Document background
The Crude Oil Sale and Purchase Agreement is a fundamental commercial document used in the UAE's oil and gas sector for transactions involving crude oil. It is particularly relevant for dealings with the UAE's national oil companies, international oil companies, and trading entities operating within or from the UAE. The agreement must comply with UAE federal laws and relevant emirate-level regulations, especially those of Abu Dhabi, which hosts the majority of the UAE's oil operations. This document is essential for establishing legally binding terms for crude oil transactions, including specific quality parameters, quantity commitments, delivery arrangements, price mechanisms, and payment terms. It includes provisions for both spot and term sales, incorporating necessary compliance requirements with UAE environmental, maritime, and commercial laws. The agreement is typically used when parties need to establish a formal framework for crude oil trading activities, whether for single shipments or ongoing supply arrangements.
