The economic evaluation of establishing a plant for producing biodiesel from edible oil wastes in oil-rich countries: Case study Iran

In this investigation, three chemical processes for biodiesel production evaluated based on the financial standpoint. Due to its strongness and flexibility in economic evaluations, the COMFAR III software utilized for assessing processes. The alkali catalyzed process using virgin vegetable oil (process I), an-acid catalyzed process utilizing waste cooking oil (process II), and two-step supercritical methanol process using waste cooking oil (process III) considered as three deferent chemical processes and financial analyzes applied on all processes. The results of financial evaluation revealed that the process II with 2.992 million $, had the lowest manufacturing prices and with 7.541 million $ net present value would be considered as the most attractive proposal for investment. However, concerning total equipment costs of process III (1.141 million $) and its fixed investment prices (2.158 million $), this process selected as the most economically attractive process. In the next step, to evaluate the impacts of increased sales revenue, reduction in fixed assets, and operating costs on net present value, a sensitivity analysis was carried out. Sensitivity evaluation revealed that alteration in operating costs significantly impacts the net present value, and this significant change is more tangible in the process III. (C) 2020 Elsevier Ltd. All rights reserved.