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Process design and probabilistic economic risk analysis of bio-diesel production

Citation

Sajid, Z and Zhang, Y and Khan, FI, Process design and probabilistic economic risk analysis of bio-diesel production, Sustainable Production and Consumption, 5 pp. 1-15. ISSN 2352-5509 (2016) [Refereed Article]

Copyright Statement

Copyright 2015 The Institution of Chemical Engineers.

DOI: doi:10.1016/j.spc.2015.10.003

Abstract

Process design and economic risk analysis were performed for a biodiesel production plant having an annual production capacity of 45,000 tonne of biodiesel using inedible Jatropha oil as the biomass feedstock. Five major economic factors associated with the cost were computed and analyzed. These included total capital investment, fixed cost, variable cost, annual operating cost and total cost. Probabilistic cost estimation was performed to analyze the variability in the cost data. Among all other cost elements, raw material cost was found to be the most significant variable affecting the economic viability of biodiesel production system. Probabilistic risk estimation showed that, even using the published cost data, the estimated total risk was 50% uncertain. The study also showed that by incorporating environmental benefits of biodiesel burning, the benefit to risk ratio increased.

Item Details

Item Type:Refereed Article
Keywords:cost uncertainty, economic risk analysis, environmental friendly fuel, probabilistic cost, probabilistic revenue, process economics
Research Division:Agricultural and Veterinary Sciences
Research Group:Crop and Pasture Production
Research Field:Crop and Pasture Biomass and Bioproducts
Objective Division:Energy
Objective Group:Preparation and Production of Energy Sources
Objective Field:Production of Biofuels (Biomass)
Author:Khan, FI (Professor Faisal Khan)
ID Code:120438
Year Published:2016
Deposited By:NC Maritime Engineering and Hydrodynamics
Deposited On:2017-08-24
Last Modified:2017-10-17
Downloads:0

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