5. Glossary

BEC; Bare Erected Cost

Capital expenditure on equipment, storage and general services.

BOP; Balance Of Plant

Equipment other than that present in the main installation and interfaces.

CAPEX; CAPital EXpenditure

Process capital expenditure, including the cost of equipment and installation, and all process environmental costs.

EPC; Engineering, Procurement & Construction

Type of contract including design, purchasing and construction; this corresponds to the TOC plus the contractor's margins.

OPEX; OPerational EXpenditure

Process operating expenses, including material (e.g. assets) and energy (e.g. utilities) consumption, fixed costs (e.g. labor, taxes and insurance)...