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As most of the energy production and transformation processes are safety-critical, it is vital to develop tools that support the analysis and minimisation of their reliability-related risks. The resultant optimisation problem should reflect the structure of the process which requires the utilisation of flexible and problem-relevant models. This paper highlights that P-graphs extended by logical condition units can be transformed into reliability block diagrams, and based on the cut and path sets of the graph a polynomial risk model can be extracted which opens up new opportunities for the definition optimisation problems related to reliability redundancy allocation. A novel multi-objective optimisation based method has been developed to evaluate the criticality of the units and subsystems. The applicability of the proposed method is demonstrated using a real-life case study related to a reforming reaction system. The results …