August 2002

Columns

HP Insight: Planning models for joint venture refineries function as a contract

In a joint venture (JV) refinery, the shareholders supply crudes of their choice and share the operating cost of processing those crudes into final products. In return, the shareholder..

Hartmann, J.C.M., Consultant

In a joint venture (JV) refinery, the shareholders supply crudes of their choice and share the operating cost of processing those crudes into final products. In return, the shareholders obtain products with which they supply to their respective markets. The product-entitlements for each party are governed by a set of rules. Of course, these rules should be firm to minimize disputes among the stakeholders. Also, the rules should be flexible and allow the partners ample choice for crude supply, operation (cutpoints and severities), component routing and product blending. LP - the rule setter. The linear programming (L

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