Loss Control
Loss Control Service
Service which main goals are to reduce the commercial and operational risks of losses by providing operational oversight for its Contracting Party during the physical commercial transactions of crude oil, petroleum products and petrochemicals, and avoid costly claims where possible.
The need for a Loss Control service
- Volatility of oil prices in recent times call for ways to assure the most reliable quantity and quality is reported for all commercial purposes
- 100% interest representation at terminals overseeing compliance with contractual obligations with regards to volume and quality determination
- Terminal inventory balances
- Volumetric gain and losses abatement
Loss control services are used by many oil majors and trading companies to
- Minimize cargo differences by implementing a proper loss control oversight practices.
- Have 100% oversight of their interests during cargo loading or discharge operations
- Assure use of proper and/or contractual custody transfer practices, such as those indicated by API Chapter 17 and the ASTM, by terminal and vessel
