Senior Specialist, Economic Model

Job description / Role

About the Job
- Responsible for developing and using fit-for-purpose economic models to develop business and planning economic cases for various scenarios, as required.
- Sets up and runs LP model case evaluations for new import/ export feedstock/ product business opportunities, which arise from the market dynamics through Trading enquiries and shares the analyses within the Department as basis for decision-making.
- Supports and guides Specialist Economic model.
- 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, provide necessary advices in implementation of economic model output at plant level.
- Responsible to ensure that the LP Model is fed with the latest Market information related product demand and feedstock supply.
- Performs Gross Margin tracking based on historical data through effective development of production-based margin report on daily and weekly basis.
- Track the daily and monthly feedstock and product prices, track refinery unit economics and communicate any sub-optimal observations/ trends to the concerned.
- Develop daily and weekly economic reports and track key economic drivers to regulate short-term optimization.
- Responsible for monthly back-casting analysis of refinery performance and for all planning and economic reports to shareholders.
- Develops economic studies and reports on alternate scenario planning and constrain analysis.

Key Accountabilities

Evaluate Scenario Benefits
- Analyses and presents recommended options for most profitable solutions within the Department for the consideration by entities ARJV and AGT and review/approval by OC/ OSC
- Responsible for developing break even and indifference values for various feedstock imports
- Conduct economic analyses for export sales from various component sales and support decision making with analyses and reports.
- Identifies & recommend LP model enhancements to make optimal decisions
- Reviews new feed stocks options to expand refinery feed stock basket, liaisons with all stake holders to collect relevant data and ensures inclusion of new assays in the model
- Reviews LP models' outcomes to prepares fit for purpose business cases

Prepare Economic Reports for the OC/ OSC in Support of Decision Making
- Analyse optimization outcomes and provide recommendations, giving relevant substantiation
- Runs LP model for viable optimization scenarios and clearly articulate preferences
- Collaborate and recommend business value enhancement opportunities within the Department based on outputs / interpretations from multiple LP model scenarios
- Supervises non-system crude and condensate and any other feedstock economic evaluation and coordinates with all stake holders in this regard.

Retro-Performance Analysis
- Publish retro analysis report (Industrial Performance), fulfils regular Back-casting analyses and
- Develop Monthly Variance Analyses of refineries' Actual performance vs Plan and highlights any variations to Management
- Calculate actual realization of imported condensate cargos to review the realization vis-à-vis margins estimated at the time of decision to purchase

Market Price Management/ Reporting
- On Monthly basis, monitor feedstock and product prices, develop daily economic tracking/margin reports, and validates all invoice pricing.
- Involve in pricing discussions and development of fair pricing mechanism for all refinery products supplied to ADNOC Global Trading, ADNOC DM&TD and other OPCO's
- Support Production Planning in feedstock and product pricing to be used for different operating plans.

Gross Refining Margin Tracking
- Develop actual production-based margin calculations on monthly basis, analyses deviation wrt Business Plan margins and provides management with explanation on deviation.
- Obtain cargo-wise actual pricing details and correlate production margins with monthly sales-based margins in the monthly and year-to-date tracking system. Ensures coordination with Finance for developing month end gross margin reports based on sales and production and provides deviation analysis
- Prepare, analyse daily and weekly Refinery Economics reports, daily actual refining margin report and provide management with explanations on significant deviations (if any)
- Maintain model to develop prices of feed stocks, intermediates, and products relevant for the economic analysis of ADNOC Refining operations

Economics Support to Site Teams
- Support all stakeholders in SCMD and external parties as and when necessary in terms of commercial inputs, in development of reports to shareholders and in updating planning and scheduling tools.
- Oversee PIP (Profit Improvement Plan) program at sites, update Tracker and ensure effective management of the same
- Supervise and coordinate with Site support team for gathering of actual process unit yields, for economic analysis of process constraints,
- Monitor and track effective implementation of PIP in coordination with Specialist, Economic Model and review implementation of new opportunity providing timely feedback to the management.
- Review unit regulations generated by Refined Product Supply Department w.r.t economics as and when required to guide refinery operations.

Other Activities
- Support PIMS(LP) Model audit process conducted by Business Support team as per requirement.
- Development of business processes of Economics section, periodic review and updates as required

Requirements

Minimum Requirements
- Bachelor's Degree in Chemical Engineering, or equivalent; additional business qualification is an advantage.
- At least 10 years of experience in Economic Model Building and Interpretation, preferably in the Oil and gas or Petrochemical plants with preference in Refinery Business
- Knowledge of the Refinery, Oil and Gas Industry.
- Experience in Linear Programming planning models of Refineries
- Development of economic and financial models using spreadsheet
- Optimization modelling using spread sheets and/or linear programming models.
- Excellent Report writing and presentation skills
- Excellent communication and interpersonal skills.
- Proficient in verbal and written English. Knowledge of Arabic is preferable

About the Company

We are one of the world's leading energy producers, and a primary catalyst for Abu Dhabi’s growth and diversification.

We operate across the entire hydrocarbon value chain, through a network of fully-integrated businesses, with interests that range from exploration, production, storage, refining and distribution, to the development of a wide-range of petrochemical products.

Since 1971, we have created thousands of jobs, driven the growth of a diverse knowledge-based economy, and played a key role in Abu Dhabi’s global emergence.

Today, we continue to look for new and innovative ways to maximize the value of our resources, pioneering those approaches and technologies that will ensure we are able to meet the demands of an ever-changing energy market, and continue to have a positive impact on the Abu Dhabi economy for generations to come.