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IHRDC – Invincible Energy Training & Consultancy Flipbook PDF
IHRDC – Invincible Energy Training & Consultancy Singapore International Oil Trading and Price Risk Management 7 – 9
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IHRDC – Invincible Energy Training & Consultancy
Singapore International Oil Trading and Price Risk Management 7 – 9 October 2013 Advanced Price Risk Management 10 – 11 October 2013
Singapore Grand Park City Hall Hotel
Risk Management Training for the Oil and Gas Industries Ihrdc – Invincible Energy is bringing two courses specialising in oil trading and price risk management to Singapore. Ihrdc – Invincible offers you the most effective training you can get for the commercial aspects of the oil, gas and power industries. Since 1983, the faculty have been equipping traders, managers, consultants and others with the tools to understand and to manage traded markets. Our range of training and consulting services spans trading and risk management for oil, gas and power as well as oil refining and supply. The Ihrdc – Invincible Energy faculty is running public courses at Cambridge, England, Geneva, Switzerland and overseas including Dubai, Venezuela and South Africa as well as Singapore. It also runs in-house courses for companies all over the world.
Ihrdc – Invincible Course Presenters
Daniel Carr was until recently, the European Representative of the HKMEx and previously was Vice President – International Affairs for the New York Mercantile Exchange. Prior to joining NYMEX he spent thirteen years as a crude oil and refined products trader with Mabanaft before moving on to be a director of ED&F Man’s oil futures broking division, working in both London and New York. Daniel was also a director of the International Petroleum Exchange (now ICE). Sally Clubley has been a freelance consultant specialising in price risk management, since 1989. Previously, she was a futures broker with ED&F Man, becoming the director of the oil division in London. During her time there she was on the board of the IPE. Prior to that she was technology editor of European Chemical News. She is the author of “Trading in Oil Futures and Options”.
Howard Skipp started his career with Shell as a refinery engineer and had a variety of oil supply, trading and marketing jobs in Europe, Malaysia and Korea. These involved supply/ refining, international oil trading teams and marketing of aviation fuel, marine fuels and marine lubricants. His career also included recruitment for Shell International and running the training programmes for Shell’s international oil trading.
Michael Jarvis worked for Shell in the UK, Venezuela and for 9 years in the USA and has travelled extensively in developing world areas. His positions have included Refinery Process Engineer in the UK and Venezuela, Supply and Trading Manager in New York, Marketing Manager International Aviation, Marine Lubricants and Bunker Sales in London, and Vice-President Crude Oil Trading in Houston.
INTERNATIONAL OIL TRADING AND PRICE RISK MANAGEMENT (ITRM) Course Dates: 7 – 9 October 2013 • Grand Park City Hall, Singapore
BOOKABLE SEPARATELY
This course is designed to give delegates a comprehensive picture of the markets, risks and activities involved in the international trading of crude oil and refined products. It is presented through the medium of an international oil company and trading and hedging decisions are taken by delegates in the environment of live market conditions prevailing at the time of the course. What will you learn? • Negotiate, cost and compare deals • Write a contract for the purchase and sale of crude oil and refined products • Calculate freight costs using Worldscale and charter a ship • Trade futures, Singapore swaps and forward markets for hedging and price risk management • Calculate the profitability of deals • Identify price risk and hedge • Manage refinery margin risk
You will understand: • How prices on the international free markets are established and what influences the markets • Crude oil and refined product pricing & trading • How OTC markets trade • Basic options theory • Oil trade finance and documentation • The basic principles of management control
Course outline Introductory Material • Introduction to trading and markets • Price reporting Products Trading and Chartering • Mechanics of trading products • Freight costs • Oil broking • Chartering • Costings • Comparing alternative outlets Risk and Exposure • Risks in trading
• Price exposure Risk Management Instruments • Futures markets • Forward markets • OTC instruments • Introduction to Options • Comparison of instruments Risk Management Techniques • Hedging with futures • Hedging with swaps • Spread trading • Refinery margin management
Crude Oil Trading • International pricing of crude oils • Trading BFOE and DFL/CFDs Performance and Credit • Client/counterpart risk • Documentation Contracts • Negotiating a deal • Writing a contract • Legal issues • Tendering
Trading Controls • Management of trading activities
PLUS “LIVE” TRADING EXERCISES DURING COURSE
REGISTER BEFORE 26 AUGUST TO TAKE ADVANTAGE OF EARLY BIRD DISCOUNTS
