Petroleum Operations Account definition

Petroleum Operations Account shall have the meaning given to it in paragraph 4.1 of section I of the Accounting Procedure.
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Petroleum Operations Account shall have the meaning given to it in Section 1.2 of the Accounting Procedure. "Profit Petroleum" shall have the meaning given to it in Article 11.6.
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Examples of Petroleum Operations Account in a sentence

  • SOCAR shall pay a mutually agreed fee for such use to be credited to the Petroleum Operations Account.

  • Fees from Third Parties' access to Contractor Facilities shall be credited to the Petroleum Operations Account.

  • Fees from Third Parties’ access to Contractor Facilities shall be credited to the Petroleum Operations Account.

  • Any gain or loss resulting from the exchange of currencies required for Petroleum Operations and any fees or other banking charges levied in connection with such exchange of currencies or any gain or loss resulting from translation of expenditures and sales revenues in accordance with the provisions of Article 19.11 shall be included in Costs and Expenses and recoverable from Cost Recovery Petroleum and credited or charged to the Petroleum Operations Account.

  • Funds from such sales prior to Zero Balance will be credited to the Petroleum Operations Account and after Zero Balance will be credited to SOCAR’s account.

  • Contractor shall charge an administration overhead to the Petroleum Operations Account for the cost of indirect services and related office costs of Contractor and its Affiliates not otherwise provided in this Accounting Procedure.

  • So far as it is reasonably practical and consistent with efficient and economical operation, such Material and Equipment shall be purchased for, and the cost thereof charged to the Petroleum Operations Account.

  • The Petroleum Operations Account shall be kept in accordance with the standards of international Petroleum industry practice.

  • Funds from such sales will be credited to the Petroleum Operations Account.

  • Any gain or loss resulting from the exchange of currencies required for Petroleum Operations or from translation shall be charged or credited to the Petroleum Operations Account.