ECONOMICS PROCESS ECONOMICS PROGRAM. Report No by JOHN L. CHADWICK. February A private report by the STANFORD RESEARCH INSTITUTE

Transcription

1 Report No. 107 OF CHEMICAL ECONOMICS REFINERIES by JOHN L. CHADWICK February A private report by the PROCESS ECONOMICS PROGRAM STANFORD RESEARCH INSTITUTE I I MENLO PARK, CALIFORNIA

2 For detailed marketing data and information, the reader is referred to one of the SRI programs specializing in marketing research. The CHEMICAL ECONOMICS HANDBOOK Program covers most major chemicals and chemical products produced in the United States and the WORLD HYDROCARBONS Program covers major hydrocarbons and their derivatives on a worldwide basis. In addition, the SRI DIRECTORY OF CHEMICAL PRODUCERS services provide detailed lists of chemical producers by company, product, and plant for the United States and Western Europe. ii

3 CONTENTS 1 INTRODUCTION SUMMARY INDUSTRY STATUS... 9 Raw Materials for Olefins Plants... 9 Olefins and Aromatics Propylene Butylenes Butadiene Aromatics New Technology Related to Chemical Refining CRUDE OILS FOR MAKING CHEMICALS Crude Oil Quality and Value Factors Related to Chemical Refining Crude Oil Pricing Crude Oil Movements and Transportation SCENARIO OF STUDY SELECTION OF THE PROCESS FOR THE U.S. CHEMICAL REFINERY Process Configurations Effect of Process on the Crude Oil Requirements and Fuel Oil Production Economic Yield of Chemical from Crude Oil Maximizing Production of Aromatic Chemicals THE U.S. GULF COAST CHEMICAL REFINERY Summary Discussion of Economics THE EUROPEAN CHEMICAL REFINERY Summary Discussion of Economics Process Considerations THE JAPANESE CHEMICAL REFINERY Introduction Summary Crude Oil Used Discussion of Economics Vii

4 CONTENTS APPENDIX A REFINERY WITHOUT CHEMICAL PRODUCTION APPENDIX B FUELS REFINERY WITH AROMATICS PLANT APPENDIX C INTEGRATED FUELS AND CHEMICAL REFINERY APPENDIX D CHEMICAL REFINERY APPENDIX E CHEMICAL REFINERY PROCESS SELECTION APPENDIX F PRODUCT PRICES APPENDIX G PETROLEUM REFINING APPENDIX H GLOSSARY CITED REFERENCES viii

5 ILLUSTRATIONS 4.1 Value of Sweet Crude Oils as Feedstock to Plants, at a 25%/yr Return (Before Income Taxes) on Total Capital Investment Value of Sour Crude Oils as Feedstocks to Plants, at a 25%/yr Return (Before Income Taxes) on Total Capital Investment Chemical Refinery Effect of Process Selection on the Amount of Fuel Oil Produced and Crude Oil Required in a Chemical Refinery Effect of Yield of Chemicals on the Economics of U.S. Gulf Coast Refineries Using Nigerian Crude Oil Refineries Processing Nigerian Crude Oil Maximizing Production of Aromatics in a Chemical Refinery Rate of Return on Total Capital Investment in Various Types of Refineries Feeding Various Crude Oils Effect of Product Prices on the Economics of Various Types of Plants Effect of Variation of Aromatics Prices on the Economics of a Chemical Refinery and a Freestanding Olefins Complex on the Effect of Plant Operating Rates on the Profits of a Chemical Refinery and a Freestanding Olefins Complex on the U.S. Gulf Coast European Chemical Refinery Japanese Chemical Refinery G.l Crude Oil Distillation ix