ADVANCED PRICE RISK MANAGEMENT (aprm) Course Dates: 10 – 11 October 2013 • Grand Park City Hall, Singapore
BOOKABLE SEPARATELY
This course is designed to build an in-depth understanding of hedging instruments and how to use them to manage the price risks involved in oil trading in different markets. Delegates will devise and discuss hedging strategies in a range of situations using exchange-traded and OTC instruments and examine the optionality inherent in the oil industry. Those attending this course should already understand the basic principles of identifying price exposure and hedging it with futures and basic swaps. Some knowledge of the physical oil market will also be assumed. What will you learn? By the end of the course you will be able to: • Develop an options strategy • Analyse price charts • Examine and compare the cost and effectiveness of different hedging instruments • How to execute exchange for physical and exchange for swap deals • How to choose between different hedging strategies in different situations
You will understand: • How to quantify the risks in a portfolio • The structures of OTC instruments including exotics • Options theory and the factors determining options prices • The optionality inherent in physical oil trading • Management control
Course outline Introduction & Review • Financial exposure • Swaps & swap contracts • Oil futures contracts • Hedging
International Crude Oil Trading • Brent/BFOE/Dubai markets • DFLs/CFDs
Risk Management Instruments • Differential swaps • Clearing & exchanges • Comparison of instruments • Exotics and embedded options
Technical Analysis • Charts • Mathematical indicators Risk Management & Techniques • EFP’s & EFS’s • Price fixation • Freight forward agreements
Options • Options theory • Hedging with options • Option strategies • Option pricing • Optionality in oil trading Trading Controls • Value at risk • Management/trading control • Manual of policies and authorities
PLUS TRADING EXERCISES THROUGHOUT THE TWO DAYS
ATTEND ANY TWO COURSES AND SAVE UP TO US$540 WITH THE JOINT ATTENDANCE DISCOUNT! (Check registration page for details) OR MAKE AN EARLY BIRD BOOKING BEFORE 26 AUGUST 2013 ITRM/APRM PAST PARTICIPATING COMPANIES ADNOC Distribution • A/S Global Risk Management Ltd • Arabian Oil Company Ltd • Australia & New Zealand Banking Group Ltd • Autoridade Nacional do Petroleo • Brunei Shell Petroleum Co Sdn Bhd • BP • Cargill International Trading Pte Ltd • Chevron • Citibank • CNOOC Ltd • China Offshore Oil (S) International Pte Ltd • Chinaoil (Singapore) International Pte Ltd • Concord Energy Pte Ltd • ConocoPhillips International Inc. • Dong Yuan HK International Ltd • Concord Energy Pte Ltd • ConocoPhillips • Emirates General Petroleum Corp (EMARAT) • ENI Trading & Shipping S.p.a • ENOC Supply & Trading LLC • Essar Oil Limited • Exxonmobil • Galana Oil Kenya Ltd • Galaxis Advisory LLC • Global Energy Resources Pte Ltd • GS Caltex Corporation • Gulf Energy Limited • Gulf Petrol Supplies (L.L.C) • Gunvor Singapore Pte Ltd • Hass Petroleum (K) Ltd • Hengyi Industries Sdn Bhd • Hindustan Petroleum Corporation Ltd • Horizon Petroleum Limited • Hyundai Oilbank Company Ltd • IRPC Public Company Limited • Isla Petroleum & Energy • Itochu Petroleum Co (Singapore) • Kemaman Oil Corporation Sdn Bhd Limited • Koch Refining International Pte Ltd • Kuwait National Petroleum Company • Kuwait Petroleum Corporation • Libyan Emirates Refining Company • Litasco Middle East DMCC • LUKOIL Asia Pacific Pte Ltd • Masefield Ltd • MEG Energy Corp • Mitsui Oil (Asia) Pte Ltd • Middle East Energy FZCO • Ministry of Oil & Gas, Oman • Mogas International Ltd • Morgan Stanley • Natixis Singapore Branch • Occidental of Oman Inc • O.W Bunker Far East (S) Pte Ltd • PERTAMINA • Pertamina Energy Services Pte Ltd • PETROBRAS • PETRONAS • Petrolimex Singapore • Petron Corporation • Petro S.A. • Pilipinas Shell Petroleum Corporation • Prestige Marine Services Pte Ltd • PT Exspan Nusantara • PT Patra Niaga • PT Shell Indonesia • PTT Exploration & Production Public Co. Ltd • PTT Public Company Limited • PTT International Trading Pte. Ltd • Qatar International Petroleum Marketing Co (Tasweeq) • Qatar Petroleum • Qaiwan Group • Reliance Industries (ME) • Saudi Aramco • Santos Ltd • Samsung Total Petrochemicals • Sarawak Shell Berhad • Saudi Petroleum Ltd • Senoko Power Ltd • Shell Chemical Japan • Shell Company of Thailand • Shell Eastern LNG • Shell Eastern Petroleum Pte Ltd • Shell Eastern Trading (Pte) Ltd • Shell International Trading Co. • Shell International Eastern Trading Co (SIETCO) • Shell Marine Products • Shell MDS (Malaysia) Sdn Bhd • Shell MRPL Aviation Fuels & Services P/L • Showa Shell Sekiyu K.K. • Singapore Exchange Limited • Singapore Petroleum Co Ltd • Singapore Refining Co Pte Ltd • SK Corporation • SK Energy • S-Oil Corporation • Statoil Asia Pacific Pte Ltd • Star Petro Energy LLC • Swiss Singapore Overseas Enterprises • Thai Oil Public Company Limited • Tipco Asphalt (Public) Co., Ltd • Titan Petchem (M) Sdn bhd • TOTAL • United Bunkering & Trading (Asia) Pte Ltd • Vietnam National Petroleum Corporation • Veritaoil Pte Ltd • Viewsino • Vitol Asia Pte Ltd • Woodside Energy and many more...
