REFRAT OIL

  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, cubi

 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 world The largest tanker fleets are usu

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 aspects th

  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 sometimes

 When conducting international transactions for the supply of petroleum products, correct and accurate document management plays a crucial role. Efficient and correct execution of documents not only ensures safety and legality of oil products sale and purchase transactions, but also minimises risks and conflicts between the parties to the transaction. Correctly drawn up documents are the basis and basic task for guaranteed fulfilment of transaction terms and prevention of possible misunderstandings. The REFRAT team has written a separate article on its website entitled " TheBasis of a Successful Transaction: Correct DocumentManagement ". This article covers such topics as key forms of documents for transactions with petroleum products, building transparent and reliable methods of document flow, the list of documents used in the implementation of transactions with petroleum products, what is LOI - Letter of Intent, FCO - Full Corporate Offer, ICPO - Irrevocable Corporate Purch