Economic Model Specialist

JOB PURPOSE

Ensures developments 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

highlights any suboptimal operation, 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 products

sales/purchases

Economic Evaluations

• Carries out economic evaluation for feedstock purchases, product/intermediate sales, and any other

business cases as per requirement from time to time

• Develops required supporting documentation for commercial dealings as per requirement

• Develops presentation 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 Sr. Specialist, Economic Model in preparing Monthly Variance Analysis of the refinery actual

performance, explaining deviations e.g., yield pattern, quality giveaway etc., identify opportunities for

improvement and ensure implementation.

• Monitor product quality KPI’s, unit yield pattern & component quality deviations and provide suggestions

to reduce the gap

• Track margin losses resulting from planned & unplanned shutdowns and from process limitations.

• Coordinate with concerned at sites to obtain actual unit yield patterns, hydrogen balances.

• Monitor Plan implementation and raises 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 Sr.

Specialist, Economic Model.

• Support Sr. Specialist, Economic Model to carry out different scenario analysis for planned/ unplanned

shutdowns/ slowdowns/ process constraints to assess production/ margin impact.

• Promote crude and product market awareness and Process unit economics trends to Refinery

managers and operation team - Weekly Economics Presentation 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 spread sheets 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