London: Indian Oil Corporation (IOC) will not accept any further cargoes of Russian crude oil and Kazakh CPC Blend cargoes on a free-on-board (FOB) basis.
The move comes due to insurance risk, according to a tender notice and a source familiar with the matter, reported news agency Reuters.
The traders who submit cargo offers into IOC’s regular crude oil buy tenders were sent a letter on Monday.
The term FOB is used in maritime trade parlance which indicates whether the seller or the buyer is liable for goods damaged or destroyed during shipping.
“FOB origin” means the buyer is at risk after the seller ships the product. The buyer pays the shipping cost from the factory and is responsible if the goods are damaged in transit. “FOB destination” means the seller retains the risk of loss until the goods reach the purchaser.
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