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FOB & cif terminology

 

What is difference between CIF and FOB?

The major difference between CIF and FOB is

the transportation & insurance costs.


What is the difference between CIF and FOB https://www.investopedia.com/ask/answers/020215/what-difference-between-cif-and-fob.asp


List of abbreviations in oil and gas exploration and production https://en.wikipedia.org/wiki/List_of_abbreviations_in_oil_and_gas_exploration_and_production


Fuel Trading Terms and Acronyms https://www.linkedin.com/pulse/fuel-trading-terms-acronyms-gijo-vijayan


Oil & Gas Trade Documents and Transactions (forms) http://www.subcontractsindia.com/petroleum-trade-documents.html

This sight explains everything one would need to know in making an oil trade. All the required forms, etc., named in the W Guide CIFs.

  

CIF – COST INSURANCE AND FREIGHT (named port of destination): Seller must pay the costs and freight includes insurance to bring the goods to the port of destination.


Department of the Ministry of Energy: is one of the governmental bodies and part of the cabinet. The ministry has the function of developing and implementing policies concerning petroleum and related products.


Department of the Ministry of Justice: The Ministry of Justice (MOJ) is a ministerial department of the British Government headed by the Secretary of State for Justice and Lord Chancellor, a combined position.


End Seller: Retailer, far end of a supply chain


Lading: The action or process of loading a ship or other vessel with cargo.


Bill of Lading: detailed list of a shipment of goods in the form of a receipt given by the carrier to the person consigning the goods.


Mandate: An agent acting on half of an undisclosed Principal. (Buyer or Seller)


SWIFT: Society for Worldwide Interbank Financial Telecommunication - A worldwide messaging system (MT- Message Type) for internal bank applications for transferring money.


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