GEOSTRUCTURE OF GLOBAL OIL REFINING

Abstract

Oil refineries development features a variety of process parameters that affect the value of capital investments and operating costs. In addition, the feasibility of geographical placement of refining facilities is strongly influenced by the trends of socio-economic development of the particular region, with the latter determining local oil products demand perspectives. Oil refining industry, as an integral part of the whole oil industry value chain, is a set of physical and chemical processes aimed to obtain commercial types of petroleum products to meet the demand of end users. From the economic point of view, the refining industry is represented by a number of business entities, which are aimed at maximizing profits, and carry on their production and business activities within the constraints arised from the supply side of raw material (crude oil) and from the final demand for the goods that are being produced (oil products). Thus, the development of oil refining industry is a process that can be predicted using traditional enterprise development theories and their application apparatus. At the same time, in view of various actors functioning in the oil products markets, which form a complex system of economic relations, the refining industry is characterized by a number of features that restrict the quantifiable measurement of indicators in the world oil refining industry.