Work in Retirement Can Yield Numerous Benefits
Soni O. Oyekan President & CEO Prafis Energy Solutions AIChE National Conference Session 116 New Orleans, LA April 2, 2019 Outline
Introduction
Planning for Retirement
Operating Prafis Energy Solutions
Benefits
Summary Introduction
No patented set of strategies
Differences in personal lives and families
Differences in lifestyles and spiritual histories
Nuclear and extended family cultures
Health of retiree and family members
Retirement goals - family, travels, rest, work, educational studies, spiritual life enhancements Planning for Retirement
A. Assets Pension, IRA accounts, brokerage firm accounts, real estate, social security, income, inheritance, gambling winnings, equity positions, etc.
B. Medical Care Expenses - Average cost was $10.2M for 2017 - Increasing at 2% per year - Average $280M estimated spent by couples - Over 640,000 persons per year file for bankruptcy due to health costs in US
Medicare , supplemental and dental insurance coverages US Medical Costs Are High
Average of $280M may be required per couple
Men and women living to ages 85 and 89 years respectively
Cost is for years starting at 65 years age each.
Long term care costs are not included Once An Oil Refiner, Always an Oil Refiner History of Business Start Ups
Formed SOni Nigerian and American Company (SONAC) in 1999 and registered it in Delaware
Narrowly Focused on Precious Metals Management Business
Platinum Acquisition, Catalyst Manufacture to Precious Metals Reclamation.
Corning and GM Development Manager Offers– Catalysis and Fuels
Accepted Marathon Oil’s Offer of Refining Processes Consultant
Continue Corporate Consultant Roles at Sunoco (1993-1997), and Amoco/BP (1997 to 1999)
Made me a Globally Renowned Oil Refining Consultant and Expert
Formed Prafis Energy Solutions for Retirement Years in 2011 and registered it in Louisiana (www.prafises.com)
Retired Jan 1. 2013, Started Business on January 2, 2013
Broader Services such as Oil Refining Strategies, Optimization, Reliability, Management & Training
Catalysts and Processes Development
Gas to Liquid Technologies Prafis Energy Solutions
Started operations in 2013
Special thanks to several clients – Ascent Engineering, CHEP now Hoover Ferguson, Custom Products Intl. (CPI), Gerson Lehman Group (GLG), Haldor Topsoe, Lion’s El Dorado Refinery, Integrated Global Services (IGS), Matheson, P66 Borger Refinery, Roddey Engineering Services
Awarded 3 US patents (2014, 2016) and 1 Canada patent (2016) for the optimization of low coke naphtha reforming for CCR units.
Work was initiated while at Marathon Petroleum Corporation
Need partners for collaboration on my recent novel ideas
Prafis Energy Solutions provides cost effective solutions for the reliability and optimization of oil refineries. Work Derived Benefits
Operate Prafis Energy Solutions
Potential tax benefits
Staying mentally alert
Time to live with immediate and extended family members
Take care of personal and family health
Work on my spiritual journey and aid others’ journeys Work Derived Benefits
Completed 4 years course in Education for Ministry, School of Theology, Univ. of the South, Sewanee
Volunteer work at my home Calvary Episcopal Church
Volunteer work in AIChE Foundation, Henry & Melinda Brown Endowment Fund for college students
Plan for will, and life exit Catalytic Naphtha Reforming Process Book
Catalytic Naphtha Reforming Process Book
Published by CRC Press, Taylor Francis Group in August 2018
Utilized the book as a Medium to Recommend Strategies and Practices for Optimizing Oil Refining Processes Operations and Profitability Personal and Family Matters
Health care programs for my wife and me (2014 - 2019) Care giving for my family members including first daughter (2019-) Time for second daughter and three grandsons. Provide some support for my extended family members in Nigeria Spiritually Anchored in the Triune God Trip to Nigeria in August 2015
Otis Shelton, 2015 AIChE Past President, and Soni Oyekan represented AIChE and Prafis Energy Solutions th 4 International Petroleum Downstream Conference in Port Harcourt, Nigeria
Nigeria has Africa’s largest economy, expected to rank 8th globally by 2040
Otis Shelton presented on “Chemical Engineers as Catalysts in Maximizing Nigeria’s Gas Value Chain”
Soni Oyekan presented on “Boost Nigeria’s Economy via Gas Monetization and Oil Refining”
Good, short, memorable visit. Great Travels - Israel and Jordan in 2016
The Dead Sea Moses at Mt. Nebo
Petra, Jordan Madaba, Jordan Alaska Cruise was Great in June 2018
Logging Show In Ketchikan Glacier in Juneau
Sightseeing in Skagway Gardening in Victoria Summary
Time to prioritize activities
Work on what is of Interest
Work with family, the Church and society
Take advantage of travel opportunities
Focus efforts on spiritual journey
Plan effectively for exit time Recommended Books
Catalytic Naphtha Reforming Process by Soni O. Oyekan
My Neighbor’s Faith edited by Jennifer Howe Peace, Or N. Rose and Gregory Mobley.
The Dream of God by Verna J. Dozier
Living into God’s Dream: Dismantling Racism in America edited by Catharine Meeks
Where is God When it Hurts by Phillip Yancey
The Gifts of the Jews by Thomas Cahill Thank you for your attendance in this session and for your time.