Negative Bubbles and Unpredictability of Financial Markets: The Asian Currency Crisis in 1997

We obtain the three following conclusions. First, business cycles depend on prices of stocks and primary commodities such as crude oil. Second, stock prices and oil prices generate psychological cycles with different periods. Third, there exist cases of "negative bubble" under certain conditions. Integrating the above results, we can find a role of a government in financial market in developing countries.

Geotechnical Analysis of Contaminated Sand by Light Non-Aquous Phase Liquids

Contaminated soil reuse was investigated, with higher profusion, throughout the early 90’s, coinciding with the 1991 Gulf War, when efforts to amend large crude oil releases began in geotechnical assessment of contaminated soils. Isolated works referring to geotechnical testing with hydrocarbon ground contaminants are described in the state-of-the-art, which have been extended to other type of contaminated soil references. Contaminated soils by light non-aquous phase liquids (LNAPL) bearing capacity reduction has been previously investigated from a forensic point of view. To date, all the research works have been published based on the assumption of constant contaminant saturation for the entire soil mass. In contrast, the actual LNAPLs distribution plumes exhibit complex flow patterns which are subject to physical and chemical changes with time and distance travelled from the release source. This aspect has been considered along the present text. A typical Madrid arkosic soil formation is commonly known as Miga sand. Geotechnical tests have been carried out, with Miga sand specimens, in incremental series of LNAPL concentrations in order to observe the soil engineering properties variation due to a contamination increase. Results are discussed in relation with previous studies and as a matter of fact, soil mechanics parameters change in the presence of LNAPL, showing different tendencies according to each test and depending on the LNAPL content, as well as to the specimen’s initially planned relative density, dense or loose. Geotechnical practical implications are also commented on and analyzed. Variation on geotechnical properties may occur only within the external contour of contamination distribution plume. This scope has motivated the author to develop a physical model based on transparent soil technology. The model aims to reproduce the distribution of LNAPL into the ground due to an accidental release from a storage facility. Preliminary results indicate that the model is a potentially complementary tool for hydrogeological applications, site-characterization and remediation treatment testing within the framework of soil pollution events. A description of the test setup of an innovative three dimensional physical model for the flow of two or more phases, in porous media, is presented herein, along with a summary of the advantages, limitations and future applications for modeling with transparent material. En los primeros años de la década de los años 90, del siglo pasado, coincidiendo con la Guerra del Golfo en 1991, se investigó intensamente sobre la reutilización de suelos afectados por grandes volúmenes de vertidos de crudo, fomentándose la evaluación geotécnica de los suelos contaminados. Se describen, en el estado del arte de esta tésis, una serie de trabajos aislados en relación con la caracterización geotécnica de suelos contaminados con hidrocarburos, descripción ampliada mediante referencias relacionadas con otros tipos de contaminación de suelos. Existen estudios previos de patología de cimentaciones que analizan la reducción de la capacidad portante de suelos contaminados por hidrocarburos líquidos ligeros en fase no acuosa (acrónimo en inglés: LNAPL de “Liquid Non-Aquous Phase Liquid”). A fecha de redacción de la tesis, todas las publicaciones anteriores estaban basadas en la consideración de una saturación del contaminante constante en toda la extensión del terreno de cimentación. La distribución real de las plumas de contaminante muestra, por el contrario, complejas trayectorias de flujo que están sujetas a cambios físico-químicos en función del tiempo y la distancia recorrida desde su origen de vertido. Éste aspecto ha sido considerado y tratado en el presente texto. La arena de Miga es una formación geológica típica de Madrid. En el ámbito de esta tesis se han desarrollado ensayos geotécnicos con series de muestras de arena de Miga contaminadas con distintas concentraciones de LNAPL con el objeto de estimar la variación de sus propiedades geotécnicas debido a un incremento de contaminación. Se ha realizado una evaluación de resultados de los ensayos en comparación con otros estudios previamente analizados, resultando que las propiedades mecánicas del suelo, efectivamente, varían en función del contenido de LNAPL y de la densidad relativa con la que se prepare la muestra, densa o floja. Se analizan y comentan las implicaciones de carácter práctico que supone la mencionada variación de propiedades geotécnicas. El autor ha desarrollado un modelo físico basado en la tecnología de suelos transparentes, considerando que las variaciones de propiedades geotécnicas únicamente deben producirse en el ámbito interior del contorno de la pluma contaminante. El objeto del modelo es el de reproducir la distribución de un LNAPL en un terreno dado, causada por el vertido accidental de una instalación de almecenamiento de combustible. Los resultados preliminares indican que el modelo podría emplearse como una herramienta complementaria para el estudio de eventos contaminantes, permitiendo el desarrollo de aplicaciones de carácter hidrogeológico, caracterización de suelos contaminados y experimentación de tratamientos de remediación. Como aportación de carácter innovadora, se presenta y describe un modelo físico tridimensional de flujo de dos o más fases a través de un medio poroso transparente, analizándose sus ventajas e inconvenientes así como sus limitaciones y futuras aplicaciones.

