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Crude oil “Russian Export Blend Crude Oil” (REBCO)
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P = B – FR + SUR +Х, (USD/bbl), where:B price basis – an average of five (5) mean consecutive Brent (DTD) quotations published in “Platt’s Crude Oil Marketwire” for March 2020. FR – cost of freight calculated as follows:FR = FPR + RTC +PTC, where: FPR – cost of freight for the route port of Primorsk/Ust-Luga – port of Rotterdam calculated as average of mean values of fixed rates of New World-Wide Tanker Nominal Freight Scale “Worldscale” for the year of delivery for voyages port of Primorsk port of Rotterdam (Great Belt Laden & Ballast) multiplied by the rate calculated as average of available Worldscale rate quotations for 100 kt deadweight in Dirty Tankers for Balt/UKC published in the Platt’s Dirty Tankerwire for the following quotation period:- 3 (three) consecutive quotations, starting from the 15th (fifteenth) calendar day until the first day of the agreed position, the first day of the agreed position is considered to be "day zero”.To calculate the freight value (in US Dollars per barrel), the actual conversion rate shall be used based on the oil density indicated in the Certificate of Quality of the vessel’s lot of oil.RTC – average value of Rotterdam port dues calculated as of the date of signing the Contract and equal to 0.12 USD/bbl. PTC – average value of Primorsk/Ust-Luga port dues (tug and icebreaker), equal to 0.05 USD/bbl. Value of PTC can be changed upon mutual written consent of the Parties in accordance with current tariffs. SUR – market differential equal to the average of high and low quotations of “Spread vs fwd DTD Brent” published in “Platt’s Crude Oil Marketwire” in “Ural (Rotterdam)” line for the following period: -3 (three) consecutive quotations, starting from the 15th (fifteenth) calendar day until the first day of the agreed position, the first day of the agreed position is considered to be "day zero”.
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100000
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