Stochastic refinery planning with risk management
This work proposes a two-stage stochastic programming model with fixed recourse via scenario analysis with incorporation of risk management for an optimal midterm refinery planning that addresses three factors of uncertainties: prices of crude oil and saleable products (in the objective function), p...
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| Format: | Article |
| Language: | English |
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2008
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| Online Access: | http://scholars.utp.edu.my/id/eprint/238/ http://scholars.utp.edu.my/id/eprint/238/1/paper.pdf |
| _version_ | 1848658938649640960 |
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| author | C.S., Khor A., Elkamel P.L., Douglas |
| author_facet | C.S., Khor A., Elkamel P.L., Douglas |
| author_sort | C.S., Khor |
| building | UTP Institutional Repository |
| collection | Online Access |
| description | This work proposes a two-stage stochastic programming model with fixed recourse via scenario analysis with incorporation of risk management for an optimal midterm refinery planning that addresses three factors of uncertainties: prices of crude oil and saleable products (in the objective function), product demands (in the RHS coefficients), and product yields (in the LHS coefficients). Compensating slack variables and discrepancy costs are employed to explicitly account for constraints' violations to increase model tractability. Variance is adopted as the risk measure, with its shortcomings highlighted and mean-absolute deviation proposed as an improved alternative. A representative numerical example is illustrated.
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| first_indexed | 2025-11-13T07:22:29Z |
| format | Article |
| id | oai:scholars.utp.edu.my:238 |
| institution | Universiti Teknologi Petronas |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-13T07:22:29Z |
| publishDate | 2008 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | oai:scholars.utp.edu.my:2382017-01-19T08:26:26Z http://scholars.utp.edu.my/id/eprint/238/ Stochastic refinery planning with risk management C.S., Khor A., Elkamel P.L., Douglas TP Chemical technology This work proposes a two-stage stochastic programming model with fixed recourse via scenario analysis with incorporation of risk management for an optimal midterm refinery planning that addresses three factors of uncertainties: prices of crude oil and saleable products (in the objective function), product demands (in the RHS coefficients), and product yields (in the LHS coefficients). Compensating slack variables and discrepancy costs are employed to explicitly account for constraints' violations to increase model tractability. Variance is adopted as the risk measure, with its shortcomings highlighted and mean-absolute deviation proposed as an improved alternative. A representative numerical example is illustrated. 2008 Article NonPeerReviewed application/pdf en http://scholars.utp.edu.my/id/eprint/238/1/paper.pdf C.S., Khor and A., Elkamel and P.L., Douglas (2008) Stochastic refinery planning with risk management. Petroleum Science and Technology, 26 (14). pp. 1726-1740. ISSN 10916466 http://www.scopus.com/inward/record.url?eid=2-s2.0-50249189336&partnerID=40&md5=7b5b1a964429bc7111dc4a891655040d 10.1080/10916460701287813 10.1080/10916460701287813 10.1080/10916460701287813 |
| spellingShingle | TP Chemical technology C.S., Khor A., Elkamel P.L., Douglas Stochastic refinery planning with risk management |
| title | Stochastic refinery planning with risk management
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| title_full | Stochastic refinery planning with risk management
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| title_fullStr | Stochastic refinery planning with risk management
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| title_full_unstemmed | Stochastic refinery planning with risk management
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| title_short | Stochastic refinery planning with risk management
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| title_sort | stochastic refinery planning with risk management |
| topic | TP Chemical technology |
| url | http://scholars.utp.edu.my/id/eprint/238/ http://scholars.utp.edu.my/id/eprint/238/ http://scholars.utp.edu.my/id/eprint/238/ http://scholars.utp.edu.my/id/eprint/238/1/paper.pdf |