Storage stability of SBS/sulfur modified bitumens at high temperature: influence of bitumen composition and structure

Polymer modified bitumens, PMBs, are usually prepared at high temperature and subsequently stored for a period of time, also at high temperature. The stability of PMBs, in these conditions, has a decisive influence in order to obtain the adequate performances for practical applications. In this article the attention is focused in the analysis of the factors that determine the stability of styrene–butadiene–styrene copolymer (SBS)/sulfur modified bitumens when the mixtures are maintained at high temperature. Bitumens from different crude oil sources were used to prepare SBS/sulfur modified bitumens. Changes in the values of viscosity, softening point, as well as in the morphology of PMB samples, stored at 160 °C, were related to the bitumen chemical composition and to the amount of asphaltene micelles present in the neat bitumen used in their preparation El trabajo se centra en el estudio de la influencia de la estructura /composición del betún sobre la compatibilidad del sistema betún/SBS. Cuatro betunes provenientes de dos crudos distintos se seleccionaron y sus mezclas se utilizaron para preparar betunes modificados con contenidos de SBS del 3% en peso

Procesos de depuración de los efluentes líquidos de actividades petrolíferas

La Tesis Doctoral surge debida de los problemas de contaminación ambientales que presentan los efluentes líquidos refinería del petróleo y las industrias de extracción del petróleo crudo en la zona costera de Angola principalmente en las provincias de Cabinda, Zaire y Luanda, en las cuales sus vertidos destruyen la flora y fauna acuática. El objetivo de este trabajo consiste en implementar nuevas técnicas de los procesos de oxidación avanzada para el tratamiento de los efluentes líquidos de refinerías de petróleo, que permitan conseguir una calidad adecuada de los vertidos. Este sector se considera como una fuente de contaminación del medio ambiente, que requiere un control estricto y un tratamiento adecuado para la eliminación de los contaminantes existente en este tipo de agua y posteriormente poder reutilizar estas aguas tratadas para otros fines industriales o verter a los cauces receptores que al menos no perjudique a los ecosistemas. En esta tesis se ha investigado las técnicas más modernas de los procesos de oxidación avanzada para el tratamiento de agua residual de refinería de petróleo, así como: 1) ozonización, 2) peróxido de hidrógeno con ozono, y 3) ultravioleta con ozono. Los resultados obtenidos en este trabajo muestran que el proceso de ozonización simple, ha dado mejores resultados para el tratamiento de este tipo agua residual de petróleo, tanto, en la eliminación de materia orgánica y los fenoles presentes en el agua residual. En la primera fase, con 1 litro de muestra, se alcanzó un rendimiento del 80% en la eliminación de la DQO utilizando 5,97 mg/l de dosis de ozono, con 11 minutos de tiempo de contacto. Respecto a los fenoles se alcanzó una eliminación del 100 % con la misma dosis de ozono y con 11 minutos de tiempo de contacto. En la segunda fase, con 4 litros de muestra, se alcanzó un rendimiento del 66% de la DQO utilizando 22,21 mg/l de dosis de ozono, con 15 minutos de tiempo de contacto y el rendimiento en la eliminación de los fenoles fue de 90 % a las mismas condiciones. The doctoral thesis arises because of environmental pollution problems posed by liquid effluents and oil refinery industries extraction of crude oil in the coastal area of Angola mainly in the provinces of Cabinda, Zaire and Luanda, in which their discharges destroy aquatic flora and fauna. The objective of this work is to implement new techniques of advanced oxidation processes for the treatment of liquid effluents of oil refineries that will achieve an adequate quality of discharges. This sector is considered as a source of environmental pollution, which requires close monitoring and appropriate treatment for the removal of existing contaminants in this water and then treated to reuse this water for other industrial purposes or discharging into streams receptors that at least does not harm ecosystems. In this thesis we investigate the most modern techniques of advanced oxidation processes for treatment of wastewater from oil refinery and: 1) ozonation, 2) hydrogen peroxide, ozone, and 3) radiation with ozone. The results obtained in this study show that the ozonation process simple, has yielded better results for treating wastewater of this type of oil, so the removal of phenols and organic matter present in the wastewater. In the first phase, with 1 liter of sample was reached in 80% yield COD removal using 5.97 mg/l ozone dosage, with 11 minutes of contact time. Regarding phenols elimination was achieved of 100% with the same dose of ozone and 11 minutes contact time In the second phase, with sample 4 liters was reached in 66% yield using 22.21 COD mg / l ozone dosage, with 15 minutes of contact time and the performance in the removal of phenols was of 90% at the same conditions.

