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Complexity indices provide useful cost metrics in determining a refinery'scapability to convert crude oil to higher value refined products buttheir use is limited in assessing the commercial implications of an investment or transaction decision.
This report contains
Refinery Complexity – A cost metric that does not indicate value
Table 1: Selected Nelson Farrar Process Unit Indices
Figure 1: European Refinery Complexity Profile (2013)
The refinery with the highest complexity score is Eni's Livorno facility, due to large relative size of its lubricant facility. The sporadic operation of this site during 2013, due to poor economics, highlights the weakness of complexity as a metric of competitive postion.
Cost and Value Relationship
Tables and charts
This report includes 4 images and tables including:
Figure 2: 2013 European Refinery Complexity and Net Cash Margin (individual asset analysis)
Figure 3: Net Cash Margin and Refining Complexity Correlation (2013 and 2007)
Refinery Complexity – A cost metric that does not indicate value: Image 1
Refinery Complexity – A cost metric that does not indicate value: Table 1