Seller’s Supplier: The producer of the crude oil and/or petroleum product sold and purchased hereunder, when it does not originate from the Seller’s own production.
US Barrel: Is the unit of volume measured at standard temperature of 60 degrees Fahrenheit and equal to 42 U.S. gallons.
Commodity: Is referred to as being Bonny Light Crude Oil, elsewhere in the agreement also referred to as Bonny Light Crude Oil, whose specifications are detailed in Annex “A” attached hereto as an integral part of this agreement.
Day: Means Calendar Day, unless differently specified. Month: Means Gregorian calendar month.
Calendar quarter: The period of three (3) consecutive months commencing on 1st of January, 1st of April, 1st of July or 1st of October.
ASTM: The American Society for Testing Materials, is the Institute, internationally that approved all Standards, Tests and Procedures used in the Oil Industry and to be referred in this contract to the latest rev
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