6 TABLES 2.1 Comparative Economics for a Chemical Refinery and an Olefins Complex Europe Compartive Economics for a Chemical Refinery and an Olefins Complex Japan Comparative Economics for a Chemical Refinery and an Olefins Complex Typical Pyrolysis Yields from Various Raw Materials Sulfur in World Crude Oils Typical Quality of Major World Crude Oils Quality Characteristics of Crude Oils Used in this Study Typical Movements of Crude Oils in 1974 to the United States, Japan, and the Netherlands Typical World Scale "100" Tanker Rates Selection of Chemical Refinery Process Economic Summary Summary Comparison of a Chemical Refinery with an Olefins Complex, Comparison of a Chemical Refinery with an Olefins Complex, Economic Summary Comparison of a Chemical Refinery with an Olefins Complex, Plant Yields Comparison of a Chemical Refinery with an Olefins Complex, Detail of Size and Investment Cost of Process Units xi

7 TABLES 7.5 Comparison of a Chemical Refinery with an Olefins Complex, Capital Investments Comparison of a Chemical Refinery with an Olefins Complex, Product Sales Revenue Summary Comparison of a Chemical Refinery with an Olefins Complex, Production Costs Various Types of Refineries Processing Louisiana Crude Oil Economic Summary Various Types of Refineries Processing Nigerian Crude Oil Economic Summary Various Types of Refineries Processing West Texas Sour Crude Oil Economic Summary Various Types of Refineries Processing Prudhoe Bay Crude Oil Economic Summary Comparison of a Chemical Refinery with an Olefins Complex, Europe European Refineries and Chemical Plant Economic Summary European Refineries and Chemical Plant Plant Yields European Refineries and Chemical Plant Detail of Size and Investment Cost of Process Units European Refineries and Chemical Plant Capital Investments xii

8 TABLES 8.6 European Refineries and Chemical Plant Product Sales Revenue Summary European Refineries and Chemical Plant Production Costs Japanese Refineries and Chemical Plant Economic Summary Japanese Refineries and Chemical Plant Plant Yields Japanese Refineries and Chemical Plant Detail of Size and Investment Cost of Process Units Japanese Refineries and Chemical Plant Capital Investment Japanese Refineries and Chemical Plant Product Sales Revenue Summary Japanese Refineries and Chemical Plant Production Costs A.1 Refinery Without Chemical Production, Refinery Yields A.2 Refinery Without Chemical Production, Detail of Size and Investment Cost of Process Units A.3 Refinery Without Chemical Production, Capital Investments A.4 Refinery Without Chemical Production, Product Sales Revenue Summary A.5 Refinery Without Chemical Production, Production Costs A.6 Refinery Without Chemical Production, Economic Summary x111

9 TABLES B.l B.2 B.3 B.4 B.5 B.6 c.1 c.2 c.3 c.4 c.5 C.6 D.l D.2 Fuels Refinery with Aromatics Plant, Refinery Yields Fuels Refinery with Aromatics Plant, Detail of Size and Investment Cost of Process Units Fuels Refinery with Aromatics Plant, Capital Investments Fuels Refinery with Aromatics Plant, Product Sales Revenue Summary Fuels Refinery with Aromatics Plant, Production Costs Fuels Refinery with Aromatics Plant, Economic Summary Integrated Fuels and Chemical Refinery, Refinery Yields Integrated Fuels and Chemical Refinery, Detail of Size and Investment Cost of Process Units Integrated Fuels and Chemical Refinery, Capital Investments Integrated Fuels and Chemical Refinery, Product Sales Revenue Summary Integrated Fuels and Chemical Refinery, Production Costs Integrated Fuels and Chemical Refinery, Economic Summary Chemical Refinery, Refinery Yields Chemical Refinery, Detail of Size and Investment Cost of Process Units xiv

10 TABLES D.3 D.4 D.5 D.6 E.l E.2 E.3 E.4 E.5 E.6 F.l G.l G.2 Chemical Refinery, Capital Investments Chemical Refinery, Product Sales Revenue Summary Chemical Refinery, Production Costs.., Chemical Refinery, Economic Summary Capacities of Major Process Units and Sunrnary of Refinery Yields Detail of Size and Investment Cost of Process Units.... Capital Investments Product Sales Revenue Summary , Production Costs Economic Summary Standard Product Prices Typical Refinery Yields U.S. Petroleum Demand G.3 Oil Refining Capacity of the World xv