A framework for interactive risk assessment in projects : case study of oil and gas megaprojects in presence of sanctions

Purpose: This study aims to investigate the interactive network of risk factors in the construction and preparation project of gas condensate storage tanks in the presence of sanctions. Design/methodology/approach: First, this paper determines and weighs the project goals using the stepwise weight assessment ratio analysis method. Then, this study identifies and categorizes the project risks and form the network of the project risk factors based on the weight of the project goals by using interpretive structural modeling and decision-making trial and evaluation laboratory techniques. Findings: The results of the current work divide the risks of such projects into five financial, technical, managerial and contractual, social and environmental and political categories. The analyzes indicate the complicated risk network and the cause-and-effect interactions between the risks. The findings identify the financial and political risk clusters as the most effective category and select the technical, managerial and contractual and social and environmental risk clusters as the most affected categories. The technical risk has the least important among the others under the sanction conditions. Originality/value: This paper model the domino effect of the risk factors considering the complicated interactions and the cause-and-effect relations in a network. Moreover, this study discusses the importance of the risk factors in oil and gas megaprojects in the presence of sanctions. Finally, this paper applies the proposed approach to a real case study in the field of gas projects.