By deploying a sophisticated system, a refinery can reap benefits totaling hundreds of thousands of dollars/year
Oil accounting is the business process of measuring, validating, reconciling and publishing all the flows and inventories into, within and out of a refinery. Its practice varies widely in the industry. Some refiners are content to use a spreadsheet to tabulate and compare shipments, receipts and inventory changes on a monthly basis. This simple business model is adopted by a few refiners who are only interested in matching physical quantities in and out of their plant to paper transactions.
In effect, a monthly balance around the fence confirms that material invoiced corresponds to measured physical quantities, and nothing more substantial is asked of the oil accounting process. Indivi
Log in to view this article.
Not Yet A Subscriber? Here are Your Options.
1) Start a FREE TRIAL SUBSCRIPTION and gain access to all articles in the current issue of Hydrocarbon Processing magazine.
2) SUBSCRIBE to Hydrocarbon Processing magazine in print or digital format and gain ACCESS to the current issue as well as to 3 articles from the HP archives per month. $409 for an annual subscription*.
3) Start a FULL ACCESS PLAN SUBSCRIPTION and regain ACCESS to this article, the current issue, all past issues in the HP Archive, the HP Process Handbooks, HP Market Data, and more. $1,995 for an annual subscription. For information about group rates or multi-year terms, contact email Peter Ramsay or call +44 20 3409 2240*.
*Access will be granted the next business day.