Launching optional clause for USED COOKING OILS (UCO) in the Trading Rules

As per 1 September 2022 optional clause 112 will be adopted in the NOFOTA Trading Rules. This clause will make it possible for companies that want to trade UCO’s as a forward “paper” contract.
This optional clause is entirely based on the successful NOFOTA Crude Rapeseedoil (RSO) FOB Dutch Mill (FDM)/Extank contract.

Launching optional clause for USED COOKING OILS (UCO) in the Trading Rules
As per 1 September 2022 optional clause 112 will be adopted in the NOFOTA Trading Rules. This clause will make it possible for companies that want to trade UCO’s as a forward “paper” contract.
This optional clause is entirely based on the successful NOFOTA Crude Rapeseedoil (RSO) FOB Dutch Mill (FDM)/Extank contract.

This option makes it possible:
• to hedge physical UCO trades
• to price benchmarking of physical UCO
• providing UCO trading opportunities
• market backed by physical delivery

Optional clause 112 will be published as follows:

1. This optional clause is for the F.O.B./F.O.R./ F.O.T. Mill trade in ISCC Used Cooking Oil, in bulk.
2. Any origin.
3. Nominated volumes per 100 metric ton.
4. If explicitly agreed, the seller has the option to deliver goods ex landtank Amsterdam/Rotterdam. Goods in Amsterdam/Rotterdam landtank are duty paid.
5. If the seller chooses to deliver ex-tank Amsterdam/Rotterdam, the provisions for ex-tank contracts shall take the place of those for F.O.B./F.O.R./ F.O.T. Mill.
6. The goods to be delivered must be available in free circulation in the Netherlands, not remaining under customs’ control or supervision.
7. In case of delivery ex-tank Amsterdam/Rotterdam the costs of pumping out of the tendered quantity of goods – during usual working hours – are for account of the seller. These costs shall be limited to the normal costs for pumping into a craft alongside the tankstorage company where the goods are stored on the day of delivery, unless the buyer has the contractual right to take receipt F.O.R. or F.O.T., in which case the actual costs are for account of the seller. In the delivery order or, as the case may be, the notice of release, it shall be stated by the issuing party that the aforementioned pumping costs are not to be charged to the party who is entitled to take delivery of the goods on presentation of the delivery order or after release.
8. Payment 100% of total amount 2 days prior to the delivery date. Final invoice after determination of the quantity and quality.