ESSENTIAL TRADING RULES OF THE PLATFORM
ELIGIBILITY
Global Oil and Gas Trading takes immense pride in assuring end-sellers and end-buyers that all traders transacting through this platform have undergone thorough and extensive background check and are capable of transacting successfully. The platform directly engages in every aspect of the transaction process to ensure the smoothest experience in implementation of the sale and delivery of fuel.
BUYER ELIGIBILITY:
To be a Qualified Buyer on this trading platform, the following are mandatory:
- A proven multi-year track record in oil & commodity trading.
- A proven ability to receive and transport the product upon delivery.
- Sufficient available capital, or credit line, to purchase the product.
- Banking at a reputable bank.
- Storage and Shipping Arrangement must be in place
- Holding import or trading licenses to receive or transport the product in/through/to any country or territory where this might be required.
- Not selling the product to any party residing in, liaised with, or transporting to a location in, a country or territory under trade embargo by the United States of America, European Union, Hong Kong S.A.R. or the United Nations.
SELLER ELIGIBILITY:
To be a Qualified Seller on this trading platform, the following are mandatory:
- Seller must be the Title Holder and must unconditionally provide proof of title holding/allocation
- Seller must submit their Corporate and Tax registration details
- Seller must submit his Transaction Terms beforehand.
- Seller must submit verified Technical Specification of the product(s) it intends to sell. Verification agency must be a neutral inspection agency of International repute
- Seller must have an official website detailing Corporate information and activities. Email addresses with public domain servers are not accepted.
- Seller must provide sufficient proof of successful past transaction(s) in the oil & gas sector
Buyer & Seller Due Diligence:
In order to become a Qualified Buyer or Qualified Seller, the applicant needs to undergo a due diligence carried out by our internal compliance team on the buyer or seller and his company The financials of the companies, trading track records and current ability to purchase, store, and transport fuel are thoroughly scrutinized.
The procedure to become a registered Qualified Buyer or Qualified Seller:
- The potential Buyer/Seller fills the Buying Form / Selling Form and submits online to Global Oil & Gas Trading (Subcontracts India).
- Our compliance team will review the information submitted and might request for further information relating to the Buyer's / Seller's company details, financial status, trading history and product requirements.
- Upon a positive review of the application, one of our sourcing managers will contact the Buyer/ Seller directly to discuss purchase requirements, product availability and transaction procedures.
- Once all parameters are satisfactorily met, the company will be registered as a Qualified Buyer / Seller and will receive our regular product offers via email.
The below points are important:
- Only experienced Buyers and Sellers can apply to become a Qualified Buyer/ Seller. We do not accept applications from Brokers or Intermediaries.
- Only authorized directors or senior officers of the buying/ selling company can submit an application for registration. We do not accept applications by unauthorized persons.
- Every Buyer/ Seller will have to meet our Prescribed Standard prior being able to trade on this platform.
OUR SERVICES ENSURE SMOOTH TRANSACTION
Oil and Gas buyers constantly endeavor to explore and expand their supply base. They look for the most competitive price, superior product quality and an extremely efficient and flawless delivery service. Global Oil and Gas Trading provides its clients (both buyers as well as sellers) a fair, trustworthy, efficient and professional platform. Be it alacrity, transparency, uprightness, competitiveness, or ease of doing business, there is no need to look any further. We are exemplary in what we do and our clients rarely find any reason to complain.
Based on the initial information the client provides to us through our online submission forms, one of our highly proficient staff will quickly determine the best move forward considering the client's specific requirements, contact the client personally, and will assist in getting started with the best suited counterpart. We service qualified buyers and/or sellers who are serious about expanding their international trade transactions.
For best long term results, we encourage clients to establish mutually beneficial mandate relationship with us.
Clients can take great advantage of our expertise in sourcing commodities, products and services and get rid of the never ending stress of finding genuine buyers or sellers and let our professional team work for them. We make sure that all offers made through this platform are genuine and the products are of the highest world standard.
We welcome you to take the opportunity to put our resources and expertise to work for you. Please feel free to contact us, should you have any questions.
STANDARD TRANSACTION PROCEDURES
Oil and Gas Transaction Procedures vary from client to client and it is always extremely difficult to get both buyer as well as seller agree to any one set of Transaction Procedures.
This Platform does not participate directly in any of the sale or purchase transactions between traders. However, as a facilitator of any deal transacted through this Platform, the management tries hard to put in place a mutually acceptable transaction procedure between clients on a case to case basis.
