Cost Accounting and Cost Management in Oil Refineries

An Intensive 5-day Training Course

Cost Accounting and
Cost Management in Oil Refineries

Controlling Costs to Improve Efficiency and Profitability

Cost Accounting and Cost Management in Oil Refineries

Scheduled Dates


17 - 21 Jun 2024 Dubai - UAE $5,950 RESERVE A SEAT
09 - 13 Sep 2024 London - UK $5,950 RESERVE A SEAT
25 - 29 Nov 2024 Houston TX - USA $6,950 RESERVE A SEAT


17 - 21 Jun 2024 Online $3,950 RESERVE A SEAT
09 - 13 Sep 2024 Online $3,950 RESERVE A SEAT

Are the scheduled dates matching with your needs?

We provide a wider range of training options. Tailored and customized, we can deliver your organization’s training needs anytime, anywhere.

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Why Choose this Training Course?

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 organisation

What are the Goals?

By the end of this training course, participants will learn to:

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

Who is this Training Course for?

This course is suitable to 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

How will this Training Course be Presented?

This course will utilise a variety of proven adult learning techniques to ensure maximum understanding, comprehension and retention of the information presented. This includes:

  • Discussion of the latest issues facing your organization and sector
  • Real world case studies demonstrating the practical application of each topic
  • Illustrative extracts from leading international companies
  • Discussion of issues specifically relevant to your organisation
  • Illustrated presentations of budget issues focusing on recent events and strategic issues

Organisational Impact

The organization will benefit by:

  • Improved appreciation for the importance of cost control within the sector
  • Improved cost control and management
  • Improvements in communications between staff and line management
  • Better preparation and management of budgets to support cost control
  • Improved profit and sustainability
  • More knowledgeable and financially aware staff with appropriate skills

Personal Impact

Individuals will benefit by:

  • Increasing their knowledge and skill set in all phases of management accounting and cost management
  • Greater ability to participate in and to lead cost management initiatives
  • Recognizing the increased professionalism to deal with the current and future topics
  • Increased recognition by the organization of their learning and professional commitment
  • Challenging themselves in an immersive learning environment
  • Knowledge of the latest international cost management methods

Daily Agenda

Day One: 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 Two: 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 Three: 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 Four: 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 Five: 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


  • On successful completion of this Training Course / Online Training Course, a PetroKnowledge Certificate / E-Certificate will be awarded to the delegates.

In Association With

GLOMACS Training

Our collaboration with GLOMACS aims to provide the best training services and benefits for our valued clients

The Energy Training Centre

Our collaboration with The Energy Training Centre aims to provide the best training services and benefits for our valued clients.

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Frequently Asked Questions

  • To register online through our website, please click “Enroll Now” on the course page, complete and submit the form. A confirmation e-mail and instructions will be sent to the participant’s e-mail.
  • You may also get in touch with our Registration Team on
    +971 50 981 7386 | +971 2 557 7389 or send an email to

  • Payments can be made in USD or UAE local currency AED (Arab Emirates Dirhams) either by Bank Transfer or by Credit Card. Our Bank Account details will be provided on the invoice.
  • Course fees are payable upon booking unless a valid, authorized Purchase Order is provided and accepted.
  • Invoices will be sent via email/courier to the ID/name and address provided.
  • The course fee shall be settled prior to course start date. Corporate payments with existing payment policy shall be relayed to us in advance.

Upon successful registration online, enrolment on the respective training course will be confirmed by Registration Team by e-mail along with the invoice and joining instruction.

For corporate fees and group registration, please send your query to

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