Using a three-stage hydrogenation process, high-quality 150 bright stock (150BS) was produced from light DAO (LDAO, light deasphalted oil), which was obtained from vacuum residue of heavy naphthenic crude oil of Zo...Using a three-stage hydrogenation process, high-quality 150 bright stock (150BS) was produced from light DAO (LDAO, light deasphalted oil), which was obtained from vacuum residue of heavy naphthenic crude oil of Zone No.9 in Xinjiang. The 150BS product, whose viscosity index is greater than 90, is colorless and has good viscosity-temperature characteristics. This product turns out to be an excellent blending component of high-grade engine oil. And with the 150BS as a feed, very high-viscosity white oil was also produced by a further hydrofining step to substantially reduce the amount of polyaromatics contained in the feed.展开更多
This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, an...This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.展开更多
This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The margin...This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The marginal distributions are assumed to follow a long-memory model while the copula parameters are supposed to evolve according to the Markov-switching process. Furthermore, we estimate the Value-at-Risk (VaR) based on the proposed approach. The empirical results provide evidence of three regime changes, representing precrisis, financial crisis and post-crisis, in the dependence structure between energy and GCC stock markets. In particular, in the pre- and post-crisis regimes, there is no dependence, while in the crisis regime, there is significant tail dependence. For OPEC countries, we find lower tail dependence whereas in non-OPEC countries, we see upper tail dependence. VaR experiments show that the Markov-switching time- varying copula model performs better than the time-varying copula model.展开更多
This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be...This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be crude oil containing naphtha gas, kerosene, petrol and diesel as the light-light key, light key, heavy key and heavy-heavy key respectively. The models determined maximum concentrations of heavy key in the distillate and light key in the bottom for limited feed stock and market condition. Both were impurities in their respective positions of the column. The limiting constraints were sales specification concentration of light key in the distillate [ ], heavy key in the bottom [ ] and an operating loading constraint of flooding above the feed tray. For unlimited feed stock and market condition, the optimization models determined the optimum separation [ and ] and feed flow rate that would give maximum profit with minimum purity sales specification constraints of light key in the distillate and heavy key in the bottom as stated above. The feed loading was limited by the reboiler capacity. However, there is need to simulate the optimization models for an existing crude oil distillation column of a refinery in order to validate the models.展开更多
A study was conducted to assess growth, carbon stock and sequestration potential of oil palm plantations along a chronosequence in Mizoram, Northeast India for which a total of 148 oil palms drawn from different age g...A study was conducted to assess growth, carbon stock and sequestration potential of oil palm plantations along a chronosequence in Mizoram, Northeast India for which a total of 148 oil palms drawn from different age group plantations (1 to 11 years) were sampled for their biometric parameters and assessment of carbon stock through partial non-destructive methods. All the growth parameters of oil palm (trunk height, crown depth, total height, trunk diameter) and biomass drew from different parts of the palm showed a significant (p belowground biomass (BGB) > standing litter biomass > deadwood biomass > understorey biomass. AGB, BGB and deadwood biomass followed an increasing trend while understorey biomass decreased with age. An 11-year oil palm plantation accumulated 111.96 Mg ha-1 biomass with a carbon density of 49.90 Mg C ha-1 and could sequester 3.70 Mg C ha-1 year-1 in 10 years after planting in Mizoram, Northeast India. The findings showed considerable carbon storage with comparative higher values in oil palm plantations than shifting cultivation fallows. This will enable policy and decision makers in framing climate change mitigation and adaptation policies regarding the extension of oil palm plantations in Mizoram.展开更多
文摘Using a three-stage hydrogenation process, high-quality 150 bright stock (150BS) was produced from light DAO (LDAO, light deasphalted oil), which was obtained from vacuum residue of heavy naphthenic crude oil of Zone No.9 in Xinjiang. The 150BS product, whose viscosity index is greater than 90, is colorless and has good viscosity-temperature characteristics. This product turns out to be an excellent blending component of high-grade engine oil. And with the 150BS as a feed, very high-viscosity white oil was also produced by a further hydrofining step to substantially reduce the amount of polyaromatics contained in the feed.
