Financial variables influencing the performance of refined crude oil products at North-West European cargo markets

Gurvitš, Natalja; Strouhal, Jiří; Saia, Artem; Инна, Сидорова

doi:10.14254/2071-8330.2018/11-2/17

Cited by 2 publications

(2 citation statements)

References 43 publications

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“…To facilitate the participation of existing private companies, the access to finance should be improved further. Access to finance can strongly influence a firm's willingness to invest [21], and interest rates can determine the performance of firms in the gas and oil market [22]. Financial support for private companies should be strengthened to break the monopoly market structure and enter the market.…”

Section: Discussionmentioning

confidence: 99%

Economies of Scale in the South Korean Natural Gas Industry

Yoo

Baek

2019

Energies

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The South Korean natural gas (NG) import volume in 2017 was 33.7 million tonnes per annum (13.1%), making it the second-largest NG-importing country in the world after Japan. Nevertheless, the NG wholesale market in South Korea has remained monopolistic since the Korea Gas Corporation (KOGAS) was established in 1983. Thus, the purpose of this study is to determine whether the NG wholesale market in South Korea has economies of scale by estimating the translog cost function and estimating the minimum efficient scale (MES) using robust linear regression. We used quarterly business reports of KOGAS from the first quarter of 2000 to the second quarter of 2018 to construct the data. The results showed that diseconomies of scale existed in all the years in the first and fourth quarters, and the second quarter showed the same result during 2010–2014. From 2011, the production quantity of all the quarters has exceeded the MES (5.81 million tons). The reason for these results is that the demand for NG power generation and city gas has surged since 2000, while the monopolistic structure of the past has been maintained. This study implies that it would be more efficient to allocate some of KOGAS’s additional import volume to the existing private NG companies and mitigate the regulation on resale.

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Section: Discussionmentioning

confidence: 99%

Economies of Scale in the South Korean Natural Gas Industry

Yoo

Baek

2019

Energies

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“…For these purposes, the NARDL (non-linear autoregressive distributed lag) model and its variants are often used. There are also few articles that demonstrate how external factors characterizing changes in the fuel consumption patterns influence the prices for oil products (Gurvitš et al, 2018;Meyler, 2009;Ulanov and Sazonov, 2018). IJESM 16,2 2.…”

Section: Literature Reviewmentioning

confidence: 99%

Modelling oil product prices with due regard to proliferation of alternative fuels and tightening of technical standards

Ulanov

Skorobogatko

2021

IJESM

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Purpose This paper aims to clarify the relationship between oil product prices and factors describing the most crucial emerging trends in fuel consumption. The work is aimed to test the hypothesis that the proliferation of alternative fuel cars is a significant factor in determining the level of motor fuel prices. The influence of technical standards of oil products on the model parameters is also analysed. Design/methodology/approach The hypothesis testing is carried out on the basis of an econometric analysis of information regarding the North-West European commodity market and the data on the registration of alternative fuel passenger vehicles. Time series are analysed for the presence of a structural shift in the parameters of the model as a result of changes in the requirements of technical regulations for fuel. Findings The results suggest a different nature of the influence of the proliferation of alternative fuel passenger vehicles – it has little effect on diesel prices, whilst the indicators under study have a negative effect on the prices of motor gasoline. The construction of oil product price models has confirmed the impact of tightening the technical requirements for the parameters of dependence equations. Practical implications The obtained results can be used in forecasting price indicators in oil refining for strategic and investment purposes. Originality/value This paper fulfils an identified need to take into account the emerging global trends in fuel consumption to obtain reliable parameters for oil product price modelling.

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Financial variables influencing the performance of refined crude oil products at North-West European cargo markets

Cited by 2 publications

References 43 publications

Economies of Scale in the South Korean Natural Gas Industry

Economies of Scale in the South Korean Natural Gas Industry

Modelling oil product prices with due regard to proliferation of alternative fuels and tightening of technical standards

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