• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.601-611
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• 2021

There are many asset prices which are interlinked and have a bearing on the stock market index. Studies have shown that the interrelationship among these asset prices vary and are inconsistent. The ultimate aim of this study is to examine the dynamic relationship between gold price, oil price, exchange rate and stock index. Monthly time series data has been utilized by the researcher to examine the interrelationship between four variables. The relationship among stock exchange rate index, oil price and gold price have been undertaken using regression and granger causality test. The results indicate that the exchange rate and oil price have an indirect influence on NIFTY; whereas gold price had a direct impact on NIFTY. It is evident from the results that volatility in the price of gold is mainly dependent on the exchange rate and vice versa. All the variables affect NIFTY in some way or the other. However, gold has a direct and vital relationship. From the study findings, it can be concluded that macroeconomic variables like commodity prices and foreign exchange rate, gold and oil, have a strong relationship on the return on securities at the national stock exchange of India.

• 한국가구학회지
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• 제21권5호
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• pp.354-366
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• 2010

The modern unique woodworking furniture has been made in earnest from 50 years ago. Some oil from nut such as soybean, walnut and perilla, which is usually used in our common life, has been used as finishing material for the unique woodworking furniture. Recently, woodworking studio business among the whole furniture industry has grown gradually and many woodworkers uses various kinds of imported wood finishing oil. Many woodworkers use the imported finishing oil in the old ways instead of understanding the characters of the various kind of oil and It causes some serious problems in furniture finishing process. Therefore, this study aims at taking theoretical approach in wood finishing oil and presenting correct usage in understanding the types and characters of oil. Resultingly the new method of oil finishing for wood is suggested and this suggestion is to guide woodworkers into the right usage of wood finishing oil.

• 수산경영론집
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• 제31권1호
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• pp.115-133
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• 2000

The policy of suppling tax-exempt fishery oil in Korea has a history of almost 40 years, which was initiated by the National Federation of Fisheries Cooperatives in 1965. In 1999 the volume of fishery oil supplied to the earning fishermen and fishing entrepreneurs amounted to 8,390 thousand DM, 500 billion won in total. This paper analyzes the oil supplying system to fishermen in Korea and shows that the structural obstacles to the stable provision of fishery oil lies in the ineffective bargaining power (fixing price). Provided that the NFFC as a buyer, which is not equipped with the storage facilities for oil bids for a unit-price contract of fishery oil, there exists a possibility of collusion among 5 local oil refineries corporations to influence the oil price, making it difficult to reach a resonable price of oil. Though the international bids and direct imports following the liberalization of oil imports would help lower the unit price, purchasing and importing the oil out of season at a lower price would not be guaranteed without the oil storage facilities. Furthermore, the current supply system of oil is quite vulnerable to the extraneous factors and, say when the oil price soars unpredictably, it is almost impossible to supply low - priced fishery oil to fishermen. The National Federation of Fisheries Association of Japan(Zengyoren), for instance, possesses 10 oil storage facilities, which had been built across the country during the last 20 years (1964-1984). The storage capacity of these facilities reaches 0.6million DM(by kind, 0.56million DM for A heavy oil, 38thousand D/M kerosene, 5thousand D/M for diesel fuel oil). Allowing no intermediary of production associations(fisheries cooperatives) the NFFA's capacity for keeping oil in reserve rises much higher. As these storage facilities can keep the oil amounting to as much as of 70 days demand in reserve, a stable supply of fishery oil on favorable terms is secured. In contrast with Japan case, unequipped with the storage facilities for fishery oil, Korea does not have much bargaining power for bringing down the price of fishery oil. To make matters worse, the oil storing capacity of the member cooperatives is the volume of only 8 days demand. In case the oil price rises, it is almost impossible to supply the oil to the fishermen at a price lower than the price risen.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.809-820
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• 2021

The study aimed to investigate the impact of sectoral bank credit facilities provided by commercial banks on the non-oil economic growth in Saudi Arabia. Bank credit facilities are given for nine economic sectors: agriculture, manufacturing, mining, electricity and water, health services, construction, wholesale and retail trade, transportation and communications, services, and finance sector. The study employs annual data from 1970 to 2019. The study employs the Autoregressive Distributed Lag (ARDL) approach to identify the long-run and short-run dynamics relationships among the variables. The main results reveal that the overall impact of total bank credit has a significant and positive effect on non-oil economic growth in KSA. The results revealed that the effect of bank credit on the non-oil GDP growth in the short and long run was uneven. The study finds that all sectors have a positive and significant impact in the long run, except for the agricultural and mining sectors. Likewise, all sectors have a positive and significant impact in the short run, except for construction, finance, services, and transportation & communications. As a result, bank credit facilities in different sectors have played an important role in enhancing the non-oil economic growth in the KSA.

