Maximising refinery profits using portfolio optimisation

Petroleum refining is a complicated, multi-dimensional task that involves many tricky operating decisions. In this article, Carlos Blanco and Christopher Mammarelli explain how a portfolio-based optimisation framework can maximise the profitability of a refining system

Maximising refinery profits using portfolio optimisation
Petroleum refining provides managers with many degrees of freedom in making operating decisions

The day-to-day operation of physical energy assets such as power plants, natural gas pipelines and physical storage facilities presents managers with a wide range of potentially profitable optimisation opportunities. These flexibilities – often referred to as ‘real options’ – have received considerable focus from trading organisations and research groups in recent years.

However, one asset class with great potential to create value through the application of dynamic optimisation and risk

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