We analyze a petroleum refinery's procurement strategy, explaining how risk management
affects optimal sourcing from long‐term, spot, and swap contracts. We use time series …

In this paper, the issue of uncertainty and financial risk in refinery operations planning is
addressed. The problem is determining how much of each available crude one must …

In order to serve their customers, natural gas local distribution companies (LDCs) can select
from a variety of financial and non-financial contracts. The present paper is concerned with …

The procurement of refinery projects is a high-risk venture. Determining how to finance a
refinery and manage typical risks in order to get sound economic returns is a major …

Most models for refinery planning are deterministic, that is, they use nominal parameter
values without considering the uncertainty. This paper addresses the issue of uncertainty …

This thesis consists of three essays on risk management in crude oil markets. In the first
essay, the valuation of an oil sands project is studied using real options approach. Oil sands …

In this paper, we describe a non-linear programming model for operational planning of oil
refineries, considering exogenous (external) and endogenous (internal) uncertainties. Three …

This paper examines the crude oil procurement practices of Chinese oil refineries to suggest
improved procurement policies that can reduce the cost associated with fluctuating oil prices …

This study analyzes the strategic planning of an oil supply chain. To optimize this chain, a
two-stage stochastic model with fixed recourse and incorporation of risk management was …

Commodities, ranging from natural gas to memory chips, can be procured both by trading on
the date in spot markets and in advance in forward markets. Transaction costs, such as …