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What are the life cycle cost that goes into petroleum storage


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answered 4 days ago

Silvia O.

Hello Esi,
My name is Silvia and I am a writer for Writepass. There are many elements that are generally included in life cycle costing, and there is no strict formula for calculation, as they differ from industry to industry. Some generally common elements across industries include, according to Anderson (2019), initial costs for installation or construction and recurring costs which are calculated over a long period of time (e.g. maintenance, administrative costs etc.). For petroleum storage, in addition to tank construction, there are other development costs related to how the storage will be done (e.g. underground storage, aboveground tanks etc.) which need to be taken into consideration.
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Thank you.
Kind regards.
Silvia

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