Oil Gas and Energy Financing by Mr Howard Palmer

By Mr Howard Palmer

Oil, gasoline and effort Financing covers the full variety of functional suggestion on each point of this huge topic. this is often the 1st to accommodate the post-uprising within the center East. relocating from oil letters of credits to Product Sharing Agreements and hedging strategies, each case research, stream chart and instance is actual and drawn from the author's 25 years spent in banking in and for the center East, Africa and FSU nations.

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The main advantage of this style of financing is that the trader, Municor is paid a margin at the completion of the trading cycle and is therefore ring-fenced from hard cash, thereby securitising the financing banks and any syndicate or investor€ banks. The Municor contracts are approved by the financing bank prior to acceptance or assignment, generally to ensure the acceptability of offtakers and the cash percentage pre-finance paid to the exporting trader of the major, Russian oil€ producer.

The backing L/C will be of a lower value than the master L/C allowing Trader X to make a margin on the deal, thereby making it economic sense for all€ concerned. • Whatever tenor the master L/C has, the backing L/C should be a shorter term enabling the issuing bank of that backing L/C to gather in Trader Y’s documents and paying Trader Y prior to presenting documents back to the issuing bank of the master L/C. This is because various changes and substitution of documents will have to take place to ensure that a correct tender of documents goes back to the master L/C’s issuing€ bank.

Tradebank have asked the advising bank, ABC Bank, not to add their confirmation and although this aspect of confirmation will be more closely analysed below, it is sufficient to say at this stage that this is an overseas (Kazakhstan) charge that they (the issuing bank) are not prepare to authorise, well knowing that all overseas charges have a way of appearing on invoice prices thereby making the fuel oil more expensive for their client. ’ Not only do Tradebank require the documents they have requested as an issuing bank, but also they have sought another document, this time not emanating from the beneficiary but from the advising bank stating that they have checked the documents and that all the documents are exactly as per the credit terms.

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