Definition “JCC” is the acronym of Japanese Crude Cocktail or more formally Japan Customs-cleared Crude. This Japanese Crude Cocktail results from a basket of the most traded crude oils to be used as the reference price for long-term supply LNG Contracts. Japan created the JCC Contracts after the first oil shock, in the early 1970s, to secure its first […]
ReadDefinition “Bio-Plastic” refers to plastic produced out of biomass as all so called bio-products. They belong to the bio-based chemical family. They may be used for industrial fibers (bio-fibers) and chemicals (bio-chemical). The bio-platics are biodegradable through composting. Some can be composted under the harsher conditions of domestic composting, while others biodegrade in the soil. Comments The […]
ReadDefinition: “Call for Tender” is the process by which a company invites potential suppliers to submit offers for the execution of a contract. Comments: In the Oil&Gas and Petrochemical industry this process is very formal as potential bidders must first go through a very demanding qualification process. This qualification process normally assesses and validates the […]
ReadDefinition: “LoI” is the acronym for Letter of Intent . Comments: A LoI is a document by which two parties describe how they intend to work together. It can be just a technical base line of co-operation or a more extended agreement with commercial and financial terms. Depending on the countries, a LoI may be considered as a formal bidding contract or not. A LoI may also be called Memorandum Of […]
ReadDefinition: “MoU” is the acronym for Memorandum Of Understanding. MoU may also be called Letter of Intent (LoI) Comments: A MoU is a document by which two parties describe how they intend to work together. It can be just a technical base line of co-operation or a more extended agreement with commercial and financial terms. Depending on […]
ReadDefinition: “Lube Oil” is a lubricant, to be used in all mechanical system to reduce friction between moving parts. Produced out of crude oil, this Lube oil is also called Mineral oil. Comments: The word Lubricant is mostly used to speak about the products, while Lube oil is normally referring to the process such as Lube […]
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