RT info:eu-repo/semantics/article
T1 Optimization of crude oil operations scheduling by applying a two-stage stochastic programming approach with risk management
A1 García Verdier, Tomás García
A1 Gutiérrez Rodríguez, Gloria
A1 Ménde, Carlos A
A1 Gómez Palacín, Carlos
A1 Prada Moraga, César de
K1 Procesos estocásticos
K1 Petróleo
K1 Stochastic optimization
K1 Crude oil scheduling
K1 Conditional Value-at-Risk
K1 3321.13 Diseño de Refinerías
AB This paper focuses on the problem of crude oil operations scheduling carried out in a system composed of a refinery and a marine terminal, considering uncertainty in the arrival date of the ships that supply the crudes. To tackle this problem, we develop a two-stage stochastic mixed-integer nonlinear programming (MINLP) model based on continuous-time representation. Furthermore, we extend the proposed model to include risk management by considering the Conditional Value-at-Risk (CVaR) measure as the objective function, and we analyze the solutions obtained for different risk levels. Finally, to evaluate the solution obtained, we calculate the Expected Value of Perfect Information (EVPI) and the Value of the Stochastic Solution (VSS) to assess whether two-stage stochastic programming model offers any advantage over simpler deterministic approaches.
PB Elsevier
SN 0959-1524
YR 2024
FD 2024
LK https://uvadoc.uva.es/handle/10324/63671
UL https://uvadoc.uva.es/handle/10324/63671
LA eng
NO Journal of Process Control, 2024, vol.133, 103142
NO Producción Científica
DS UVaDOC
RD 19-nov-2024