Approaches of Russian oil companies to optimal capital structure

Oil companies play a vital role in Russian economy. Demand for hydrocarbon products will be increasing for the nearest decades simultaneously with the population growth and social needs. Change of raw-material orientation of Russian economy and the transition to the innovative way of the development do not exclude the development of oil industry in future. Moreover, society believes that this sector must bring the Russian economy on to the road of innovative development due to neo-industrialization. To achieve this, the government power as well as capital management of companies are required. To make their optimal capital structure, it is necessary to minimize the capital cost, decrease definite risks under existing limits, and maximize profitability. The capital structure analysis of Russian and foreign oil companies shows different approaches, reasons, as well as conditions and, consequently, equity capital and debt capital relationship and their cost, which demands the effective capital management strategy

Energy and Climate Implications for Agricultural Nutrient Use Efficiency

Energy and climate change are beginning to dominate the global political agenda and will drive policy formation that will shape the future of agriculture. Energy issues threaten national security and economic stability, as well as access to low-cost nutrient inputs for agriculture. Climate change has the potential to cause serious disruption to agricultural productivity. Paradoxically, nutrient use in agriculture to increase crop yields has the potential to negatively impact climate. This chapter will discuss recent and future energy and climate trends, the relationships between agricultural nutrient use efficiency and biofuels, and how global land limitations will shape agriculture in the future. Comparative gross energy yield and nitrogen use efficiency for ethanol production from crop residue, switchgrass, grain sorghum, sweet sorghum, and corn grain is presented, showing small differences in nitrogen use efficiency, but large differences in gross energy yields. In addition to considering the need to increase crop productivity to meet the demands of a growing population and bioenergy, agricultural nutrient use efficiency must be reconsidered with respect to the important energy and climate challenges shaping agriculture today

Seismic Forces in Ancillary Components Supported on Piers and Wharves

This paper presents a simple procedure to estimate seismic forces in ancillary components (secondary systems) supported on marine structures such as piers, wharves, and marine oil terminals (primary systems). Since many such marine structures can be idealized as single-degree-of-freedom (SDOF) systems, this study uses a simple linear-elastic model with two DOF, one representing the marine structure and the other representing the ancillary component. This study shows that acceleration at the base of the secondary system is approximately equal to spectral acceleration at the fundamental period of the primary system. It also proposes a formula, which is an improvement over current ASCE 7-10 recommendations, to estimate acceleration amplification in the secondary system due to its flexibility when mass and period ratios of the secondary and primary systems are known. The procedure in this paper is strictly applicable to marine structures for which primarily a single mode contributes to seismic response

transesterification; Gas Chromatography;

Biodiesel characterization and optimization study of used frying palm oi