A Comprehensive Guide to Petroleum Refinery Economics for Professionals The success of a refinery depends on optimizing costs, maximizing product yields, and responding effectively to market dynamics. Understanding key economic
Gross Refinery Margin (GRM), also known as Gross Processing Margin, is a key performance indicator in the refining industry. It represents the difference between the value of petroleum products produced
Fault Tree Analysis (FTA) is a systematic and graphical method used to identify potential causes of system failures. It is widely utilized in industries such as aerospace, nuclear power, and
Bathtub Curve Concept The bathtub curve is a concept used in reliability engineering to describe the failure rate of a system or component over time. It is named for its
SCADA stands for “Supervisory Control and Data Acquisition.” It is a type of industrial control system that is used to monitor and control industrial processes, such as power generation, oil
Feedback Control System A feedback control system is a control system that uses measurements of the output of a system to adjust the input in order to achieve a desired
When dead plants and animals are compressed and buried for millions of years, they create fossil fuels, a sort of energy source. As a result of the intense heat and
A steam turbine is a machine that move a rotating shaft by converting the thermal energy from pressurized steam into kinetic energy, which is subsequently changed into mechanical energy. The
Flame arrestors are safety devices designed to prevent the propagation of flames or explosions in a pipeline or vessel that contains flammable gases, liquids, or vapours. They are commonly used
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