JOURNAL OF CHEMICAL ENGINEERING OF JAPAN
Print ISSN : 0021-9592
Process Systems Engineering and Safety
A Comparative Evaluation of Heating Method Options for Floating Storage Regasification Units Using Life Cycle Cost Analysis with Risk Expenditure
Sangmin ParkSunghee KimYeobum YoonIn-Beum LeeEun Sang Jung
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2019 Volume 52 Issue 9 Pages 751-765

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Abstract

The importance of eco-friendly energy sources such as natural gas is increasing globally. This study comprehensively evaluated the economic feasibility of three alternative regasification systems for new entrants in the floating storage regasification unit (FSRU) business. Life cycle cost analysis with risk expenditure was selected to compare the regasification unit `options. Further, the regasification characteristics were categorized by heating methods. Failure and accident risk expenditure concepts were also used to optimize the choice of regasification unit. This study revealed that the regasification unit with seawater-based direct heating exhibited the highest production availability with simple schematics. On the other hand, the regasification unit with propane-based indirect heating presented the largest accident risk expenditure because of the usage of propane as an intermediate heating medium. Overall, the regasification unit using glycol/water-based indirect heating provided the optimum choice for application to an FSRU, with reasonable capital, operational, and risk expenditures.

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© 2019 The Society of Chemical Engineers, Japan
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