Cost Accounting and Cost Management in Oil Refineries

Start Date End Date Venue Fees (US $)
31 May 2026 Munich, Germany $ 4,950 Register
30 Aug 2026 Dubai, UAE $ 3,900 Register
13 Dec 2026 Istanbul, Turkey $ 4,500 Register

Cost Accounting and Cost Management in Oil Refineries

Introduction

With increased competition and volatility in prices, it is essential to manage costs effectively in the Oil Refinery sector in order to preserve profits, sustainability, and market share. Cost Management is one of the most effective and essential tools for planning and monitoring organizational activities, as well as supporting future strategic decisions.

This course provides the essential knowledge and skills to enable delegates to successfully control costs; prepare, manage, and control budgets in the Oil Refinery sector. It also provides solutions to the strategic issues currently facing major international Oil Refineries, enabling delegates to, effectively managing existing projects and recommend sustainable growth strategies in an efficient and cost-effective manner.

This training course will highlight:

  • The structure of the Income Statement and major costs
  • Best Practice Costing Methods in Oil Refineries
  • How to Manage & Control Costs to maintain profitability
  • Inventory Management techniques to reduce costs
  • Management techniques to stimulate cost control throughout the entire organization

Objectives

    Upon the successful completion of this program, participants will be able to:

    • Determine the Costs associated with your department/company
    • Assess and Manage Costs/Price Volatility
    • Use the very latest Costing Methods
    • Analyze Cost & Price Volatility to enable better decisions
    • Control Costs effectively

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

This course is suitable for a wide range of professionals but will greatly benefit:

  • Professionals responsible for Costs – Managing, Monitoring & Controlling
  • Those whose role requires an understanding of the latest Costing techniques
  • Anyone with planning responsibility
  • Advisors, accountants, and business consultants
  • Professionals seeking a better understanding of the Costs & Prices within your organization

Course Outline

Day 1: The Essentials of Cost & Price Management in the Oil Refinery Sector 

  • Identification of the critical costs and key performance indicators in the oil refinery sector

  • A detailed examination of the income statement for an oil refinery

  • Calculation of the cost of sales for refinery products

  • Cost & price volatility within the sector

  • Allocating responsibility for cost control

  • Implementing a cost-control culture within the organization

Day 2: Best Practice Costing Methods

  • Best practice costing methods

  • Job order, process costing & activity-based costing methods

  • Cost and value analysis

  • Cost control

  • Monitoring of expenditure

  • Variance analysis and reporting

Day 3: Cost Management & Control

  • Cost classification & cost Behaviour

  • Controlling fixed & variable costs

  • Reducing fixed costs

  • Cost-Volume-Profit analysis

  • Inventory control to reduce costs

  • Incentives to reduce costs

Day 4: Hedging Costs & Risk Management

  • Hedging techniques to control costs & prices

  • Forwards, futures, options & swaps

  • Defining risk management and identifying costs/risks to hedge (Reduce or Eliminate)

  • Determining the hedging strategy

  • Implementing a risk management strategy

  • Hedging price volatility

Day 5: Managing Project & Contract Costs & Prices

  • Achieving efficiency of time & quality within budget

  • Statistical estimates of activity duration & costs

  • Critical path analysis

  • Manpower & resource planning and management

  • Earned value management

  • Managing project risks in a cost-effective manner

Accreditation

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