Published August 30, 2022 | Version v1
Journal article Open

Application of a letter of credit in the fuel business

Creators

  • 1. P-henomenon Project

Description

Trade in petroleum products has specific features that radically distinguish this type of business from other foreign trade transactions. Working in the fuel business is very difficult, because the spot market is very volatile. Almost every contract exceeds the approximate cost of 2 million dollars US. Also, it should be remembered that oil is taken into account in barrels during production, but in trade it is taken into account both in barrels and in tons. This article discusses the important elements that make up foreign trade contract work in the fuel business, as well as the use of a letter of credit in oil trading. The purpose of the study is to show in practice the use of a letter of credit and its role in the fuel business. Currently, a small number of scientific papers have been published on the application of a letter of credit in the fuel business. The author concludes that in the fuel business, haste will be a bad helper in the conclusion and execution of contracts. Details that are overlooked, even the most insignificant and unprincipled, can become an obstacle when disclosing a letter of credit.

Торговля нефтепродуктами имеет специфические особенности, которые кардинально отличают данный вид бизнеса от других внешнеторговых сделок. Работа в сфере топливного бизнеса очень сложна, ведь спотовый рынок весьма изменчив. Практически каждый контракт превышает примерную стоимость в 2 миллиона долларов. Также, нужно помнить о том, что нефть при добыче учитывается в баррелях, но в торговле ее учитывают как в баррелях, так и в тоннах. В данной статье рассматриваются важные элементы, составляющие внешнеторговую контрактную работу в сфере топливного бизнеса, а также применение аккредитива в нефтетрейдинге. Цель исследования – показать на практике использование аккредитива и его роль в топливном бизнесе. В настоящее время опубликовано небольшое количество научных работ, посвященных применению аккредитива в топливном бизнесе. Автор приходит к выводу, что в топливном бизнесе спешка будет плохим помощником при заключении и исполнении контрактов. Детали, которые упускаются из виду, даже самые незначительные и непринципиальные, могут стать препятствием при раскрытии аккредитива.

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