The Risk Management Study In Oman OPIC Polyolefin Project During Bidding Stage

With the re-structure in domestic petrochemical industry and acceleration in global chemical industry integration, overseas petrochemical projects become more and more important for domestic petrochemical engineering companies. Among these overseas projects, EPC project always ranks the first priority in business development for these domestic petrochemical engineering companies. It is apparent that there will be many risks as of mega sized project funding and many parties and factors being involved. Therefore, risk management during bidding stage is very important countermeasure to be taken for smooth project implementation and pursuit in profitability.In consideration of the characteristics of overseas project, Oman OPIC EPC polyolefin plant bidding project is as the research object. Project risk identification is conducted by applying brainstorming and project risk check list, and the identified risks are marked on risk map to find out the important risks. Risk assessment index establishment and risk assessment mode-building has been developed and the importance sequence of each risk is find out through AHP. The project risk severity assessment is implied by Subjective evaluation method. After risk analysis, risk response shall be made for each risks by making risk control strategies and countermeasures to eliminate or reduce the occurrence possibilities of project risks. It also can be referred as a set of effective methods for risk management in similar projects, which can maintain the decision-making in a more scientific way during bidding stage as well as reduce business risks to a certain extent.