[en] Shell and Tube type Oil Cooler is widely used for hydraulic presses, die casting machines, generation equipments, machine tools and construction heavy machinery. Temperature of oil in the hydraulic system changes viscosity and thickness of oil film. They have a bad effect to performance and lubrication of hydraulic machinery, so it is important to know exactly the heat exchanging efficiency of oil cooler for controlling oil temperature. But most Korean manufacturers do not have test equipment for oil cooler, so they cannot carry out the efficiency test of oil cooler and it is impossible to verify its performance. This paper includes information of construction of necessary utilities for oil cooler test and design and manufacture of test equipment. One can select the optimum product by obtaining performance data through tests of various kinds of oil coolers. And also the paper developed a program which can be easily used for design of 2D and 3D drawings of oil cooler

[en] Power consumption in the oil mixing process is very much affected by the impeller design. Minor modification on the impeller design might result in better mixing and less energy consumption. This paper reports an early stage of applying the observation technique to modify three standard impellers, namely the Pitched blade turbine impeller, the CHEMSHEAR impeller and the Vertical Flat-Blade Turbine Impeller. The advantages and disadvantages of these three impellers were analyzed; accordingly minor modification on the impeller design is adopted. The CFD tool is used to evaluate one of the modified impellers; results indicated that the modified impeller achieves better fluid dispersion.

[en] Highlights: • We estimate effects of hedging on capital structure of oil and gas projects. • Sponsor's oil risk exposure as instrumental variable for project's hedging decision • IV/2SLS estimation of determinants of oil and gas project's debt-to-equity ratio • Hedging increases disproportionately upstream project's debt-to-equity ratio. • Differences in likelihood and effect of hedging between upstream and downstream projects -- Abstract: We estimate the causal effect of hedging the future price risk on the debt-to-equity ratio of oil and gas project companies. In particular, we examine how such an effect differs between the upstream and downstream industries, given that relative to downstream projects, upstream projects are exposed to the price risk to magnitude greater. With a sample of 230 loans made to oil and gas projects in 32 countries over the period 1997–2017, we investigate the determinants of the debt-to-equity ratio of oil and gas project loans. To identify the causal effect of the project company's hedging decision that is endogenous, we use the sponsor company's oil (or gas) risk exposure as the instrumental variable for the oil (or gas) project company's hedging decision. Our IV/2SLS regression results show that hedging the future price risk increases disproportionately the upstream project's debt-to-equity ratio relative to that of the downstream project. This suggests that hedging the price risk is an important way to increase lenders' funding amount to the upstream oil (or gas) project but not so much for a downstream oil (or gas) project. We also find the substantial differences in the hedging likelihood between upstream and downstream projects: (i) the upstream company is more likely to adopt the hedging contract; and (ii) the upstream company owned by a sponsor company with the smaller oil exposure is more likely to adopt the hedging contract, whereas the opposite is the case for a downstream company. Taken together, our findings suggest that between upstream and downstream oil (or gas) projects, there are substantial differences in both likelihood and effect of hedging the price risk.

[en] Highlights: • A modified LT model are proposed to measure the diffusion of influence among ports. • The diffusion of influence among ports is highly uneven. • Half of the ports in the networks were able to influence just one other port. • Rotterdam, Antwerp and Singapore emerged as the three most influential ports. -- Abstract: This paper seeks to shed light on how ports spread their influence through propagatory activation of other ports in the global oil traffic network from 2009 to 2016. Using a modified linear threshold model, the paper does not attempt to identify a few fixed ports that served as “seeds” for propagation and influence maximization. Instead it identifies active seed port hubs via their diffusion patterns and the number of ports in the networks that become influenced as a result. The computations show that diffusion is highly uneven but Rotterdam, Antwerp and Singapore emerged as the three most influential seed ports particularly in 2013 and 2016. Whereas over half of the ports in the networks were able to influence just one other port, Rotterdam and Antwerp influenced ports in the entire network. Singapore's spread of influence is smaller but its activation rate is more rapid because the port-city's influence tends to be much more regionally confined. Rotterdam's propagation occurs in fewer stages than Antwerp's suggesting that information and innovation spread more readily from the former city-port. Taken together, the analysis points to the above three city-ports as the most effective hubs for dissemination of information in the oil, including tanker, industry.

