Common use of FOR THE NORTH AND SOUTH AMERICA MARKETS Clause in Contracts

FOR THE NORTH AND SOUTH AMERICA MARKETS. Kirkuk crude price Ex Ceyhan Terminal is based on the Argus Sour Crude Index (ASCI) Front Month as a marker crude. The ASCI (Front Month) is calculated by taking the monthly arithmetic average of all the daily ASCI quotations as published in the Argus Crude Report for the scheduled Month of loading. The scheduled Month of loading is defined as the Month in which loading is accepted by the First Party's nomination scheduling process.