TECHNOECONOMIC ANALYSIS OF BIODIESEL PRODUCTION BY ONE-POT TRANSESTERIFICATION OF A TERNARY BLEND OF NON-EDIBLE OIL
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Abstract
The growing demand for renewable and sustainable fuels has led to increased research into biodiesel production from non-edible oils. This study aims to evaluate the techno economic feasibility of biodiesel production from a ternary blend of neem oil, castor oil, and waste vegetable oil. The research focuses on analyzing the economic viability through Aspen Plus simulation, with an emphasis on optimizing reaction parameters to achieve a high biodiesel yield while maintaining
cost-effectiveness. In this study, the acid values of the feedstocks were first determined through titration, revealing the need for pre-treatment via esterification before transesterification. The Aspen Plus process simulation was employed to model the transesterification reaction, incorporating key factors such as methanol-to-oil ratio, reaction temperature, and the flowrate. A techno-economic analysis was
conducted to determine capital investment, operating costs, net present value (NPV), internal rate of return (IRR), and payback period, providing insights into the financial viability of the biodiesel production process. The results indicate that biodiesel production from the ternary blend is economically feasible.
The total capital investment for the project was $7,020,220 (₦10,603,000,000), with an annual operating cost of $1,793,070 (₦2,710,000,000). The total revenue generated was $15,678,800 (₦23,678,000,000) per year, leading to an NPV of $78,295,380 (₦118,180,000,000) at a 10% interest rate. The internal rate of return (IRR) was 28.2%, demonstrating strong investment potential, while the payback period was approximately 0.51 years (~6 months), indicating rapid cost recovery. Additionally, the profit margin was 88.56%, confirming the economic viability of
the process
cost-effectiveness. In this study, the acid values of the feedstocks were first determined through titration, revealing the need for pre-treatment via esterification before transesterification. The Aspen Plus process simulation was employed to model the transesterification reaction, incorporating key factors such as methanol-to-oil ratio, reaction temperature, and the flowrate. A techno-economic analysis was
conducted to determine capital investment, operating costs, net present value (NPV), internal rate of return (IRR), and payback period, providing insights into the financial viability of the biodiesel production process. The results indicate that biodiesel production from the ternary blend is economically feasible.
The total capital investment for the project was $7,020,220 (₦10,603,000,000), with an annual operating cost of $1,793,070 (₦2,710,000,000). The total revenue generated was $15,678,800 (₦23,678,000,000) per year, leading to an NPV of $78,295,380 (₦118,180,000,000) at a 10% interest rate. The internal rate of return (IRR) was 28.2%, demonstrating strong investment potential, while the payback period was approximately 0.51 years (~6 months), indicating rapid cost recovery. Additionally, the profit margin was 88.56%, confirming the economic viability of
the process
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