Glossary of Terms Used in the Petroleum Oil and Gas Products Shipping and Trading

M. Enamul Hossain

There are many acronyms and terminologies used in the petroleum oil products
transport, supply, business, trading and international shipping and transportation of
petroleum commodities. These acronyms are also used in such as diesel supply chain, jet
A1 aviation fuel, EN590 – 10PPM, etc. The terminologies are used in oil and gas trading
business between buyer and seller’s companies. Sometimes, the Tank Farm, storage
and logistic companies use these terminologies to make a successful business between
parties such as refinery, end buyers, seller-side and buyer-side agents.

Terminologies

ASWP : Any Safe World Port

ATPCC : Allocation Transaction Passport Code Certificate

ATS : Authorization to Sell or Authorization to Verify the Product in Seller’s Tank

ATI : Authorization to Inject

ATSC : Authority to Sell & Collect

ATSC : Authorization to Sell and Collect

ATV : Authorization to Verify Barrel It is a unit of volume measurement used for petroleum and its products. One barrel is equal to 42 U.S. gallons or 35 British gallons. Its abbreviation is BBL or Bbl or bbl.

BCL : Bank Confirmation Letter or bank comfort letter

BG : Means that the buyer has the money promised account i.e., Bank Gurantee

BOL : Bill of Lading

CC : Cubic Centimetres

CI : Commercial Invoice

CIF : Cost Insurance and Freight

CIF ASWP : Cost Insurance and Freight to Any Safe World Port

CIQ : China Inspection and Quarantine

CIS : Customer Information Sheet or Cooperative Interstate Shipment

CLTS : Commitment Letter to Supply

CPA : Charter Party Agreement

DLC : Documentary Letter of Credit

DTA : Dip Test Authorization

ETA : Estimated Time of Arrival

FOB : Free on Board

ICC : International Chamber of Commerce

ICPO : Irrevocable Corporate Purchase Order

ICSS : Irrevocable Commitment to Supply for Spot

IMFPA : Irrevocable Master Fee Protection Agreement

KYC : Know Your Customer

LOA : stands for “length overall” and measures your vessel’s length, including any spars that protrude from the hull or platforms on the stern. LOA differs from LWL, “loaded waterline length,” and LOH, or “length of the hull”.

MOQ : Minimum Order Quantity

MT103 : Money Transfer 103

MT700 : MT 700 is to provide a secure and standardised method for communicating the details of a documentary credit. MT 700 is a crucial message type in international trade finance, transmitted via SWIFT. The MT 700 is a crucial message type in international trade finance, transmitted via SWIFT (Society for Worldwide Interbank Financial Telecommunication).

MT760 : MT 760 belongs to a category of SWIFT Message types for guaranteeing letters of credit

NCNDA : Non-Circumvention & Non-Disclosure Agreement

NOR : Notice of Readiness

PLATTS : means a price benchmark service for the oil industry. Platts pricing plus a premium or minus a discount is the preferred pricing mechanism on this requirement.

POF : Proof of funds

POP : Proof of Products

PPOP : Paper Proof of Products

Q&Q : Quality and Quantity Services

RFQ : Request for Quote

SBLC : Standby Letter of Credit

SCO : Soft Corporate Offer

SGS : SGS is short for Société Générale de Surveillance (General Surveillance Company) is a global company that offers a range of services to various industries, including the shipping industry. Its purpose in shipping is to ensure that the goods being shipped meet certain quality, safety, and regulatory standards. SGS is the world’s leading testing, inspection, and certification (TIC) company

SLOC : Standby Letter of Credit

SOPA : Statement of Product Availability

SPA : Sale & Purchase Agreement

SWIFT : Society for Worldwide Interbank Financial Telecommunication and its Telegraphic Transfer (MT103)

TSA : Tank Storage Agreement

TSR : Tank Storage Receipt

TT : Telex transfers

TTM : Table-Top Meeting (Trailing Twelve Months), Time to market

TTO : Title-take-Over or Tanker (i.e., vessel) Take Over

TTT : Tank to Tank

TTTIA : Tank to Tank Injection Agreement

TTV : Tank to Vessel

UDTA : Unconditional Dip Test Authorization

VOPAK : means only the legal entity specified as the purchaser in the purchase order or the agreement, being one of the following parties.

VTTI : An industry leading energy infrastructure company

Q88 : The top-tier in vessel information. Explore the full suite of product offerings

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