| 초록 |
Refining companies are exposed to financial risk from price changes during the time between the purchasing of crude oil and the sales of the products. In this study, spot and futures contracts are designated to diminish this financial risk. Accordingly, an integrated model is proposed for planning and financial risk management of a refinery. A practical risk measure of rationally quantifying the financial risk is selected. Subsequently, the optimal size of each contract and the operational plans are determined based on the scenarios and the developed model. Application to a case study indicates that financial risks can be substantially reduced by optimizing spot and futures contracts. The proposed model can be used for planning and financial risk management of any company which has international transactions. |
