Optimizing the transportation cost for an oil and petrochemical company

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Optimizing the transportation cost for an oil and petrochemical company

 

Author: Fung, Lik-chim Louis
Title: Optimizing the transportation cost for an oil and petrochemical company
Degree: M.Sc.
Year: 1999
Subject: Petroleum -- Transportation -- Cost control
Production scheduling
Petroleum industry and trade
Hong Kong Polytechnic University -- Dissertations
Department: Multi-disciplinary Studies
Dept. of Management
Pages: iv, 86 leaves : ill. ; 30 cm
Language: English
InnoPac Record: http://library.polyu.edu.hk/record=b1463712
URI: http://theses.lib.polyu.edu.hk/handle/200/2168
Abstract: Petroleum and petrochemical products are distributed from refineries and production plants worldwide to Asia Pacific for consumption, as the region does not have sufficient manufacturing facility to meet the local demand. Proper scheduling of bulk vessel shipments of such product may result in significant transportation cost and working capital savings for the company. This paper investigates a common operational environment for a typical oil and petrochemical company with its bulk vessel contractors in delivering their bulk product from supply source to destinations in Asia Pacific. The typical optimization models for bulk vessel scheduling that is being used by the oil and petrochemical industry are briefly reviewed. Then, 3 optimization models have been developed based on heuristics algorithm, mixed integer programming and branch and bound methods for solving transportation problem with quantity discounts, which is the common bulk vessel contract for an oil / petrochemical company with bulk vessel owners. The performance of the models have been tested and examined by an actual example from an oil / petrochemical company. The effectiveness of the system is validated satisfactory and can be used to assist Logistics Manager to plan and schedule the product to be loaded on its contract vessel. In addition, the paper identifies gaps where additional research is required.

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