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Regular version of the site

Article

A multi-criteria approach to selecting an optimal portfolio of refinery upgrade projects under margin and tax regime uncertainty

Omega. 2017. Vol. 72. P. 50-58.
Korotin V., Popov Victor, Tolokonsky A., Islamov R., Ulchenkov A.

This work deals with investment decision in downstream, and as is wellknown no two refineries are exactly alike, even if they are owned by the same company(Cheremisinoff 2001). Each was designed with a combination of several technologies to meet requirements (market opportunities, availabilities, financial capability, environmental realities) (Energy 2009). One of the most commonly used methods for the comparison of refineries is the comparison by the single technical and economic indicator, the so-called “Nelson Index” (Johnston 1996) (hereinafter referred to as the NCI), which shows the complexity of the equipment installed in relation to the primary distillation process. The NCI index indicates not only the intensity of the investment or index value of the plant but also its potential for added value. Thus, the higher the NCI index, the higher the cost of the oil refinery, and the higher the quality and level of its products.