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STRUCTURED CRUDE OIL LIFTING PROCEDURE FINANCIAL, NOMINATION, SHIPPING & DELIVERY PROCEDURE (CIF) 1. Buyer issues Seller Letter of intent (LOI) to purchase Nigerian Light crude oil. Seller issues

How to fill out structured crude oil lifting

How to fill out structured crude oil lifting

1. To fill out structured crude oil lifting, follow these steps:
2. Obtain the necessary documentation for the crude oil lifting process, including the lifting agreement, bill of lading, and any additional contracts or permits.
3. Gather all relevant information about the crude oil shipment, such as the type and quantity of oil, loading and discharge ports, vessel details, and delivery terms.
4. Ensure compliance with any regulatory requirements or industry standards for crude oil lifting.
5. Prepare the lifting agreement, ensuring all terms and conditions are accurately reflected, including the rights and obligations of the parties involved.
6. Complete the bill of lading, providing accurate details about the cargo being lifted, its origin, destination, and any special handling instructions.
7. Coordinate with the loading and discharge terminals to schedule the lifting operation and ensure the availability of necessary infrastructure and resources.
8. Monitor the entire lifting process, from loading to discharge, to ensure the smooth transfer of the crude oil.
9. Document any deviations, damages, or incidents that occur during the lifting, and address them according to the established procedures.
10. Verify the quantity and quality of the lifted crude oil upon discharge, comparing it to the relevant measurements and specifications.
11. Complete all necessary post-lifting documentation, including the issuance of certificates or reports, as required.
12. Maintain proper records and documentation of the structured crude oil lifting for future reference or auditing purposes.

Who needs structured crude oil lifting?

1. Structured crude oil lifting is needed by various entities involved in the crude oil supply chain, including:
2. - Crude oil producers and exporters
3. - Trade intermediaries such as brokers, traders, and freight forwarders
4. - Oil refineries and processing facilities
5. - Shipping companies and vessel operators
6. - Terminal operators and storage providers
7. - Government regulatory agencies overseeing the oil industry
8. - Financial institutions and insurers
9. - Any party engaged in buying, selling, or transporting crude oil.

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What is structured crude oil lifting?

Structured crude oil lifting refers to a process where specific individuals or entities are authorized to lift crude oil based on an organized schedule or arrangement.

Who is required to file structured crude oil lifting?

Oil companies, refineries, and other entities involved in the crude oil industry may be required to file structured crude oil lifting.

How to fill out structured crude oil lifting?

Structured crude oil lifting can be filled out by providing detailed information about the scheduled lifting of crude oil, including dates, quantities, and locations.

What is the purpose of structured crude oil lifting?

The purpose of structured crude oil lifting is to ensure a systematic and efficient process for the lifting of crude oil to meet demand and supply requirements.

What information must be reported on structured crude oil lifting?

Information such as the date of lifting, quantity of crude oil lifted, location of lifting, and parties involved must be reported on structured crude oil lifting.