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 García-Verdier, Tomás
A1 Gutiérrez, Gloria
A1 Méndez, Carlos A.
A1 Palacín, Carlos G.
A1 de Prada, César
K1 Stochastic optimization, Continuous-time representation, Crude oil scheduling, Uncertain oil supply, Conditional Value-at-Risk
AB This paper focuses on the problem of crude oil operations scheduling carried out in a system composed of arefinery 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 riskmanagement by considering the Conditional Value-at-Risk (CVaR) measure as the objective function, and weanalyze the solutions obtained for different risk levels. Finally, to evaluate the solution obtained, we calculatethe Expected Value of Perfect Information (EVPI) and the Value of the Stochastic Solution (VSS) to assesswhether two-stage stochastic programming model offers any advantage over simpler deterministic approaches.
PB Elsevier
SN 0168-3659
YR 2023
FD 2023
LK https://uvadoc.uva.es/handle/10324/65055
UL https://uvadoc.uva.es/handle/10324/65055
LA eng
NO Journal of Process Control, vol 133, p.1-16
NO Producción Científica
DS UVaDOC
RD 21-may-2024