A study in the financial valuation of a topping oil refinery

Oil refineries underpin modern day economics, finance and engineering – without their refined products the world would stand still, as vehicles would not have petrol, planes grounded without kerosene and homes not heated, without heating oil. In this thesis I study the refinery as a financial asset; it is not too dissimilar to a chemical plant, in this respect. There are a number of reasons for this research; over recent years there have been legal disputes based on a refiner's value, investors and entrepreneurs are interested in purchasing refineries, and finally the research in this arena is sparse. In this thesis I utilise knowledge and techniques within finance, optimisation, stochastic mathematics and commodities to build programs that obtain a financial value for an oil refinery. In chapter one I introduce the background of crude oil and the significance of the refinery in the oil value chain. In chapter two I construct a traditional discounted cash flow valuation often applied within practical finance. In chapter three I program an extensive piecewise non linear optimisation solution on the entire state space, leveraging off a simulation of the refined products using a set of single factor Schwartz (1997) stochastic equations often applied to commodities. In chapter four I program an optimisation using an approximation on crack spread option data with the aim of lowering the duration of solution found in chapter three; this is achieved by utilising a two-factor Hull & White sub-trinomial tree based numerical scheme; see Hull & White (1994) articles I & II for a thorough description. I obtain realistic and accurate numbers for a topping oil refinery using financial market contracts and other real data for the Vadinar refinery based in Gujurat India

A study in the financial valuation of a topping oil refinery

Oil refineries underpin modern day economics, finance and engineering – without their refined products the world would stand still, as vehicles would not have petrol, planes grounded without kerosene and homes not heated, without heating oil. In this thesis I study the refinery as a financial asset; it is not too dissimilar to a chemical plant, in this respect. There are a number of reasons for this research; over recent years there have been legal disputes based on a refiner's value, investors and entrepreneurs are interested in purchasing refineries, and finally the research in this arena is sparse. In this thesis I utilise knowledge and techniques within finance, optimisation, stochastic mathematics and commodities to build programs that obtain a financial value for an oil refinery. In chapter one I introduce the background of crude oil and the significance of the refinery in the oil value chain. In chapter two I construct a traditional discounted cash flow valuation often applied within practical finance. In chapter three I program an extensive piecewise non linear optimisation solution on the entire state space, leveraging off a simulation of the refined products using a set of single factor Schwartz (1997) stochastic equations often applied to commodities. In chapter four I program an optimisation using an approximation on crack spread option data with the aim of lowering the duration of solution found in chapter three; this is achieved by utilising a two-factor Hull & White sub-trinomial tree based numerical scheme; see Hull & White (1994) articles I & II for a thorough description. I obtain realistic and accurate numbers for a topping oil refinery using financial market contracts and other real data for the Vadinar refinery based in Gujurat India

The Surgical Infection Society revised guidelines on the management of intra-abdominal infection

Background: Previous evidence-based guidelines on the management of intra-abdominal infection (IAI) were published by the Surgical Infection Society (SIS) in 1992, 2002, and 2010. At the time the most recent guideline was released, the plan was to update the guideline every five years to ensure the timeliness and appropriateness of the recommendations. Methods: Based on the previous guidelines, the task force outlined a number of topics related to the treatment of patients with IAI and then developed key questions on these various topics. All questions were approached using general and specific literature searches, focusing on articles and other information published since 2008. These publications and additional materials published before 2008 were reviewed by the task force as a whole or by individual subgroups as to relevance to individual questions. Recommendations were developed by a process of iterative consensus, with all task force members voting to accept or reject each recommendation. Grading was based on the GRADE (Grades of Recommendation Assessment, Development, and Evaluation) system; the quality of the evidence was graded as high, moderate, or weak, and the strength of the recommendation was graded as strong or weak. Review of the document was performed by members of the SIS who were not on the task force. After responses were made to all critiques, the document was approved as an official guideline of the SIS by the Executive Council. Results: This guideline summarizes the current recommendations developed by the task force on the treatment of patients who have IAI. Evidence-based recommendations have been made regarding risk assessment in individual patients; source control; the timing, selection, and duration of antimicrobial therapy; and suggested approaches to patients who fail initial therapy. Additional recommendations related to the treatment of pediatric patients with IAI have been included. Summary: The current recommendations of the SIS regarding the treatment of patients with IAI are provided in this guideline

The relationship among oceanography, prey fields, and beaked whale foraging habitat in the Tongue of the Ocean

This article is distributed under the terms of the Creative Commons CC0 public domain dedication. The definitive version was published in PLoS One 6 (2011): e19269, doi:10.1371/journal.pone.0019269.Beaked whales, specifically Blainville's (Mesoplodon densirostris) and Cuvier's (Ziphius cavirostris), are known to feed in the Tongue of the Ocean, Bahamas. These whales can be reliably detected and often localized within the Atlantic Undersea Test and Evaluation Center (AUTEC) acoustic sensor system. The AUTEC range is a regularly spaced bottom mounted hydrophone array covering >350 nm2 providing a valuable network to record anthropogenic noise and marine mammal vocalizations. Assessments of the potential risks of noise exposure to beaked whales have historically occurred in the absence of information about the physical and biological environments in which these animals are distributed. In the fall of 2008, we used a downward looking 38 kHz SIMRAD EK60 echosounder to measure prey scattering layers concurrent with fine scale turbulence measurements from an autonomous turbulence profiler. Using an 8 km, 4-leaf clover sampling pattern, we completed a total of 7.5 repeat surveys with concurrently measured physical and biological oceanographic parameters, so as to examine the spatiotemporal scales and relationships among turbulence levels, biological scattering layers, and beaked whale foraging activity. We found a strong correlation among increased prey density and ocean vertical structure relative to increased click densities. Understanding the habitats of these whales and their utilization patterns will improve future models of beaked whale habitat as well as allowing more comprehensive assessments of exposure risk to anthropogenic sound.The data collection and analysis was funded by the Office of Naval Research as N00014-08-1-1162

Mutations in KEOPS-Complex Genes Cause Nephrotic Syndrome with Primary Microcephaly

Galloway-Mowat syndrome (GAMOS) is an autosomal-recessive disease characterized by the combination of early-onset nephrotic syndrome (SRNS) and microcephaly with brain anomalies. Here we identified recessive mutations in OSGEP, TP53RK, TPRKB, and LAGE3, genes encoding the four subunits of the KEOPS complex, in 37 individuals from 32 families with GAMOS. CRISPR-Cas9 knockout in zebrafish and mice recapitulated the human phenotype of primary microcephaly and resulted in early lethality. Knockdown of OSGEP, TP53RK, or TPRKB inhibited cell proliferation, which human mutations did not rescue. Furthermore, knockdown of these genes impaired protein translation, caused endoplasmic reticulum stress, activated DNA-damage-response signaling, and ultimately induced apoptosis. Knockdown of OSGEP or TP53RK induced defects in the actin cytoskeleton and decreased the migration rate of human podocytes, an established intermediate phenotype of SRNS. We thus identified four new monogenic causes of GAMOS, describe a link between KEOPS function and human disease, and delineate potential pathogenic mechanisms