Rompetrol Rafinare has entered today into a consulting agreement with the American company HSB Solomon Associates LLC (Solomon), industry-recognized world leader in benchmarking services for the refinery, petrochemical, pipeline, and power generation industries.
By implementing Solomon’s structured methodology—Net Cash Margin Measurement, Management, and Maximization (NCM³™)—Rompetrol will improve its net cash margin and maximize its cash flow from existing refinery assets in a sustainable fashion. Through this effort, the refinery plans to achieve millions of USD in annual benefits.
The two companies will begin focusing on implementing the program over the following 9 months. In the first stage, Solomon will assess the refinery’s performance, which includes assessing performance gaps, related to industry benchmarks.
Together, Solomon specialists and refinery personnel will identify those operating areas where, by implementing minimal investments or simply by changing procedures, net cash margin improvement can be achieved, given the existing assets and good results of the past months. Following this assessment, project personnel will work together to develop a plan meant to maintain performance improvements at high levels, regardless of market conditions.
“The investments we made during the past 5 years in Petromidia—currently being a complete cycle—turned us into the most modern refinery in the region. We will not limit ourselves to this level, because our target is to rank among the top 25 european best refineries. Accordingly, a partner like Solomon Associates can share with us, through its know-how and notoriety, the exact tools that we need to get where we want to be,” stated Cosmin Cocean, Rompetrol Rafinare CEO.
“Solomon Associates is pleased to partner with Rompetrol to further improve their operating performance at Petromida. Our primary goal is to assist Rompetrol in maximizing its net cash margin by improving those areas that have the greatest sustainable impact to bottom-line profits. Solomon’s structured improvement program represents a holistic and comprehensive approach, driven by the knowledge gleaned from extensive refinery and petrochemical experience and insight impacting sustainable performance. We focus on developing inherent improvement in all facets of an asset’s performance, incorporating a better and more rewarding utilization of personnel and assets,” stated Greg M. Barats, Solomon CEO.
Together, this partnership will focus on eight areas of the refinery—energy, planning and optimization, hydrocarbon losses, product quality, organizational effectiveness, reliability and maintenance, process unit management practices, and advanced process control.
This major consulting agreement is the second of the year that Rompetrol Rafinare has signed with a major best practices supplier, following the health and security contract signing with DuPont this summer.