A recent article in the Financial Times ‘Oil processing: A refined model – 14 October’ highlighted some of the new entrants to the European oil refining industry. Most notably Gary Klesch the American financier, who invested in a German refinery in 2010 and saw its first profitable year in 2011. Mr. Klesch’s recipe for success is simple: focus; free of the constraints of being integrated.

While many of the oil majors are exiting the European market that is subject to tight margins, weak domestic demand, overcapacity, competition and European legislation - many independent investors are seeing major opportunities.

Just a few examples include Gunvor, the Swiss-based commodity trader who bought two of the Petroplus refineries in Antwerp and Ingolstadt, ST1 who bought Shell’s Nordic plants in 2010 and, Essar Energy who bought the UK’s Stanlow refinery. In all cases, these refineries have been turned around and become profitable once more.

At the ERTC 18th Annual Meeting in Budapest, attendees will have the opportunity to hear from Volker Schultz, CEO at Essar Oil (UK). In his keynote presentation he will talk about exactly how Essar turned around the fortunes of the Stanlow refinery. And, more importantly share the lessons he has learned along the way, which you could apply at your refinery.

To find out more about the ERTC Annual Meeting and why this is an essential conference for a forward looking refinery industry, visit the conference website.

For the latest speaker line-up and agenda visit the programme pages.

Make sure you join us in Budapest on 19-21 November and take advantage of the chance to meet and network with some of the world’s leading refinery professionals. To book your places now please follow this link.