International sales contracts for oil and oil products: conclusion and performance

Andrej Moiseevich Golubchik and Pavel Borisovich Katyuha
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Andrej Moiseevich Golubchik: Russian Foreign Trade Academy, Moscow, Russia
Pavel Borisovich Katyuha: Gubkin Russian State University of Oil and Gas (National Research University), Moscow, Russia

Russian Foreign Economic Journal, 2019, issue 2, 84-94

Abstract: Despite the fact that any international purchase and sale contract for oil and oil products implies settlements for tens of thousands of tons and millions of US dollars, such contracts are not singular as every day hundreds of them are concluded and performed globally. Successful execution of such transactions is based on high technical efficiency and procedures standardization. The authors consider the technology of conclusion and performance of oil trading contracts on FOB terms (INCOTERMS® 2010). Under this worldwide popular condition the producer executes the sale of oil and oil products. In modern Russia such condition of sale is applied practically in 100% of transactions.

Keywords: International purchase contract; INCOTERMS; option; cargo margin; conclusion and performance of contracts; surveyor. (search for similar items in EconPapers)
Date: 2019
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