Protección catódica en estructuras sumergidas. Aplicación al proyecto de boyas y tuberías de un terminal portuario de descarga de crudo.

Este proyecto tiene por objeto el diseño de la protección catódica contra la corrosión de las boyas y las tuberías sumergidas en agua de mar de un terminal portuario de descarga de crudo. La protección catódica consiste en la igualación de los potenciales de las áreas anódicas y catódicas del material por el flujo de electrones suministrado. En el proyecto se han empleado los métodos de ánodos de sacrificio y de corriente impresa para analizar la protección catódica más adecuada de cada componente. Para los cálculos de los ánodos necesarios para la protección catódica se utilizó el procedimiento de la masa, seleccionando así el método, ánodos de sacrificio o corriente impresa, y los ánodos más apropiados para la protección catódica de las boyas y de las tuberías. ABSTRACT The aim of this project was to design the cathodic protection against corrosion of a crude oil unloading port terminal’s buoys and under sea water pipelines. The cathodic protection consists in the equating of anodic and cathodic material areas by the electrons flow supplied. In this project, sacrificial anodes and impressed current methods were used for analyze the most suitable cathodic protection for each component. For the cathodic protection required anodes calculations, the weight procedure was used, thereby selecting the method, sacrificial anodes or impressed current, and the most appropriate anodes, for the cathodic protection of the buoys and pipelines

Planta de separación en plataforma Offshore

El proyecto aborda el diseño de un tren de separación de la plataforma petrolífera Njord, en el Mar del Norte. A partir del producto saliente del pozo se obtiene una corriente de crudo con características que hacen posible su venta en el mercado. Para conseguir este objetivo es necesario el diseño de un proceso que separe las tres distintas fases presentes en el fluido del pozo. Este proceso utiliza equipos como separadores, intercambiadores de calor, compresores y turbinas. Para completar el estudio del proceso se realiza un estudio energético, que incluye el sistema que proporciona energía al sistema. Abstract This project tackles the design of a crude separation unit in Njord offshore oil platform in the North Sea. The process obtains a crude oil stream that fulfils the specifications that makes it suitable to be sold in the market from the fluid that is obtained from the well. To achieve this objective it is necessary to make the design of a separation unit that divides the three different phases of the reservoir fluid. The separation unit will include the design and specification of equipment such as vessels, heat exchangers, compressors and turbines. The project also includes an energetic study, which includes de design of system that provides energy to the process.

Influência do tempo de imersão em solução aquosa contendo H2S sobre a tenacidade de tubo API 5L X65 sour avaliada a partir de ensaio Charpy