Whereas it is mandatory for all clients (buyers as well as sellers) to submit their own set of transaction procedure while submitting their specific buy or sell offers, The Platform management intervenes to make certain clients drop clauses which inevitably leads to any kind of upfront payment. We are listing a few examples below:
- Splitting "Shipping Charges" and asking the buyer to pay half of those charges to the shipping company prior actual shipment or handover of shipment.
- Asking for Banking Instrument prior verification of PPOP documents by the buyer.
- Asking the buyer for Tank Storage Receipt prior providing Proof Of Product, Location, and valid Inspection Report.
- Asking for any kind of payment on the pretext of any government charges.
- Providing Banking details that do not relate directly to either the buyer or the seller.
Please read our ideal transaction procedures for FOB, CIF, and Spot (Dip & Pay) transactions.
MOST TRADED PRODUCTS ON THIS PLATFORM
JET FUEL - Jet A-1/ TS-1
Jet fuel, Aviation Turbine Fuel (ATF), or Avtur is a type of fuel designed for use in aircraft powered by gas-turbine engines. It is clear to straw-coloured in appearance. The most commonly used fuels for commercial aviation are Jet A and Jet A-1 which are produced to a standardized international specification. During the refining process only 8% of the crude oil is made up of Jet fuel.
D2 DIESEL GAS OIL
D2 is a refinery abbreviation for Gasoil. It is the second distillate from the crude oil, and can be used without reformers and additives. The principal difference between GASOIL and D2 is the content of sulphur. ISO has a standard for D2 that most of oil companies use as their reference.
EN590 (10PPM) ULSD
The EN 590 had been introduced along with the European emission standards. With each of its revisions the EN 590 had been adapted to lower the sulphur content of diesel fuel - since 2007 this is called ultra low sulphur diesel as the former function of sulphur as a lubricant is absent
D6 VIRGIN FUEL OIL
D6 is also be known as Residual Fuel Oil and is of high-viscosity. This fuel oil requires preheating to 220 – 260 Degrees Fahrenheit. D6 is mostly used for generators. D6 is a type of residual fuel, mainly used in power plants and larger ships. The fuel requires to be preheated before it can be used.
LIQUEFIED PETROLEUM GAS
LPG (Liquefied Petroleum Gas) is predominantly propane and butanes, either segregated or in various ratios and mixtures of each product. LPG is a by-product of crude oil production (Associated Gas) and a by-product of natural gas production (Non Associated Gas).
LIQUEFIED NATURAL GAS
Liquefied Natural Gas (LNG) is natural gas, cooled to minus 161°C until it becomes a liquid. It is stored under atmospheric pressure and reduced in volume by the ratio of 1:600. It is easier and less costly to transport, particularly where access to pipelines is not available.
MAZUT M100
Mazut M100 (Heating Oil) Fuel oil is supplied according to the Russian technical specification GOST 10585-99, section for fuel oil, mazut sort 100. This kind of oil is graded as the heavy furnace oil. The product is produced from the remains of raw oil processing.
NAPHTHA
Petroleum Naphtha is an intermediate hydrocarbon liquid stream derived from the refining of crude oil with CAS-no 64742-48-9. It is most usually desulfurized and then catalytically reformed, which rearranges or restructures the hydrocarbon molecules in the naphtha as well as breaking some of the molecules into smaller molecules to produce a high-octane component of gasoline (or petrol).
CRUDE OIL
Crude oil is a naturally occurring, unrefined petroleum product composed of hydrocarbon deposits and other organic materials. A type of fossil fuel, crude oil can be refined to produce usable products such as gasoline, diesel and various forms of petrochemicals. It is a nonrenewable resource, which means that it can't be replaced naturally
PETCOKE
Petcoke is the coke that, in particular, derives from a final cracking process—a thermo-based chemical engineering process that splits long chain hydrocarbons of petroleum into shorter chains—that takes place in units termed coker units.
BITUMEN /ASPHALT
Asphalt, also known as bitumen is a sticky, black, and highly viscous liquid or semi-solid form of petroleum. It may be found in natural deposits or may be a refined product, and is classed as a pitch.
FUEL OIL-HFO /IFO
IFO 380 - Intermediate fuel oil with a maximum viscosity of 380 centistokes (<3.5% sulphur)
IFO 180 - Intermediate fuel oil with a maximum viscosity of 180 centistokes (<3.5% sulphur)
LS 380 - Low-sulphur (<1.0%) intermediate fuel oil with a maximum viscosity of 380 centistokes
LS 180 - Low-sulphur (<1.0%) intermediate fuel oil with a maximum viscosity of 180 centistokes