Determination of the Crude Oil Price. 14.4.1 The price of various grades of the Crude Oil shall be expressed as an FOB price at the Delivery Point. Determination of the Crude Oil price shall be made with reference to the prevailing price in arm's length transactions of similar quality crude oil on the main world oil markets and the adjustment in such price shall be made in accordance with such determinants as the quality of the Crude Oil, the terms of delivery, transportation and payment and other terms. The aforesaid price in arm's length transactions in this Article refers to a price at which a -------------------------------------------------------------------------------- 41 Zitong Block Petroleum Contract seller xxxxx xxx xxxxx xxx xx x xxxxx xxx xx xndependent of the seller, but not including the prices used by them for government to government transactions which do not reflect international oil market price, Crude Oil exchange, or barter transactions. 14.4.2 Where the Crude Oil produced from each Oil Field within the Contract Area differs in grades, the prices of such Crude Oil with different quality shall be individually determined. 14.4.3 The price of the Crude Oil produced from all the Oil Fields within the Contract Area shall be denominated in U.S. dollars per metric ton. However, if an international currency other than the U.S. dollar prevails on the main world oil markets as the pricing unit of Crude Oil, the Parties may also use that international currency therefor upon mutual agreement. 14.4.4 Procedure for the Determination of the Crude Oil Price 14.4.4.1 The Crude Oil price shall be determined once each Calendar Quarter. In case the crude oil price prevailing on most world oil markets fluctuates, CNPC and the Contractor each shall have the right to propose, at any time, that a new Crude Oil price be negotiated and determined. 14.4.4.2 The Contractor shall, no later than forty-five (45) days prior to the commencement of any Calendar Quarter, notify CNPC of its proposed price for Crude Oil to be lifted in such Calendar Quarter (for the purpose of this Article hereafter referred to as the said Calendar Quarter). 14.4.4.3 CNPC shall notify the Contractor of its decided price within ten (10) days after the receipt of the aforesaid proposed price notified by the Contractor. In the absence of a different price notified by CNPC to the Contractor within ten (10) days after the receipt of the aforesaid notification, the proposed price notified by the Contractor as referred to in Article 14.
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Determination of the Crude Oil Price. 14.4.1 14.3.1 The price of various grades of the Crude Oil shall be expressed as an FOB price at the Delivery Point. Determination of the Crude Oil price shall be made with reference to the prevailing price in arm's ’s length transactions of similar quality crude oil on the main world oil markets and the adjustment in such price shall be made in accordance with such determinants as the quality of the Crude Oil, the terms of delivery, transportation and transportation, payment and other terms. The aforesaid price in arm's ’s length transactions in this Article refers to a price at which a -------------------------------------------------------------------------------- 41 Zitong Block Petroleum Contract seller xxxxx xxx xxxxx xxx xx x xxxxx xxx xx xndependent sells its crude oil to a buyer who is independent of the seller, but not including the prices used by them for government to government transactions which do not reflect international oil market price, Crude Oil exchange, or barter transactions.
14.4.2 Where 14.3.2 Subject to the agreement of Parties, where the Crude Oil produced from each the Oil Field within the Contract Area differs in grades, the prices of such Crude Oil with different quality shall will be individually determined.
14.4.3 14.3.3 The price of the Crude Oil produced from all the Oil Fields Field within the Contract Area shall be denominated in U.S. dollars per metric ton. However, if an international currency other than the U.S. dollar prevails on the main world oil markets as the pricing unit of Crude Oil, the Parties may also use that international currency therefor upon mutual agreement.
14.4.4 14.3.4 Procedure for the Determination of the Crude Oil Price
14.4.4.1 14.3.4.1 The Crude Oil price shall be determined once each Calendar Quarter. In case the crude oil price prevailing on most world oil markets fluctuates, CNPC and the Contractor each shall have the right to propose, at any time, that a new Crude Oil price be negotiated and determined.
14.4.4.2 14.3.4.2 The Contractor shall, no later than forty-five (45) days prior to the commencement of any Calendar Quarter, notify CNPC of its proposed price for Crude Oil to be lifted in such Calendar Quarter (for the purpose of this Article hereafter referred to as the said Calendar Quarter).
