Neither the downstream nor the upstream sector of the industry is free from hazards because incidents do happen either as a result of negligence or equipment failure. In this article, our focus would be on oil cargo discharge safety and hazard prevention. What is Oil Cargo Discharge? An oil cargo discharge is the offloading of oil from […]
Understanding Oil Cargo Discharge Safety Read More »
Ship to ship transfer is a common practice in the oil and gas industry, and its importance cannot be over-emphasized. It is an essential process that involves transhipment of cargo from one vessel to another. Why is ship to ship transfer essential when conveying cargo to end-users or consumers? Let us get started! What is
How Safe is Ship to Ship Transfer (STS) Read More »
What are the benefits of a bank guarantee, and what the main procedures to get it? I am a businessman, and what I hate most is any deal devoid of payment assurance. Every seller is keen at dealing with able buyers who can make payment as and when due. Ultimately, sellers do not want to
Benefits of Bank Guarantee in Local & Export Business Read More »
A confirmed Letter of Credit is an LC guaranteed by two banks. However, the confirming bank does not just agree to honour the Letter of Credit but also take responsibility for payment in case both buyer and primary issuing bank default. A confirmed LC requires confirmation by the buyer’s bank or any other bank deemed
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What is a red clause letter of credit, and do some suppliers demand if for order fulfilment? The best way to make money they say is never to lose money. Every seller wants Letters of Credit to be sure they receive payment after order fulfilment but are all LCs safe for buyers? No matter how desperate you
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Imagine if you have to load your crude oil into drums or barrels before you ship them to a foreign country? I am sure you don’t want to go through such stress in the name of shipping. Tankers are vessels used for carrying large quantities of liquid products from one to another. Without wasting your
Types of Marine Tankers: Similarities and Differences Read More »
Letter of credit is a letter assuring a seller of issuing bank’s readiness to make payment to the seller in case their customer, a buyer defaults payment after order fulfilment. In my previous post, I discussed a few basic things you need to know about Letters of Credit. Our focus today will be on often used Letters
Commonly Used Letters of Credit Read More »
What are the advantages of Letter of Credit? Why do exporters prefer it to other payment instruments? In this article, we will be focusing on the types of LC and its advantages to importers and exporters. Keep reading. Letter of Credit ranks among the best payment instruments in an international transaction. It is one of
Understanding Letter of Credit Read More »
Crude oil is undoubtedly Nigeria’s number one source of income, and there seems not to be any commitment to creating new alternatives in the nearest future. Like every other business, demand and supply is unpredictable hence, the need to make provision for storage where buyers could conveniently come to load products for onward shipment to
Crude Oil Terminals in Nigeria Read More »
What is Cost, Insurance, and Freight (CIF), and what are its benefits in foreign trade? Also, why do some businessmen prefer it to other incoterms when dealing with foreigners? Before signing on the dotted lines in any contract, you need to know the implications of every term and condition. What is Cost Insurance and Freight?
Cost, Insurance and Freight (CIF) Trade Agreement Read More »