[en] The potential for optoelectronic sensor technology to provide the monitoring and control systems required for advanced subsea hydrocarbon production management is described. The utilisation of optoelectronic sensor technology to produce a new class of subsea Christmas Tree with in-built enhanced production monitoring and control systems as well as effective environmental monitoring systems is reported

[en] This paper examines the nonlinear or asymmetric relationship between oil revenues and output growth in oil-exporting countries, applying a dynamic panel framework and two different measures of oil shocks. The main results in this paper confirm the stylized facts that in heavily oil-dependent countries lacking the institutional mechanisms de-linking fiscal expenditure from current revenue, oil revenue shocks tend to affect the output in asymmetric and nonlinear ways. The findings suggest that output growth is adversely affected by the negative oil shocks, while oil booms or the positive oil shocks play a limited role in stimulating economic growth. The findings have practical policy implications for decision makers in the area of macroeconomic planning. The use of stabilization and savings funds and diversification of the real sector seems crucial to minimize the harmful effects of oil booms and busts. (author)

[en] One approach to detect signs of potential machine failure is to detect wear debris in the lubrication oil of a rotating or reciprocating machine because the size and the concentration of wear debris particles in the oil show a direct relationship with the level of wear. In this article, a proof-of-principle integrated wear debris sensor consisting of an ultrasonic pulse sensor and an inductive pulse sensor for detecting wear debris in lubrication oil is presented. The ultrasonic pulse sensor detects all solid debris (metallic and non-metallic debris). A flow recess structure is utilized to ensure that all wear debris passes the acoustic focal region so that all debris can be accurately counted and sized. The inductive pulse sensor detects and counts all metallic debris (ferrous and non-ferrous) based on the inductive Coulter counting principle. By comparing the results from the two sensing components, the sensor is capable of differentiating and detecting non-metallic debris, ferrous metallic debris and non-ferrous metallic debris. (paper)

[en] The resource curse is sometimes associated with poor resource-rich countries. However, using panel evidence from the United States, we find that the resource curse is also prevalent in a wealthy resource-rich country. This study investigates the impact of oil resources on income inequality, with a particular focus on distinguishing between the effects from oil abundance (i.e. production) versus oil dependency (i.e. consumption). We observe contrasting non-monotonic outcomes from oil abundance in comparison to oil dependency. For oil abundance, states with low oil production will have less inequality if they increase oil production, and states with high oil production will have increased income inequality if they increase production. The opposite holds true for oil dependency. The findings suggest several channels of concern. For example, oil-rich states are more vulnerable to rent-seeking behaviour as oil production and oil revenues increase, which can adversely affect the income distribution gap. On the other hand, oil-dependent states are more likely to be affected by commodity price shocks which can increase income inequality.

[en] Highlights: • Futures prices can either stabilize or destabilize spot price volatility of storable commodities • That is dependent on the source of the dominant disturbance in commodity market • Directed acyclic graphs and time series models are used to investigate the theory empirically • Empirical results indicate destabilizing impacts of futures markets on corn spot prices • Empirical results indicate stabilizing impacts of futures markets on oil spot prices The impact of futures markets on the spot price volatility of storable commodities can be either stabilizing or destabilizing. The underlying theoretical model determines that the impact depends on whether the dominant/prevailing disturbance in the commodity market comes from consumption, production, or inventory holding. We use Directed Acyclic Graphs analysis to determine causality and endogeneity/exogeneity of our variables, resulting in spot and futures prices being endogenous and storage being an exogenous variable. Additionally, impulse response and variance decomposition specifications suggest destabilizing impacts of futures markets on corn spot prices and stabilizing impacts on oil spot prices.

[en] This study examines the growth, conservation, neutrality and feedback hypotheses for 49 countries during the period from 1970 to 2010 using panel causality analysis: this technique accounts for both dependence and heterogeneity across the countries. The results provide evidence as to the direction of causality between oil consumption and output and are consistent with the neutrality hypothesis for 24 countries, the growth hypothesis for 5 countries, the conservation hypothesis for 13 countries, and the feedback hypothesis for 7 countries. The findings provide important policy implications for the 49 countries under study. - Highlights: ► Bootstrap panel causality for 49 countries. ► Examines the “growth, conservation, neutrality and feedback” hypotheses for 49 countries during the period from 1970 to 2010.