文摘This paper has two aims. The first one is to investigate the existence of chaotic structures in the oil prices, expectations of investors and stock returns by combining the Lyapunov exponent and Kolmogorov entropy, and the second one is to analyze the dependence behavior of oil prices, expectations of investors and stock returns from January 02, 1990, to June06, 2017. Lyapunov exponents and Kolmogorov entropy determined that the oil price and the stock return series exhibited chaotic behavior. TAR-TR-GARCH and TAR-TR-TGARCH copula methods were applied to study the co-movement among the selected variables. The results showed significant evidence of nonlinear tail dependence between the volatility of the oil prices, the expectations of investors and the stock returns. Further, upper and lower tail dependence and comovement between the analyzed series could not be rejected. Moreover, the TAR-TR-GARCH and TAR-TR-TGARCH copula methods revealed that the volatility of oil price had crucial effects on the stock returns and on the expectations of investors in the long run.
文摘This paper proposes a Markov-switching copula model to examine the presence of regime change in the time-varying dependence structure between oil price changes and stock market returns in six GCC countries. The marginal distributions are assumed to follow a long-memory model while the copula parameters are supposed to evolve according to the Markov-switching process. Furthermore, we estimate the Value-at-Risk (VaR) based on the proposed approach. The empirical results provide evidence of three regime changes, representing precrisis, financial crisis and post-crisis, in the dependence structure between energy and GCC stock markets. In particular, in the pre- and post-crisis regimes, there is no dependence, while in the crisis regime, there is significant tail dependence. For OPEC countries, we find lower tail dependence whereas in non-OPEC countries, we see upper tail dependence. VaR experiments show that the Markov-switching time- varying copula model performs better than the time-varying copula model.
文摘This paper proposes optimization models of crude oil distillation column for both limited and unlimited feed stock and market value of known products prices. The feed to the crude distillation column was assumed to be crude oil containing naphtha gas, kerosene, petrol and diesel as the light-light key, light key, heavy key and heavy-heavy key respectively. The models determined maximum concentrations of heavy key in the distillate and light key in the bottom for limited feed stock and market condition. Both were impurities in their respective positions of the column. The limiting constraints were sales specification concentration of light key in the distillate [ ], heavy key in the bottom [ ] and an operating loading constraint of flooding above the feed tray. For unlimited feed stock and market condition, the optimization models determined the optimum separation [ and ] and feed flow rate that would give maximum profit with minimum purity sales specification constraints of light key in the distillate and heavy key in the bottom as stated above. The feed loading was limited by the reboiler capacity. However, there is need to simulate the optimization models for an existing crude oil distillation column of a refinery in order to validate the models.
文摘A study was conducted to assess growth, carbon stock and sequestration potential of oil palm plantations along a chronosequence in Mizoram, Northeast India for which a total of 148 oil palms drawn from different age group plantations (1 to 11 years) were sampled for their biometric parameters and assessment of carbon stock through partial non-destructive methods. All the growth parameters of oil palm (trunk height, crown depth, total height, trunk diameter) and biomass drew from different parts of the palm showed a significant (p belowground biomass (BGB) > standing litter biomass > deadwood biomass > understorey biomass. AGB, BGB and deadwood biomass followed an increasing trend while understorey biomass decreased with age. An 11-year oil palm plantation accumulated 111.96 Mg ha-1 biomass with a carbon density of 49.90 Mg C ha-1 and could sequester 3.70 Mg C ha-1 year-1 in 10 years after planting in Mizoram, Northeast India. The findings showed considerable carbon storage with comparative higher values in oil palm plantations than shifting cultivation fallows. This will enable policy and decision makers in framing climate change mitigation and adaptation policies regarding the extension of oil palm plantations in Mizoram.
