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Crude Oil Purchase Agreement

Crude Oil Purchase Agreement Template for Indonesia

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Key Requirements PROMPT example:

Crude Oil Purchase Agreement

"Need to draft a Crude Oil Purchase Agreement for a 12-month term contract starting March 2025, involving the sale of Indonesian light crude oil from East Kalimantan to a Singapore-based buyer, with FOB delivery terms and payment by letter of credit."

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Document background
The Crude Oil Purchase Agreement is essential for structuring crude oil trading transactions in Indonesia's regulated oil and gas sector. It is used when parties wish to establish a binding arrangement for the sale and purchase of crude oil, whether for a single cargo (spot) or multiple deliveries over time (term). The agreement must comply with Indonesian regulations, particularly Law No. 22/2001 and its implementing regulations, while also addressing commercial requirements such as pricing, quality specifications, and delivery terms. This document is particularly important given Indonesia's specific requirements for oil trading, including domestic market obligations and the role of state-owned enterprises in the sector. The agreement typically requires approval from relevant regulatory bodies and must address both international trading standards and local compliance requirements.
Suggested Sections

1. Parties: Identification of buyer and seller, including registration details and addresses

2. Background: Context of the agreement, including seller's authority to sell and buyer's authority to purchase

3. Definitions: Definitions of technical, commercial, and legal terms used in the agreement

4. Sale and Purchase Obligation: Core obligations of parties including quantity, quality, and basic delivery terms

5. Price and Payment: Pricing formula, payment terms, invoicing, and currency provisions

6. Quality and Quantity: Detailed specifications of crude oil quality and measurement methods

7. Delivery: Delivery point, transfer of title and risk, loading/unloading procedures

8. Nominations and Scheduling: Process for nominating quantities and scheduling deliveries

9. Transportation: Vessel requirements, vetting procedures, and shipping terms

10. Term and Termination: Duration of agreement and termination rights

11. Force Majeure: Definition of force majeure events and consequences

12. Governing Law and Dispute Resolution: Choice of Indonesian law and dispute resolution mechanisms

13. Representations and Warranties: Standard and specific warranties from both parties

14. Compliance with Laws: Obligations to comply with Indonesian regulations and international standards

15. Taxes and Duties: Allocation of tax responsibilities and customs duties

Optional Sections

1. Letter of Credit: Required if payment is to be made via LC, detailing LC requirements and procedures

2. Price Review: Include for long-term contracts where price adjustment mechanisms are needed

3. Multiple Loading Points: Required when crude oil can be loaded from different terminals

4. Domestic Market Obligation: Required for contracts involving Indonesian production sharing contractors

5. Pipeline Transportation: Include when delivery involves pipeline transfer rather than vessel delivery

6. Parent Company Guarantee: Required when additional financial security is needed from either party

7. Terminal Requirements: Specific terminal requirements and procedures if loading/unloading at Indonesian terminals

8. Environmental Protection: Additional environmental requirements beyond standard compliance

9. Local Content: Requirements for using Indonesian resources or services

Suggested Schedules

1. Schedule 1 - Crude Oil Specifications: Detailed quality specifications and testing methods

2. Schedule 2 - Pricing Formula: Detailed pricing calculation including benchmarks and adjustments

3. Schedule 3 - Loading/Discharge Port Requirements: Technical and operational requirements for ports

4. Schedule 4 - Measurement and Sampling: Detailed procedures for quantity measurement and quality sampling

5. Schedule 5 - Vessel Requirements: Technical and operational requirements for vessels

6. Schedule 6 - Form of Documents: Standard forms including nomination notices, bills of lading, certificates

7. Schedule 7 - Communication Procedures: Contact details and communication protocols

8. Appendix A - Compliance Requirements: Detailed compliance requirements under Indonesian law

9. Appendix B - HSE Requirements: Health, safety, and environmental requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions















































Clauses







































Relevant Industries

Oil & Gas

Energy

Commodities Trading

Maritime Transport

Refining

Petrochemicals

Infrastructure

Logistics

International Trade

Relevant Teams

Legal

Commercial

Trading

Operations

Supply Chain

Risk Management

Compliance

Finance

Technical

Shipping

Business Development

Regulatory Affairs

HSE

Relevant Roles

Trading Manager

Commercial Director

Legal Counsel

Compliance Officer

Supply Chain Manager

Operations Manager

Risk Manager

Commercial Manager

Contract Administrator

Business Development Manager

Shipping Manager

Finance Manager

Technical Manager

Regulatory Affairs Manager

HSE Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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