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..
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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