EMC Benchmark
Saras has selected a refining margin benchmark produced by EMC(*) which is most closely in line with the company's operations, to compare its performance in the refining segment.
This customized benchmark margin has been chosen to better reflect our typical crude slate, pricing structure and reference market, and is based on the following assumptions:
- crude slate: 50% Urals, 50% Brent
- crude oil pricing: Urals MED and Brent DTD quotations
- products pricing: FOB MED
- yields: EMC estimate for a complex refinery in the MED area
- variable costs: EMC estimate for a complex refinery in the MED area
The EMC benchmark related to the current quarter will be updated on a weekly basis. Other benchmarks are available (IEA, Reuters, Bloomberg), but none of them truly reflects Saras' real market environment.
To be highlighted that the EMC benchmark we publish is a refining margin after variable costs.
(*) EMC (Energy Market Consultants) is based in London and was founded in 1989 by a group of dedicated consultants with extensive experience in their respective fields. Since then the company has established a reputation for high quality original research and a genuinely independent perspective on the oil/energy markets and industries.
For more information please refer to the company website www.fgenergymc.com
| $/bl | Q1 | Q2 | Q3 | Q4 | FY |
| EMC benchmark for Saras 2005 | 3.7 | 5.3 | 5.6 | 4.1 | 4.7 |
| EMC benchmark for Saras 2006 | 1.9 | 4.7 | 2.8 | 1.6 | 2.8 |
| EMC benchmark for Saras 2007 | 3.0 | 5.4 | 2.5 | 2.4 | 3.3 |
| EMC benchmark for Saras 2008 | 2.0 | 4.2 | 2.9 | 3.6 | 3.2 |
| EMC benchmark for Saras 2009 | 3.2 | 1.0 | -0.2 | -0.9 | 0.7 |
| EMC benchmark for Saras 2010 | 0.5 | 1.2 | -0.2 | 0.7 | 0.6 |
| EMC benchmark for Saras 2011 | -0.6 | -1.8 | -0.6 | -1.5 | -1.1 |
Last Update: 09/01/2012