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5 minutes with Stephen SimsPresident, NGTS North America

Stephen’s Top Tips for Refiners and Suppliers:

Refiners need to be more open to sharing information about their operations.  Not everything is proprietary, and in reality much of what they might divulge won’t impair their competitive advantage. So I encourage refiners to explain, share, and show to the supplier how aspects of their operation work in the area of the proposed new technology. This can be under a confidentiality agreement to ensure the supplier does not divulge the source of the information. By taking the time to educate the supplier, the refiner primes the pump for the supplier to introduce new technology.

The suppliers then need to use the information to determine and quantify how their new technology will benefit the refiner.  Show them the math. We call this the value proposition to the customer based on the customer’s needs, and not the value proposition to the supplier. And by benefit I mean net economic value. A prime way of saying this could be: “For your typical 20 K BPD unit, this new technology will improve yields by 1% worth $5 million/year on a $10 million investment giving a $100 million net present value (NPV).

Early Bird Pop Up May 15th