How is the oil refining industry’s efficiency derived?
The oil refining industry’s efficiency is derived from the prices of petroleum products (Naphtha, Gasoline, Kerosene, Diesel, and Fuel Oil) using the portfolio theory. The panel data was constructed using the following dependent variables, the crude oil production efficiency, energy consumption, renewable energy consumption, and R&D investment.
How can oil refinery technology improve the efficiency of oil preparation and refining?
In addition, the design of the main assemblies and apparatuses of refinery units is constantly being improved and the heat recovery scheme of technological streams is being optimized. All this makes it possible to increase the efficiency of oil preparation and refining processes.
What is a petroleum refinery?
A petroleum refinery is a set of installations intended to transform crude oil, generally unusable as such, into petroleum products: motor gasoline, jet fuel, diesel fuel, fuel oil, lubricants, liquefied petroleum gases, naphtha, and so on. The products consumed in largest volumes are motor gasoline, motor diesel, and heavy fuel oil.
What is oil refinery & petrochemical industry?
( API, 2017) Oil refinery transforms crude oil into useful products such as liquefied petroleum gas (LPG), gasoline or petrol, kerosene, jet fuel, diesel oil and fuel oils. In terms of petrochemical industry, oil refinery produces olefins and aromatics by fluid catalytic cracking of petroleum fractions.
