A Tank-to-Tank (TTT) procedure in the oil industry is a secure, Free on Board (FOB) method for transferring petroleum products between storage tanks at the port, avoiding vessel transport.

A Tank-to-Vessel (TTV) procedure in the oil industry is a Free on Board (FOB) transaction where petroleum products are transferred from a seller’s land-based storage tank to a buyer’s vessel.

A Cost, Insurance, and Freight (CIF) oil transaction involves the seller paying for cargo transport, insurance, and costs to the destination port. Loading and shipment are executed upon receipt of a valid bank guarantee from the buyer, ensuring transactional security and performance assurance.