ESSENTIAL TRADING RULES OF THE PLATFORM
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.
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.
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.
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
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.
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).
MOST TRADED PRODUCTS ON THIS PLATFORM
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 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.
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