• 한국항해항만학회지
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• 제46권5호
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• pp.441-448
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• 2022

The aim of this study was to examine determinants of secondhand Bulk carrier and Oil tanker prices. This study compiled S& P transaction data taken from the Clarksons Research during J anuary 2018 to April 2022 to see how independent variables influenced secondhand ship prices. In the secondhand ship pricing model of entire segments, size, age, and LIBOR showed significant effects on prices. A vessel built in J apan and Korea was traded at a higher price than a vessel built in other countries. In the bulk segment, size, age, Clarksea index, LIBOR, and inflation were meaningful variables. In the Tanker segment, unlike Bulk carrier, only size and age were useful variables. This study performed regression analyses for various sizes of Bulk carriers and Oil tankers. It verified that impacts of variables other than ship size and age were significantly associated with ship type and size while macroeconomic variables had no influence except for bulk carriers. By applying diverse variables affecting secondhand ship price estimation according to various sizes of Bulk carriers and Oil tankers, this study will expand the scope of practical application for investors. It also reaffirms prior research findings that the secondhand ship market is primarily market-driven.

• 무역학회지
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• 제44권6호
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• pp.105-118
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• 2019

In the past two decades, due to the rapid fluctuations in the oil supply and demand in Northeast Asia as well as a surge in oil prices in the early 2000s, Korea has been developing the Northeast Asia Oil Hub project as a national project. This project was promoted based on the policy consideration that the nation's energy security and regional development can be promoted by establishing an oil hub in Northeast Asia that can eventually replace Singapore as East Asia's oil logistics hub. Following the construction of a large-scale oil storage facility in Yeosu in 2013, the main project in Ulsan has suffered many difficulties due to environmental changes such as the supply and demand of oil and political factors. The survey, which investigated the performance, problems, and prospects of the oil hub project, illustrates that scores of all sectors are of average level. In terms of performance and prospects, policies such as facility investment, law, and system improvement were determined to be rather high while operational areas such as value-added activities, profitability, and marketing activities were perceived as having more serious problems by respondents. In conclusion, despite the strong potential of Korea's oil hub based on its geographical location, facilities, and oil product capacity, there are problems related to policies, institutions, and investment. In the future, the oil hub business should be reviewed by considering environmental factors, and a drastic improvement plan for attracting foreign investors and oil traders should be established.

• The Journal of Asian Finance, Economics and Business
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• 제3권4호
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• pp.25-37
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• 2016

This study aims to investigate the determinants of dividend payout of Oil and Gas industry of Pakistan using secondary data from published annual reports from 2008 to 2014 listed on KSE (Karachi Stock Exchange). Dividend payout can be affected by profitability, firm size, financial leverage, sales growth, investment opportunities, liquidity, business risk, and ownership structure. Panel data technique used due to panel characteristics of available data with ordinary least square regression model to find out the impact of set of explanatory variables on the dividend payout using the Stata. Financial leverage, sales growth and business risks are the most significant variables of the study where financial leverage and business risk have significant negative effect on dividend payout while sales growth has favorable positive impact on dividend payout. Results revealed significant positive link of profitability and firm size with dividend payout whereas government ownership is negatively associated with dividend payout. Investment opportunities, liquidity and managerial ownership showed insignificant relationship with dividend payout. This Suggests that dividend payout policy is dependent on business strategies including both investment and financing decisions. Financial managers should consider these factors while formulating dividend policy of the firm.