Com o decorrer dos anos o consumo de petróleo e seus derivados aumentou significativamente e com isso houve a necessidade de se investir em pesquisas para descobertas de novas jazidas de petróleo como o pré-sal. Porém, não apenas a localização dessas jazidas deve ser estudada, mas, também, sua forma de exploração. Essa exploração e extração, na maioria das vezes, se dão em ambientes altamente corrosivos e o transporte do produto extraído é realizado através de tubulações de aço de alta resistência e baixa liga (ARBL). Aços ARBL expostos a ambientes contendo H2S e CO2 (sour gas) sofrem corrosão generalizada que promovem a entrada de hidrogênio atômico no metal, podendo diminuir sua tenacidade e causar falha induzida pela presença de hidrogênio (Hydrogen Induced Cracking HIC), gerando falhas graves no material. Tais falhas podem ser desastrosas para o meio ambiente e para a sociedade. O objetivo deste trabalho é estudar a tenacidade, utilizando ensaio Charpy, de um tubo API 5L X65 sour após diferentes tempos de imersão em uma solução saturada com H2S. O eletrólito empregado foi a solução A (ácido acético contendo cloreto de sódio) da norma NACE TM0284 (2011), fazendo-se desaeração com injeção de N2, seguida de injeções de H2S. Os materiais foram submetidos a: ensaios de resistência a HIC segundo a norma NACE TM0284 (2011) e exames em microscópio óptico e eletrônico de varredura para caracterização microestrutural, de inclusões e trincas. As amostras foram submetidas a imersão em solução A durante 96h e 360h, sendo que, após doze dias do término da imersão, foram realizados os ensaios Charpy e exames fractográficos. Foram aplicados dois métodos: o de energia absorvida e o da expansão lateral, conforme recomendações da norma ASTM E23 (2012). As curvas obtidas, em função da temperatura de impacto, foram ajustadas pelo método da tangente hiperbólica. Esses procedimentos foram realizados nas duas seções do tubo (transversal e longitudinal) e permitiram a obtenção dos seguintes parâmetros: energias absorvidas e expansão lateral nos patamares superior e inferior e temperaturas de transição dúctil-frágil (TTDF) em suas diferentes definições, ou seja, TTDFEA, TTDFEA-DN, TTDFEA-FN, TTDFEL, TTDFEL-DN e TTDFEL-FN (identificação no item Lista de Abreviaturas e Siglas). No exame fractográfico observou-se que o material comportou-se conforme o previsto, ou seja, em temperaturas mais altas ocorreu fratura dúctil, em temperaturas próximas a TTDF obteve-se fratura mista e nas temperaturas mais baixas observou-se o aparecimento de fratura frágil. Os resultados mostraram que quanto maior o tempo de imersão na solução A, menor é a energia absorvida e a expansão lateral no patamar superior, o que pode ser explicado pelo (esperado) aumento do teor de hidrogênio em solução sólida com o tempo de imersão. Por sua vez, os resultados mostraram que há tendência à diminuição da temperatura de transição dúctil-frágil com o aumento do tempo de imersão, particularmente, as TTDFEA-DN e TTDFEL-DN das duas seções do tubo (longitudinal e transversal). Esse comportamento controverso, que pode ser denominado de tenacificação com o decorrer do tempo de imersão na solução A, foi explicado pelo aparecimento de trincas secundárias durante o impacto (Charpy). Isso indica uma limitação do ensaio Charpy para a avaliação precisa de materiais hidrogenados.

Modelagem matemática do processo industrial de coqueamento retardado.

A unidade de coqueamento retardado é um processo térmico de conversão, utilizado pelas refinarias, para converter cargas residuais em produtos de baixo peso molecular e com alto valor agregado (gases, nafta e gasóleo) e coque verde de petróleo. Um pequeno aumento no rendimento líquido da unidade de coqueamento retardado proporciona benefícios económicos consideráveis, especialmente no destilado líquido. A concorrência no mercado, as restrições sobre as especificações do produto e gargalos operacionais exigem um melhor planejamento da produção. Portanto, o desenvolvimento de novas estratégias e modelos matemáticos, focados em melhores condições de operação do processo industrial e formulações de produtos, é essencial para alcançar melhores rendimentos e um acompanhamento mais preciso da qualidade do produto. Este trabalho tem como objetivo o desenvolvimento de modelo matemático do conjunto forno-reator do processo de coqueamento, a partir de informações obtidas em uma planta industrial. O modelo proposto é baseado na caracterização da carga e dos produtos em pseudocomponentes, modelos cinéticos de grupos e condições de equilíbrio liquido-vapor. Além disso, são discutidos os principais desafios para o desenvolver o modelo matemático do forno e do reator, bem como a caracterização rigorosa do resíduo de vácuo e dos produtos para determinar os parâmetros que afetam a morfologia do coque e a zona de reação no interior do reator de coque.

Analysis of Hyporheic Flow Induced by a Bar in a Gravel Stream: an Experimental Study

Thesis (Master, Civil Engineering) -- Queen's University, 2016-06-01 00:03:02.939

The euro before the financial crisis of 2008: an integrating and stabilizing factor. Jean Monnet/Robert Schuman Vol. 13 No. 9, June 2013

From the Introduction. The main focus of this study is to examine whether the euro has been an economic, monetary, fiscal, and social stabilizer for the Eurozone. In order to do this, the underpinnings of the euro are analysed, and the requirements and benchmarks that have to be achieved, maintained, and respected are tested against the data found in three major statistics data sources: the European Central Bank’s Statistics Data Warehouse (http://sdw.ecb.europa.eu/), Economagic (www.economagic.com), and E-signal. The purpose of this work is to analyse if the euro was a stabilizing factor from its inception to the break of the financial crisis in summer 2008 in the European Union. To answer this question, this study analyses a number of indexes to understand the impact of the euro in three markets: (1) the foreign exchange market, (2) the stock market, and the Crude Oil and commodities markets, (3) the money market.

