May 2003

Inventory Management

Value proposition for oil accounting – Part 2

Here's how to calculate the system's tangible benefits

Grosdidier, P., Grodidier Consulting Services

Beyond a refinery's fundamental need for production statistics, and the need to meet growing regulatory reporting requirements, oil accounting systems are deployed for three key reasons: Stock-loss reduction Plan versus actual performance monitoring Knowledge of feedstock and product inventory position. Here's an examination of how refiners can benefit from such a system. STOCK-LOSS REDUCTION An oil accounting system provides an integrated forum from which a central group can detect and analyze measurement discrepancies on a refinery-wide scale. Stock-loss reduction is achieved when these discrepancies are systematically track

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