IDEAS home Printed from https://ideas.repec.org/a/eee/jomega/v72y2017icp50-58.html
   My bibliography  Save this article

A multi-criteria approach to selecting an optimal portfolio of refinery upgrade projects under margin and tax regime uncertainty

Author

Listed:
  • Korotin, Vladimir
  • Popov, Victor
  • Tolokonsky, Andrey
  • Islamov, Rustam
  • Ulchenkov, Arseniy

Abstract

•A stochastic algorithm is proposed for constructing optimal portfolio.•Tax regime and refinery margin uncertainty is considered.•A case study based on the Russian oil company is solved under uncertainty.•Optimal portfolio of refinery upgrade projects is constructed to maximize oil company׳s net present value.

Suggested Citation

  • Korotin, Vladimir & Popov, Victor & Tolokonsky, Andrey & Islamov, Rustam & Ulchenkov, Arseniy, 2017. "A multi-criteria approach to selecting an optimal portfolio of refinery upgrade projects under margin and tax regime uncertainty," Omega, Elsevier, vol. 72(C), pages 50-58.
    • Handle: RePEc:eee:jomega:v:72:y:2017:i:c:p:50-58
    DOI: 10.1016/j.omega.2016.11.003
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S0305048316300895
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.omega.2016.11.003?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Timothy Dunne & Xiaoyi Mu, 2010. "Investment Spikes And Uncertainty In The Petroleum Refining Industry," Journal of Industrial Economics, Wiley Blackwell, vol. 58(1), pages 190-213, March.
    2. Wipo, 2015. "Global Innovation Index 2015," WIPO Economics & Statistics Series, World Intellectual Property Organization - Economics and Statistics Division, number 2015:gii, April.
    3. ., 2015. "Culture, globalization and urban landscapes," Chapters, in: Arts, Culture and the Making of Global Cities, chapter 12, pages 211-224, Edward Elgar Publishing.
    4. Yuri Bobylev & Georgy Idrisov & Sergey Sinelnikov-Murylev, 2012. "Export Duties on Oil and Oil Products: Cancel Expediency and Scenario Analysis," Research Paper Series, Gaidar Institute for Economic Policy, issue 161P.
    5. Mula, J. & Poler, R. & Garcia-Sabater, J.P. & Lario, F.C., 2006. "Models for production planning under uncertainty: A review," International Journal of Production Economics, Elsevier, vol. 103(1), pages 271-285, September.
    6. repec:gai:ppaper:67 is not listed on IDEAS
    7. Tworek, Heidi J. S. & Müller, Simone M., 2015. "Editorial – communicating global capitalism," Journal of Global History, Cambridge University Press, vol. 10(02), pages 203-211, July.
    8. David F. Drake & Paul R. Kleindorfer & Luk N. Van Wassenhove, 2016. "Technology Choice and Capacity Portfolios under Emissions Regulation," Production and Operations Management, Production and Operations Management Society, vol. 25(6), pages 1006-1025, June.
    9. Richard J. Gilbert & Marvin Lieberman, 1987. "Investment and Coordination in Oligopolistic Industries," RAND Journal of Economics, The RAND Corporation, vol. 18(1), pages 17-33, Spring.
    10. Maria - Ramona SARBU, 2015. "Globalization And Foreign Direct Investments," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 7(2), pages 324-331, August.
    11. G.P. Manzella, 2015. "Terry Flew, Global Creative Industries," Economia della Cultura, Società editrice il Mulino, issue 2, pages 303-304.
    12. ., 2015. "Globalization and regional economies," Chapters, in: Introduction to Regional Economic Development, chapter 1, pages 1-24, Edward Elgar Publishing.
    13. Adrangi, Bahram & Chatrath, Arjun & Dhanda, Kanwalroop Kathy & Raffiee, Kambiz, 2001. "Chaos in oil prices? Evidence from futures markets," Energy Economics, Elsevier, vol. 23(4), pages 405-425, July.
    14. Herroelen, Willy & Leus, Roel, 2005. "Project scheduling under uncertainty: Survey and research potentials," European Journal of Operational Research, Elsevier, vol. 165(2), pages 289-306, September.
    15. Krishnakumar S, 2015. "Global Imbalances and Bretton Woods II Postulate," Working Papers id:6567, eSocialSciences.
    16. Julka, Nirupam & Baines, Tim & Tjahjono, Benny & Lendermann, Peter & Vitanov, Val, 2007. "A review of multi-factor capacity expansion models for manufacturing plants: Searching for a holistic decision aid," International Journal of Production Economics, Elsevier, vol. 106(2), pages 607-621, April.
    17. Jan A. Van Mieghem, 2003. "Commissioned Paper: Capacity Management, Investment, and Hedging: Review and Recent Developments," Manufacturing & Service Operations Management, INFORMS, vol. 5(4), pages 269-302, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Mohammed Atris, Amani, 2020. "Assessment of oil refinery performance: Application of data envelopment analysis-discriminant analysis," Resources Policy, Elsevier, vol. 65(C).
    2. Zhang, Ting & Wang, Yulan & Shen, Bin & Prak, Dennis, 2023. "Welfare-maximizing tariff versus trade-surplus-maximizing tariff: Impacts on multinational firm competition," International Journal of Production Economics, Elsevier, vol. 264(C).
