Statistical method used to estimate refining tankage

A statistical risk simulator program can determine adequate tank-storage capacity for a grassroots refinery or oil terminal, removing the risk of building too much capacity.One such program, developed by ABB Lummus and used in a project for a grassroots Taiwan refinery, reduced the proposed refinery tankage capacity by 20%-a savings of $58 million in capital.Proper estimation of needed storage capacity results in significant savings in capital expenditures for building new tanks and lines. It also increases the effective throughput of an existing facility by maximizing the use of existing facilities.Wildly swinging oil prices have a dramatic impact on refinery and bulk terminal profitabil...

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