In this study, strategies for the application of CO2 capture and conversion technologies are discussed from the perspective of reducing the CO2 emission level of refineries in a systematic way. CO2 balances are discussed considering concentrations and flow rates at various emission points of a refinery. For a given reduction goal, the best capture strategy including the target emission point and capture process type is determined to minimize the CO2 avoidance cost. Furthermore, adjustment of the capture strategy (changing the operating condition or directly utilizing the CO2 containing process stream without capture) based on a selected CO2 conversion process in order to improve the economics of the overall process is considered. Finally, taking into account important uncertain factors, optimization of design and operation for the whole process is conducted to maximize the expected economic benefit.