• 공업화학
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• 제24권1호
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• pp.10-17
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• 2013

중질탄화수소를 부가가치가 높은 경질탄화수소로 전환하는 업그레이딩 공정은 기존 정유공정에서 사용되고 있는 기술이다. 최근 석유자원의 한계로 비재래형 에너지(Non conventional energy)기술 개발의 중요성이 증가하고 되었고, 그 생산기술이 점차 상용화되어 기존 정유제품의 수요를 대체하고 있다. 향후 자원 부국과의 경쟁입지를 확보하기 위해서는 이러한 비재래형 에너지를 이용하기 위한 기술개발이 매우 중요하다. 대표적인 비재래형 에너지로는 오일샌드 (oil sands), 초중질유(extra heavy oil), 셰일가스(shale gas) 등이 있으며, 이 중 오일샌드 및 초중질유는 원유를 대체할 수 있는 비재래형 에너지원으로, 이들 이용기술은 캐나다 및 베네수엘라에서 상업적으로 개발되었다. 특히, 비튜멘 (bitumen) 및 GTL (Gas-To-Liquid) 합성공정의 중간산물인 FT (Fischer-Tropsch) wax는 업그레이딩(upgrading) 혹은 정제 (refining) 공정을 거쳐 가솔린이나 디젤유과 같은 고부가가치 정유 제품으로 생산된다. 이러한 업그레이딩 공정은 기존 원유 정제공정에서 이루어지고 있는 저급 중질탄화수소의 고도화 공정에 해당되는 기술이다. 비튜멘은 상온에서도 유동성이 없는 고점성의 초중질유와 비슷한 물성을 가진 물질로 기존 정유플랜트에서 처리하기 어려운 성분들이 다량 포함되어 있어, 원유 정제 기술의 고도화 설비와는 차별화된 기술의 적용이 필요하다. 또한, 생산, 수송 및 판매에 많은 비용과 기술적 제한 사항이 존재하며, 특히 비튜멘 생산과 고부가화 합성원유 생산을 위해 필요한 많은 에너지 비용과 플랜트 건설 투자비용은 오일샌드 개발의 큰 장애 요소로 작용되고 있다. 그러나 비튜멘의 생산, 수송, 고부가화 부문의 기술적, 사업적 발전 방향에 대한 연구, 검토가 기존 정유사업 고도화와 연계하여 활발히 진행 중에 있다. 오일샌드의 경우, 비튜멘의 일반적인 시장 판매 방법으로 단순히 희석제와 혼합하여 판매하는 방법이 있고, 업그레이딩을 통하여 합성원유의 형태로 판매하는 방법이 있다. 전자의 경우엔 원유가 대비 희석 비튜멘의 가격차가 커지고, 희석제의 가격이 올라가는 시장상황에서는 불리하다. 또한, 플랜트의 용량이 증가하면, 더욱 경제성이 없어진다. 그래서 처리용량에 맞는 업그레이딩의 적용은 이러한 시장 환경 변화에 대한 대비라 할 수 있다. 이러한 비재래 에너지원의 고부가화(upgrading) 기술에 대하여 알아보고자 한다.

• Journal of Industrial and Engineering Chemistry
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• 제68권
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• pp.24-32
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• 2018

Nanocellulose was surface-functionalized toward the applications in enhanced oil recovery (EOR) as a green alternative. The focus of this paper is on the effect of this material based nanofluid (NF) on foam lamella stabilization through studying its bubble breakup dynamics and flow behaviors in constricted mircofluidic devices. The NF stabilized foam produced an improved flow resistance across the capillary largely due to the capillary trapped bubbles at the contraction. The "snap-off" caused the NF stabilized foam to produce finer textured bubbles, which can migrate readily forward to the deep porous media, as revealed by the pressure profiles.

• 한국가스학회지
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• 제19권1호
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• pp.12-17
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• 2015

CNG(Compressed Natural Gas)충전소의 주요 핵심설비는 압축기이며, 대부분의 압축기는 윤활이 필요하다. CNG압축기의 윤활유(oil)는 충전 중에 압력 레귤레이터, 엔진 연료공급시스템 등에 전이(Carry-over)되어 천연가스차량의 성능에 부정적인 영향을 미친다. 따라서 이러한 문제를 사전에 방지하기 위해서는 전이되는 오일의 양을 정량적으로 측정하여 공급되는 압축천연가스의 품질관리를 강화하는 것이 필요하다. 본 연구에서는 CNG오일전이를 측정하기 위해 중량법(Gravimetric method)을 사용한 샘플링 튜브 및 샘플링 장비를 개발하였다. 또한, CNG 충전소 6개소를 대상으로 CNG를 채취하였으며, 오일전이를 정량적으로 분석하였다. 측정된 전체 오일전이양은 2.569에서 6.509ppm 이었으며, 측정된 결과를 선행연구 결과와 비교 검증하였다.