14.4.4.3 14.3.4.3 CNPC shall notify the Contractor of its decided price within ten (10) days after the receipt of the aforesaid proposed price notified by the Contractor. In the absence of a different price notified by CNPC to the Contractor within ten (10) days after the receipt of the aforesaid notification, the proposed price notified by the Contractor as referred to in Article 14.absence
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Determination of the Crude Oil Price. 14.4.1 14.3.1 The price of various grades of the Crude Oil shall be expressed as an FOB price at the Delivery Point. Determination of the Crude Oil price shall be made with reference to the prevailing price in arm's ’s length transactions of similar quality crude oil on the main world oil markets and the adjustment in such price shall be made in accordance with such determinants as the quality of the Crude Oil, the terms of delivery, transportation and transportation, payment and other terms. The aforesaid price in arm's ’s length transactions in this Article refers to a price at which a -------------------------------------------------------------------------------- 41 Zitong Block Petroleum Contract seller xxxxx xxx xxxxx xxx xx x xxxxx xxx xx xndependent sells its crude oil to a buyer who is independent of the seller, but not including the prices used by them for government to government transactions which do not reflect international oil market price, Crude Oil exchange, or barter transactions.
14.4.2 Where 14.3.2 Subject to the agreement of Parties, where the Crude Oil produced from each the Oil Field within the Contract Area differs in grades, the prices of such Crude Oil with different quality shall will be individually determined.
14.4.3 14.3.3 The price of the Crude Oil produced from all the Oil Fields Field within the Contract Area shall be denominated in U.S. dollars per metric ton. However, if an international currency other than the U.S. dollar prevails on the main world oil markets as the pricing unit of Crude Oil, the Parties may also use that international currency therefor upon mutual agreement.
14.4.4 14.3.4 Procedure for the Determination of the Crude Oil Price
14.4.4.1 14.3.4.1 The Crude Oil price shall be determined once each Calendar Quarter. In case the crude oil price prevailing on most world oil markets fluctuates, CNPC and the Contractor each shall have the right to propose, at any time, that a new Crude Oil price be negotiated and determined.
14.4.4.2 14.3.4.2 The Contractor shall, no later than forty-five (45) days prior to the commencement of any Calendar Quarter, notify CNPC of its proposed price for Crude Oil to be lifted in such Calendar Quarter (for the purpose of this Article hereafter referred to as the said Calendar Quarter).
14.4.4.3 14.3.4.3 CNPC shall notify the Contractor of its decided price within ten (10) days after the receipt of the aforesaid proposed price notified by the Contractor. In the absence of a different price notified by CNPC to the Contractor within ten (10) days after the receipt of the aforesaid notification, the proposed price notified by the Contractor as referred to in Article 14.
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Determination of the Crude Oil Price. 14.4.1 14.3.1 The price of various grades of the Crude Oil shall be expressed as an FOB price at the Delivery Point. Determination of the Crude Oil price shall be made with reference to the prevailing price in arm's ’s length transactions of similar quality crude Crude oil on the main world oil markets and the adjustment in such price shall be made in accordance with such determinants as the quality of the Crude Oil, the terms of delivery, transportation and transportation, payment and other terms. The aforesaid price in arm's ’s length transactions in this Article refers to a price at which a -------------------------------------------------------------------------------- 41 Zitong Block Petroleum Contract seller xxxxx xxx xxxxx xxx xx x xxxxx xxx xx xndependent sells its crude oil to a buyer who is independent of the seller, but not including the prices used by them for government to government transactions which do not reflect international oil market price, Crude Oil exchange, or barter transactions.
14.4.2 Where 14.3.2 Subject to the agreement of Parties, where the Crude Oil produced from each the Oil Field within the Contract Area differs in grades, the prices of such Crude Oil with different quality shall will be individually determined.
14.4.3 14.3.3 The price of the Crude Oil produced from all the Oil Fields Field within the Contract Area shall be denominated in U.S. dollars per metric ton. However, if an international currency other than the U.S. dollar prevails on the main world oil markets as the pricing unit of Crude Oil, the Parties may also use that international currency therefor upon mutual agreement.
14.4.4 14.3.4 Procedure for the Determination of the Crude Oil Price
14.4.4.1 14.3.4.1 The Crude Oil price shall be determined once each Calendar Quarter. In case the crude oil price prevailing on most world oil markets fluctuates, CNPC and the Contractor each shall have the right to propose, at any time, that a new Crude Oil price be negotiated and determined.
14.4.4.2 14.3.4.2 The Contractor shall, no later than forty-five (45) days prior to the commencement of any Calendar Quarter, notify CNPC of its proposed price for Crude Oil to be lifted in such Calendar Quarter (for the purpose of this Article hereafter referred to as the said Calendar Quarter).
14.4.4.3 14.3.4.3 CNPC shall notify the Contractor of its decided price within ten (10) days after the receipt of the aforesaid proposed price notified by the Contractor. In the absence of a different price notified by CNPC to the Contractor within ten (10) days after the receipt of the aforesaid notification, the proposed price notified by the Contractor as referred to in Article 14.
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