REFRAT OIL

  Density is a scalar physical quantity defined as the ratio of the mass of a body to the volume occupied by that body or as the derivative of mass by volume. Translated into ordinary language, it is the weight of oil in one cubic meter. Density is an important indicator of the quality of crude oil. The heavier the oil, the more heavy components it contains, and accordingly, obtaining finished petroleum products from which will require higher temperatures and deep cracking. Conversely, the lighter the crude oil, the less high temperatures will be required to produce petroleum products. Oil density (volumetric mass) varies between 730-1040 kg/m³. In practice, for its measurement, the units of grams per cubic centimeter (g/cm³) are more often used and, accordingly, the density of oil varies within the range of 0.730-1.040 g/cm³. The most common values of oil density are 0.82-0.90 g/cm³. You can read the full article on crude oil density, at this link on REFRAT's w...

  International trade in petroleum products is a key element of today’s global economy, driving price trends and providing energy security for countries and regions. In this article, we will focus on FOB (Free On Board) in-port fuel sales and purchases, highlighting the most common procedures associated with these transactions, as well as the risks that may arise for both customers and suppliers during the implementation of these procedures. We will detail information on what to pay special attention to when dealing with various procedures, what are the hidden nuances and possible frauds, what risks arise when using these or those procedures, and how to maximise efficiency in such transactions. The FOB transaction procedure in the oil products sector, in its classical form, implies that the supplier sells his oil products in his port of departure and the buyer charters a vessel and sends it to the seller’s port for loading. Historically, many large world ports h...

  In the international trade of petroleum products, every stage of the transaction is critical, and confirming the quality and quantity of the product during the transaction is crucial to ensure safety and trust between the parties. One of the key points along the way is laboratory testing of petroleum products to ensure that they meet quality and safety standards, confirm quantities or their origin. Sampling process for petroleum products Sampling of petroleum products is a demanding process that requires strict adherence to certain regulations and standards. Samples are usually taken from above-ground storage tanks or on board a ship using specialised equipment to avoid possible contamination or misrepresentation of results. Sampling is carried out exclusively by licensed laboratory technicians who have obtained the appropriate security clearances and permits. Samples are then transported to independent private laboratories for analysis using high-precision e...

  The petroleum product market uses different units to measure the volume of petroleum products. In the U.S. markets for crude oil and petroleum products, barrels and gallons are the most common measurement units. European and Asian markets use liters, metric tons and cubic meters. Historically, this is the way it is, and there is nothing wrong with that. In times of world globalization and openness of markets, units of measurement often begin to overlap and mix. For example, in the European and Asian markets, it has become the norm to sell aviation kerosene in American barrels. Conversely, the U.S. market is increasingly using metric tons for diesel fuel contracts. When working in global markets for petroleum products, it is important to understand how many liters are in one metric ton or how many barrels are in one gallon. In this article we would like to provide conversion tables of the main conversion values in the petroleum products market – tons, liters, ...

 Welcome to the world of petroleum products trading, where the language of business is not only words, but also acronyms, terms and abbreviations. In the process of concluding deals and executing documents in this industry, specialized terms and abbreviations are often encountered that can cause confusion for even experienced professionals. That’s why we’ve compiled this glossary of terms and acronyms to provide you with a reliable resource for clarifying the meanings and usage of key terms used in petroleum product transactions. Whether you are new to the field or a seasoned professional, this dictionary will help you navigate the world of petroleum trading more confidently and successfully conduct business negotiations. Together, let’s dive into the terminology that will become your trusted companion in your work!   You can read the terms and abbreviations used in the preparation of petroleum product transaction documents at this link on the REFRAT website.

In the world of oil and oil products trading, an efficient transport system plays a key role. From the oilfields to consumers around the world, oil moves in huge volumes, and the main method of this movement is by sea in specialised vessels known as tankers. In this article we look at the variety of ships used to transport oil, the main tanker fleets in the world, the major ship owners and how to track their movements on the seas. Varieties of oil transport ships There are several types of tankers designed for the transport of crude oil and petroleum products. Among them, the most common are:     Self-Discharge Tankers: Equipped with their own pumps for self-unloading of oil.     Crude Oil Tankers: Designed to transport crude oil from oil fields to refineries.     Chemical Tankers: Used to transport not only petroleum products but also various chemicals.     LNG Tankers: Designed for the carriage of liquefied natural gas. Tanker fleets in the ...

Refining petroleum is a complex process that has undergone significant changes throughout history. From antiquity, when oil was used for lighting and lubrication, to modern technologies that produce a wide range of valuable petroleum products. Let’s take a look at the main stages of modern oil refining in refineries. The main stages of crude oil refining Distillation: The first stage of refining is the distillation, or fractionation, of crude oil. In refineries, crude oil is heated and then cooled in special columns to separate it into its various components by boiling. Conversion: After distillation, crude oil may be subjected to conversion processes including hydrocracking, hydrotreating, and other technologies to improve quality and increase the yield of valuable products. Fractionation: F ractions obtained from crude oil are further fractionated to produce specific petroleum products with different characteristics and properties. Purification and treatment: At the last stage, r...

 In international transactions for the sale and purchase of petroleum products, a key aspect is the development of a clear and structured transaction procedure. This allows the parties to the transaction to have a clear understanding of the sequence of actions, the responsibilities of each party at each stage and ensures the safety and efficiency of the entire process. A well-defined transaction procedure is a guarantee of successful fulfilment of transaction terms and prevents possible conflicts and misunderstandings between the parties. The process of developing the procedure takes into account all the peculiarities of the transaction, market requirements and international standards and practices. When developing and implementing transaction procedures, special attention should be paid to the nuances and potential problems that may arise at each stage. This includes legal aspects, risks associated with the transport and storage of goods, financial risks and other important aspect...

  The oil products market, where huge sums of money and numerous intermediaries are active, unfortunately, attracts not only serious participants, but also fraudsters who are ready to use it for their own benefit. These fraudsters pretending to be buyers, sellers, oil storage facilities or logisticians break the law and cause serious damage to the credibility of the market as a whole. One of the main tasks of every market participant is to determine if they have contacted a fraudster. Large corporations have huge security departments with substantial budgets to maintain them. However, even for small and medium-sized businesses, there are basic methods available for checking counterparties that can be effective at the initial stage of a transaction. In this article, we will cover basic principles and methods of counterparty screening that, although simple, can help to quickly weed out obvious fraudsters. Whilst these methods are not guaranteed to be 100% effective and can someti...