, Economic Model
Job purpose
Ensures development of fit-for-purpose economic models as per business needs and ensures that all economic models required for the production optimization function are up to date. Responsible for effective use of these models in economic evaluations of feedstock and product imports/exports. Provide necessary support to maintain all economics and planning models up-to-date with actual plant operating conditions and develop any new model(s) required for the business from time to time. Act as the focal point at site coordinating with refinery to get actual yield patterns, actual material balance, and process constraints. Track, monitor, and analyze actual refinery performance based on real-time and historical data and highlight any suboptimal operation or margin improvement opportunity to the concerned.
Develops daily and weekly margin reports, monthly gross margin reports, and retro analysis on plan vs actual performance. Carries out economic evaluation of crude condensate and other feedstock to support procurement decisions. Support commercial operations with timely economic evaluation as and when required.
Key accountabilities
Fit for purpose economic models
Confers within SCMD team to ensure accurate representation of all operating constraints in LP model.
Carry out LP and economic model enhancements to ensure fit-for-purpose models.
Ensure all business constraints and pricing data is updated in the models to derive accurate results.
Develops economic models required for evaluation of various intermediate and product sales/purchases.
Economic evaluations
Carry out economic evaluation for feedstock purchases, product/intermediate sales, and any other business cases as per requirement from time to time.
Develop required supporting documentation for commercial dealings as per requirement.
Develop presentations for OC/OSC to support commercial decision making, based on requirement.
Responsible to maintain auditable records for all decisions made through economic evaluation and maintains database of records.
Retro-performance analysis
Support Senior Specialist, Economic Model in preparing monthly variance analysis of the refinery actual performance, explaining deviations such as yield pattern, quality giveaway, etc., identify opportunities for improvement and ensure implementation.
Monitor product quality KPIs, unit yield pattern, and component quality deviations and provide suggestions to reduce the gap.
Track margin losses resulting from planned and unplanned shutdowns and from process limitations.
Coordinate with concerned at sites to obtain actual unit yield patterns and hydrogen balances.
Monitor plan implementation and raise concerns regarding deviations. Review and revise the set capacities and operating parameters for various units in line with economic indicators as and when deemed necessary.
Economics support to site teams
Oversee PIP (Profit Improvement Plan) program at sites, update tracker and ensure effective management of the same.
Perform economic analysis of process constraints as and when needed in consultation with Senior Specialist, Economic Model.
Support Senior Specialist, Economic Model to carry out different scenario analyses for planned/unplanned shutdowns, slowdowns, and process constraints to assess production and margin impact.
Promote crude and product market awareness and process unit economics trends to refinery managers and operation team through weekly economics presentations to refinery management.
Generic accountabilities
Supervision
Plan, supervise, and coordinate all activities in the assigned area to meet functional objectives.
Train and develop the assigned staff on relevant skills to enable them to become proficient on the job and deliver the respective section objectives.
Budgets
Provide input for preparation of the department/section budgets and assist in the implementation of the approved budget and work plans to deliver section objectives.
Investigate and highlight any significant variances to support effective performance and cost control.
Policies, systems, processes & procedures
Implement approved department/section policies, processes, systems, standards, and procedures in order to support execution of the department/section’s work programs in line with company and international standards.
Comply with all applicable legislation and legal regulations.
Performance management
Contribute to the achievement of the approved performance objectives for the department/section in line with the company performance framework.
Innovation and continuous improvement
Design and implement new tools and techniques to improve the quality and efficiency of operational processes.
Identify improvements in internal processes against best practices in pursuit of greater efficiency in line with ISO standards in order to define intelligent solutions for issues confronting the function.
Health, safety, environment (HSE) and sustainability
Comply with relevant HSE policies, procedures, controls, and applicable legislation and sustainability guidelines in line with international standards, best practices, and ADNOC code of practices.
Report
Provide inputs to prepare section MIS and progress reports for company management.
Qualifications, experience, knowledge & skills
Minimum qualification
Bachelor’s degree in engineering, science, business, economics or equivalent; additional business qualification is an advantage.
Minimum experience & knowledge & skills
8 years of experience in economic model building and interpretation, preferably in the oil, gas, or petrochemical plants.
Skills
Business analysis.
Experience in linear programming planning models of refineries.
Construction of economic and financial spreadsheet models.
Optimization modelling using spreadsheets and/or linear programming models.
Report writing and presentation skills.
Knowledge of the oil and gas industry.
Excellent communication and interpersonal skills.
Proficient in verbal and written English. Knowledge of Arabic is preferable.