A bottomless pit: the costs of Crimea’s annexation by Russia. OSW Commentary No. 143, 29.07.2014

The annexation of Crimea has brought the Russian authorities significant dividends, in particular on the domestic stage: it has resulted in an unprecedented social and political consolidation, and strengthened Vladimir Putin’s position after several years of decline in social support for him. It has provided Russia with strategic benefits, giving it broad access to the Black Sea and the military infrastructure on the peninsula, as well as access to natural gas and crude oil reserves. Russia has also taken over numerous assets (including the tourist infrastructure) previously owned by the Ukrainian state. However, the decision itself concerning Moscow’s annexation of Crimea was taken off the cuff, with no calculation of the costs of integrating it with the Russian legal, political and socio-economic space. Russia took over a region that required subsidies from the Ukrainian budget; moreover, the annexation struck at the most important industry of the Crimean economy – tourism. Crimea’s integration with Russia will be a complex process that entails high costs, financial, organisational and social, including multi-billion dollar investments in the modernisation and development of infrastructure, covering the region’s budget deficit, and paying out social benefits. For reasons of prestige and political significance, Moscow is treating Crimea as a showcase region. Russia is determined to prove that the Crimean incorporation will be beneficial for the region’s economy and will raise people’s living standards. However, the expenses triggered by Crimea’s integration will coincide with a deteriorating economic situation in Russia, aggravated by US and EU sanctions, and this may force Russia to postpone or even give up some of its ambitious investments in the peninsula. Some of the integration costs will have to be borne by other Russian regions, even though they already face serious financial problems that have forced them to reduce their own investment programs. Another issue that has come into question is the fulfilment of the Crimean people’s’ expectations concerning the improvement of their living standards, due to the tourist sector’s problems (small-scale tourist services used to be one of the local people’s main sources of income), the rising costs of maintenance, and finally, restrictions of civil rights after the introduction of the more restrictive Russian legislation.

Promises and hurdles in EU-Kazakhstan energy cooperation. EUCAM Commentary No. 20, November 2011

Kazakhstan’s Prime Minister, Karim Massimov, once referred to energy cooperation as the ‘core’ of relations between his country and the European Union (EU). Indeed, there is great mutual interest in this area. Six percent of the EU’s crude oil imports and 16 percent of its uranium imports come from Kazakhstan. And around 80 percent of the latter’s oil exports go towards Europe. For Kazakhstani producers, access to European lucrative and reliable markets is of utmost importance. Over the last several years, the thrust of Kazakhstan’s foreign policy was aimed at increasing the capacity of the Caspian Pipeline Consortium (CPC) that pumps Kazakhstani oil to Europe. Moreover, Kazmunaigaz’s (KMG) – the national oil and gas company – major external investment was in the Romanian oil company Rompetrol.

The commodity markets.

"Details of the markets ... statistics and record of prices." p. vii.

Motor fuel : pricing factors, tax structures and other related issues /

"August 2011."

Technical and economic factors in applying the enhanced coalbed methane recovery process

Geological sequestration of CO2 is a technically feasible and potentially economic option for significantly and safely reducing greenhouse gas emissions, with CO2 injection already practiced in Canada and the USA to enhance crude oil production. The Enhanced Coalbed Methane (ECBM) process is seen as the next most economical sequestration options. The authors estimate an incremental methane recovery factor from 20% to 50%, depending on coal rank and seam depth. Others have estimated the potential to increase worldwide CBM production, utilising ECBM, by 18 Trillion cubic meters, while simultaneously sequestering 345 Giga tonnes of CO2. This paper presents technical and economic factors to consider for developing a commercial ECBM project. Technical factors include: geostructural and hydrogeological issues, geochemical reactions, stressed and competitive sorption, counter-diffusion, effective and relative 4-D coal permeability and methane recovery levels. Key economic factors are injectant acquisition price, sale price of methane and the level of carbon credits.