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Figure 9. Study Results - Capex, Gross Operating Margin (GOM, @2025), Net Present Value (@12% and @10% as discount rate), Internal Rate of Return

made, the economic benefi ts of shifting from Ga-
soline to aromatics and furthermore to olefi ns does A step-wise implementation strategy
exist notwithstanding the current depressed crude
oil pricing scenario (Figure 9). should be taken into consideration to
Comparing the cases under scrutiny, it is worthwhi- dilute the great investment required for
le noting that the full integration option as imple- implementing a fully integrated Complex
mented in Case 3 represents for the investor both
the greatest efforts in terms of initial capital require-
ments (30% higher than Refi nery stand-alone op-
tion) and the highest return in terms of: facilities also allow for energy optimization, thus
• Gross Operating Margin accounted for 2025 improving overall effi ciency, which results in lo-
at around 3 billion USD against 1.5 billion of wer utility consumption.
Case 1 All in all, a step-wise implementation strategy
• Net Present Value @10% discount rate, asses- can be taken into consideration to dilute the
sed at about 6 billion USD at the end of the great investment required for implementing a full
economic life considered (20 years) against integrated Complex that also make the project
0.9 billion USD for Case 1 (and even against execution more manageable considering the size
losses of 400 MMUSD for Case 1 when in- and complexity of the initiative.
creasing the acceptable threshold limit for di-
scount rate at 12%).
Conclusions
In such a frame, it is paramount to mention that While each refi nery across the globe is confi gured
common facilities (utilities, offsite and infrastruc- differently and may serve different markets—ma-
ture of the full-integrated Case 3) impact the ca- king each facility distinctly unique— there are se-
pital expenditure in an extremely positive man- veral common advantages that in today’s scenario
ner with respect to Case 1, as the capital cost the refi ners can appreciated from an integrated
of building utilities and off-sites are in the range complex regardless the specifi c site needs:
of 40% of the total project cost. The integrated • Higher profi tability

Impiantistica Italiana - Settembre-Ottobre 2017 37