Fuel Oil Agreement

As a result, developments were delayed, postponed or the expected investment was not made immediately. This was clearly against the interests of the host Government. The treaties did not provide for the renunciation of unenplored areas. In addition, traditional concession contracts were awarded to the OIL IOC „in situ“ with market and price power. Royalties were fixed or fixed for unit rates and were sometimes set off against income tax. There was no or no small signing bonus and sometimes no income taxation. These conditions have often been „frozen“ for the duration of the agreement. „term fuels contract“ means a written agreement between the parties concerning several sales and deliveries of marine fuels by the seller to the buyer for a specified period of time, at an agreed price. If there is a conflict between this term fuel contract and this part 2, the term fuel contract prevails, but only to the extent of such a conflict traditional concession contracts before 1940 were granted for large territories, sometimes for the whole country, for example. B Iraq. These grants were long-term (50 to 99 years). The IOC had complete discretion and control to explore and whether or not to develop a particular field. (e) the seller is not liable for quality requirements arising from circumstances in which a mixture of marine fuels delivered by the seller and other fuels delivered, previously or subsequently, by a third party to the buyer`s ship or ship of delivery exist or has been carried out.

The oil and gas industry operates in countries around the world, in accordance with a number of types of agreements. These agreements can generally be classified into one of four categories (or a combination of categories): risk agreements, concessions, production sharing agreements (PSA, also known as production division contracts, PSCs) and service contracts. It is a legally binding treaty. Please read carefully before signing. By signing below, the customer accepts all the above conditions. This agreement will only become binding if it is signed by both parties. guidelines for public sector organisations on access to and use of the Framework Agreement. (c) Buyer shall regularly provide Seller with financial information or guarantees that Seller deems necessary to support a credit extension. „performance protection“ means (i) a deposit that seller receives no later than two (2) days from the New York bank after such notification and, in any event, before the accepted delivery date; or (ii) obtain, at Buyer`s expense, no later than two (2) New York Banking Days after such notification, irrevocable standby credit, in a form and term acceptable to Seller, issued by a qualified institution. „qualified institution“ means (A) a commercial bank that is not subject to either party and that is organized in a jurisdiction reasonably acceptable to the Seller, that has: (1) at least one long-term rating from Standard & Poor`s Ratings Services or its successor and at least one A3 deposit rating from Moody`s Investors Services, Inc..