    3. Korotkov, Vladimir & Wu, Desheng, 2021. "Benchmarking project portfolios using optimality thresholds," Omega, Elsevier, vol. 99(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. González-Aparicio, I. & Monforti, F. & Volker, P. & Zucker, A. & Careri, F. & Huld, T. & Badger, J., 2017. "Simulating European wind power generation applying statistical downscaling to reanalysis data," Applied Energy, Elsevier, vol. 199(C), pages 155-168.
    2. dos Santos, Marco Aurélio & Fávero, Luiz Paulo Lopes & Distadio, Luiz Fernando, 2016. "Adoption of the International Financial Reporting Standards (IFRS) on companies’ financing structure in emerging economies," Finance Research Letters, Elsevier, vol. 16(C), pages 179-189.
    3. Urraca, R. & Martinez-de-Pison, E. & Sanz-Garcia, A. & Antonanzas, J. & Antonanzas-Torres, F., 2017. "Estimation methods for global solar radiation: Case study evaluation of five different approaches in central Spain," Renewable and Sustainable Energy Reviews, Elsevier, vol. 77(C), pages 1098-1113.
    4. World Bank & Nicholas Institute, 2016. "Tuna Fisheries," World Bank Publications - Reports 28412, The World Bank Group.
    5. Nagurney, Anna & Shukla, Shivani, 2017. "Multifirm models of cybersecurity investment competition vs. cooperation and network vulnerability," European Journal of Operational Research, Elsevier, vol. 260(2), pages 588-600.
    6. Redlinger, Michael & Eggert, Roderick, 2016. "Volatility of by-product metal and mineral prices," Resources Policy, Elsevier, vol. 47(C), pages 69-77.
    7. Augustus De Melo, Conrado & De Martino Jannuzzi, Gilberto & De Mello Santana, Paulo Henrique, 2018. "Why should Brazil to implement mandatory fuel economy standards for the light vehicle fleet?," Renewable and Sustainable Energy Reviews, Elsevier, vol. 81(P1), pages 1166-1174.
    8. Urban, Frauke & Geall, Sam & Wang, Yu, 2016. "Solar PV and solar water heaters in China: Different pathways to low carbon energy," Renewable and Sustainable Energy Reviews, Elsevier, vol. 64(C), pages 531-542.
    9. Zhang, Xingping & Liang, Yanni & Yu, Enhai & Rao, Rao & Xie, Jian, 2017. "Review of electric vehicle policies in China: Content summary and effect analysis," Renewable and Sustainable Energy Reviews, Elsevier, vol. 70(C), pages 698-714.
    10. Naqvi, Asjad, 2017. "Deep Impact: Geo-Simulations as a Policy Toolkit for Natural Disasters," World Development, Elsevier, vol. 99(C), pages 395-418.
    11. Dyreson, Ana & Miller, Franklin, 2016. "Night sky cooling for concentrating solar power plants," Applied Energy, Elsevier, vol. 180(C), pages 276-286.
    12. Jan Fagerberg & Staffan Laestadius & Ben R. Martin, 2016. "The Triple Challenge for Europe: The Economy, Climate Change, and Governance," Challenge, Taylor & Francis Journals, vol. 59(3), pages 178-204, May.
    13. Nathalia Wolf & Pablo Escalona & Mónica López-Campos & Alejandro Angulo & Jorge Weston, 2023. "On Carbon Tax Effectiveness in Inducing a Clean Technology Transition: An Evaluation Based on Optimal Strategic Capacity Planning," Sustainability, MDPI, vol. 15(15), pages 1-23, July.
    14. Sabet, Ehsan & Yazdani, Baback & Kian, Ramez & Galanakis, Kostas, 2020. "A strategic and global manufacturing capacity management optimisation model: A Scenario-based multi-stage stochastic programming approach," Omega, Elsevier, vol. 93(C).
    15. Martínez-Costa, Carme & Mas-Machuca, Marta & Benedito, Ernest & Corominas, Albert, 2014. "A review of mathematical programming models for strategic capacity planning in manufacturing," International Journal of Production Economics, Elsevier, vol. 153(C), pages 66-85.
    16. Al-Hinai, Nasr & ElMekkawy, T.Y., 2011. "Robust and stable flexible job shop scheduling with random machine breakdowns using a hybrid genetic algorithm," International Journal of Production Economics, Elsevier, vol. 132(2), pages 279-291, August.
    17. Bunn, Derek W. & Oliveira, Fernando S., 2016. "Dynamic capacity planning using strategic slack valuation," European Journal of Operational Research, Elsevier, vol. 253(1), pages 40-50.
    18. Oliveira, Fernando S. & Costa, Manuel L.G., 2018. "Capacity expansion under uncertainty in an oligopoly using indirect reinforcement-learning," European Journal of Operational Research, Elsevier, vol. 267(3), pages 1039-1050.
    19. Sam Aflaki & Serguei Netessine, 2017. "Strategic Investment in Renewable Energy Sources: The Effect of Supply Intermittency," Manufacturing & Service Operations Management, INFORMS, vol. 19(3), pages 489-507, July.
    20. Georgiadis, Patroklos & Athanasiou, Efstratios, 2013. "Flexible long-term capacity planning in closed-loop supply chains with remanufacturing," European Journal of Operational Research, Elsevier, vol. 225(1), pages 44-58.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:jomega:v:72:y:2017:i:c:p:50-58. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/wps/find/journaldescription.cws_home/375/description#description .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.