Oil & Gas Trader
LEGEND
ATB : Authority To Board. Used for oil shipments – issued by the seller, it provides the authority to enable the buyer to board the vessel to confirm cargo availability, quantity and quality.
ATL : Authority To Load: Authority to load buyer’s vessel
ATPCC : Allocation Transaction Passport – Code Certificate
ATSC : Sellers Authorization to Sell & Collect
ATV : Authority to verify
BG : Bank Guarantee
CFR : Cost and Freight. The price includes the cost of the goods, loading, and freight to the named Destination Port. This does not include unloading charges. e.g. CFR Rotterdam.
CI : Commercial Invoice
CIF : Cost, Insurance and Freight. This is the same as CNF, but also includes insurance to the named Destination Port.
CP : Charter Performance Agreement
DLC : Documentary Letter of Credit
DTA : Dip Test Authorization / Direct Transfer Agreement
FCO : Full Corporate Offer
FOB : Free on Board. This means that the supplier pays only to the point where the goods are loaded on board the carrying vessel. The seller must clear the goods for export. As soon as the goods are over the ship’s rail they become the responsibility of the buyer.
ICPO : Irrevocable Corporate Purchase Order
INCOTERMS : “International Commercial Terms”. A set of import/export related shipping terms devised and published by the International Chamber of Commerce (ICC). These terms (Incoterms 2000) are internationally accepted and should always be used in order to avoid misunderstandings between trading partners. All terms in this glossary are Incoterms.
LOI : Letter of Intent. A document by which the buyer states that he intends to enter into a transaction.
MT103 : standardized SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.
MT199 : Interbank Message used between two banks to transmit a SKR or a free format message engaging two bank’s readiness to move forward with a transaction, usually a private one. A MT199 swift message is easily explained as a “chat” message.
NOR : Notice of Readiness
PB : Performance Bond
POF : Proof of Funds. A note from a buyer’s bank to the seller/seller’s bank that money is available to complete the proposed transaction
POP : Proof of Product
Q & Q Report : quantitative and qualitative record
RWA : (Ready, Willing, and Able) A banking term meaning Readiness, Willingness and Availability of funds for a particular transaction.
SBLC : Stand-By Letter of Credit. s a financial guarantee or performance bond issued by a bank on behalf of a buyer. i.e. a written obligation of the issuing bank to pay a sum to a beneficiary on behalf of their customer in the event that the customer himself does not pay the beneficiary. The SL/C is regulated by the ICC-500 rules.
SGS : (formerly Société Générale de Surveillance). This is an international company (SGS Group) who are the definitive quality/specification testing agency for many commodities. Their certificates are internationally accepted.
SPA : Sale and Purchase Agreement
TSA : Tank Storage Agreement/ Trans-Pacific Stabilization Agreement
TSR : Tank Storage Receipt
TTT : Tanker to Tanker Transfer. (Relates to a method of consignment for Crude Oil)
TTV : Tanker to Vessel Transfer (relates to a method of consignment for Crude Oil)
UDTA : Unconditional Dip Test Authorization
CI : Commercial Invoice
CIF : Cost, Insurance and Freight. This is the same as CNF, but also includes insurance to the named Destination Port.
CP : Charter Performance Agreement
DLC : Documentary Letter of Credit
DTA : Dip Test Authorization / Direct Transfer Agreement
FCO : Full Corporate Offer
FOB : Free on Board. This means that the supplier pays only to the point where the goods are loaded on board the carrying vessel. The seller must clear the goods for export. As soon as the goods are over the ship’s rail they become the responsibility of the buyer.
ICPO : Irrevocable Corporate Purchase Order
INCOTERMS : “International Commercial Terms”. A set of import/export related shipping terms devised and published by the International Chamber of Commerce (ICC). These terms (Incoterms 2000) are internationally accepted and should always be used in order to avoid misunderstandings between trading partners. All terms in this glossary are Incoterms.
LOI : Letter of Intent. A document by which the buyer states that he intends to enter into a transaction.
MT103 : standardized SWIFT payment message used specifically for cross border/international wire transfers. We use SWIFT for all payments made via Money Mover. MT103s are globally accepted as proofs of payment and include all payment details such as date, amount, currency, sender and recipient.
MT199 : Interbank Message used between two banks to transmit a SKR or a free format message engaging two bank’s readiness to move forward with a transaction, usually a private one. A MT199 swift message is easily explained as a “chat” message.
NOR : Notice of Readiness
PB : Performance Bond
POF : Proof of Funds. A note from a buyer’s bank to the seller/seller’s bank that money is available to complete the proposed transaction
POP : Proof of Product
Q & Q Report : quantitative and qualitative record
RWA : (Ready, Willing, and Able) A banking term meaning Readiness, Willingness and Availability of funds for a particular transaction.
SBLC : Stand-By Letter of Credit. s a financial guarantee or performance bond issued by a bank on behalf of a buyer. i.e. a written obligation of the issuing bank to pay a sum to a beneficiary on behalf of their customer in the event that the customer himself does not pay the beneficiary. The SL/C is regulated by the ICC-500 rules.
SGS : (formerly Société Générale de Surveillance). This is an international company (SGS Group) who are the definitive quality/specification testing agency for many commodities. Their certificates are internationally accepted.
SPA : Sale and Purchase Agreement
TSA : Tank Storage Agreement/ Trans-Pacific Stabilization Agreement
TSR : Tank Storage Receipt
TTT : Tanker to Tanker Transfer. (Relates to a method of consignment for Crude Oil)
TTV : Tanker to Vessel Transfer (relates to a method of consignment for Crude Oil)
UDTA : Unconditional Dip Test Authorization
CONVERSION
Conversion (For Oils):
1 Barrel = 42 gallons or 0.138 Metric Ton
1 Gallons = 0.0238 Barrels or 0.00325 Metric Ton
1 Metric Ton = 7.25 Barrels or 304.5 Gallons
For more references please check the link : Conversion
Calculator