Commercial Department
This department plays an active role in negotiations and preparations of the contracts for the purchase or sale of crude oil,
natural gas and refined products.
The department is responsible for crude oil and products marketing, and ensuring that the crude oil and products are traded smoothly.
Additionally it monitors, forecasts and analyzes crude oil and product developments and their implications for NICO.
The department consists of three sections as follows.
Marketing Section
This section plays an active role with the close coordination of operation section in the preparations of the contracts
for the purchase or sale of crude oil and products
It is also involved, in the calculation of crude oil and product prices, swap trading and paper hedging against price fluctuations in the market.
Operation Section
Operation Section plays an active role in concluding some of the terms of the contract. The section is responsible for the deliveries,
shipments, cost management, including freight, insurance etc.
Laycan period fixing, vessel nominations and acceptances, cargo details, document and loading instruction and demurrage calculations,
A great amount of time is spent in making inquiries, about shipping schedules, shipping nominations, which involves sending and receiving
of faxes, Emails and telexes.
Transaction Section
This section is responsible to manage all risks associated with the Companys commercial operations in relation to crude oil price hedging.
The Section studies and monitors the international market on daily basis.