Crude oil

What is a crude oil?

Crude oil, Over millions of years, the remains of these plants and animals were crushed and heated between layers of rocks and sand until they became underground pools of oil. We call this oil \”crude oil\” because it is not yet refined for use.

Crude oil means a mixture of hydrocarbons that exists in liquid phase in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities.

We use petroleum products to propel vehicles, to heat buildings, and to produce electricity. In the industrial sector, the petrochemical industry uses petroleum as a raw material (a feedstock) to make products such as plastics, polyurethane, solvents, and hundreds of other intermediate and end-user goods.

How to buy Crude Oil from Basekim?

1- crude oil will be sold only to end users including refiners or oil companies who are in possess a valid and unconditional processing and/or sale agreement with one of the confide and active oil refiners.

2- The applicant must be a reputable oil company having appropriate business and financial performance during last three years.

Note 1: Oil company is a company which is well known for its activities in oil upstream, downstream and / or physical oil transaction.

Note 2: Appropriate business performance is defined as fulfilling the contractual obligations against parties concerned and having good reputation in execution of its sale / purchase contracts. Note

3: The appropriate financial performance is defined as fulfilling the financial obligations under the terms and conditions of oil contracts on time, without any failure or delay in payments for the concluded transactions.

4- Financial and credit status of applicants must be approved by three prime banks acceptable to Basekim.

5- The applicant should be able to open the required letter of credit for payment of crude oil purchased.

6- For the purposes of registration, applicants should submit the following documents along with their request, addressing to Basekim Crude Oil sales department:

1) Articles of association as well as company’s registration certificates.

2) Names and particulars of the main shareholders of the company.

3) Financial statements (balance sheet and profit & loss statement) for last three years audited and approved by an internationally reputable auditing firm.

4) Documents proving the ownership of a refinery or a valid and unconditional processing and / or a sale agreement with a bonafide and acceptable oil refinery to which the crude oil is destined.

5) Crude oil transaction background with countries and / or oil companies for last three years.

6)Three financial and credit references from three prime banks acceptable to ATDM.

Specification of light crude oil

Specification of heavy crude oil