Quantitative risk analysis of a fuel storage tank

Abstract

Quantification of risks has become an indispensable element with modern day systems as it provides an insight into the magnitude of the probable loss prior to the commencement of projects. A methodology for quantifying the explosion risk associated with atmospheric liquid fuel storage tanks was developed utilizing the bowtie and fault-tree analyzes. Possible threats that could lead to an explosion and influence of preventive and protective measures were determined taking account of literature data. The expected loss in LKR was determined by introducing an impact radius and taking in to account the monetary value of the assets inside the afflicted area.