CHECK REGISTRATION PAGE FOR DETAILS ON JOINT ATTENDANCE DISCOUNTS
Booking Form ITRM
International Oil Trading and Price Risk Management
Full Fee Team Fee Early Bird Fee
: : :
q US$3245 per person q US$2920 per person, for the second & subsequent delegate q US$2920 per person (payment by 26 August 2013)
APRM
Advanced Price Risk Management Management
Full Fee Team Fee Early Bird Fee
: : :
q 7 – 9 October 2013 • Grand Park City Hall, Singapore
q 10 – 11 October 2013 • Grand Park City Hall, Singapore
q US$2160 per person q US$1945 per person, for the second & subsequent delegate q US$1945 per person (payment by 26 August 2013)
JOINT ATTENDANCE DISCOUNT* DISCOUNT* Joint Attendance Fee: o US$4865 for attending ITRM & APRM *Joint Attendance (JA) Fee is mutually exclusive and does not apply to other discounted fees. MAXIMUM FLEXIBILITY
Companies may nominate different participants to attend the courses and still benefit from the joint attendance discount. Please contact us for details of further group discounts HOTEL ACCOMMODATION & VENUE
Grand Park City Hall, 10 Coleman Street, Singapore 179809 Tel: +65-6336 3456 Fax: +65-6333 1574
I require accommodation q (Please Tick ✔)
Registration Details
To register for the course, please fill out the form below and fax to: Conference Connection Pte Ltd ROC No. 199405166R 135 Middle Road #05-01 Bylands Building Singapore 188975 Tel: 65-63380064 Fax: 65-63384090 E-Mail: [email protected] www.cconnection.org Or alternatively Anne Barton – IHRDC – Invincible Energy, Westport House, Bentley, Farnham, Surrey, GU10 5HY, United Kingdom Tel: +44 1420 22862 Fax: +44 1420 22863 E-mail: [email protected] www.invincible-energy.com (Please use block capitals) Name
Title
Company Address
Telephone Code
Fax
E-mail
Singapore ITRM CA326/327/13 APRM CA329/13 WB
Registration Conditions • All registrations must be on the prescribed form or in writing and will be on a confirmed basis unless otherwise notified in writing • The organisers reserve the right not to accept prior and on-site registrations without payment. Delegates whose payments are not received before the event are required to furnish proof of payment on-site • Staff at the event will request a credit card guarantee without proof of payment • The organisers reserve the right to impose conditions of entry for walk-in delegates.
Cancellation and Substitution Policy • No refunds whatsoever will be made for cancellations received 14 days or less before the course start date, but delegates can be substituted if the organisers receive prior notification. Invoiced but unpaid registrations, will be charged at 50% of the invoiced fee. • Cancellations received 15-21 days prior to the start of the course will be subject to a 10% fee.
Payments • All payments must be made in US Dollars by Inter-Bank Transfers within 14 days of receipt of invoice (Bank details will be provided upon receipt of registration). • Please quote event name, invoice number and delegate name for bank transfers. Please instruct your bank to remit the full amount, nett of bank charges.
Disclaimer: The organisers will not accept liability for non-approval of visas, individual transport delays and transport disruption, and in such circumstances, our normal cancellation rules and penalties apply. Where matters beyond the reasonable control of the organisers impair or prevent the organisers from being able to perform their obligation under this event, the client releases the organisers from any liability, incidental or consequential, to such matters.
Hotel Accommodation Delegates will be responsible for their own hotel and visa arrangements.
IHRDC – Invincible Energy, Westport House, Bentley, Farnham, Surrey, GU10 5HY, United Kingdom Tel: +44 1420 22862 Fax: +44 1420 22863 E-mail: [email protected] www.invincible-energy.com