Storage and Blending Facilities Sample Clauses

Storage and Blending Facilities. (a) The Parties agree that PDVSA, or a PDVSA Affiliate designated by PDVSA, shall have the option to discharge, blend and reload foreign barrels at the Refinery and shall also have the option to store U.S. originated barrels, non-U.S. originated barrels or refinery production at the Refinery (collectively, the "Blending and Storage Services"). For these purposes, the Company agrees to make available to PDVSA dedicated storage consisting of up to two No. 6 oil tanks, with a capacity of 265 kb shell each, on the basis set forth in a storage agreement (the "Storage Agreement"), to be negotiated in accordance with this Section, and such agreement shall include an undertaking by PDVSA or any relevant PDVSA Affiliate to comply with all applicable laws and, if the storage is on a month-by-month basis, an undertaking by the Company granting PDVSA the right to exercise an option to use the tanks fifteen (15) days before the commencement of any relevant calendar month. The Company shall negotiate with PDVSA or a designated PDVSA Affiliate a fee with respect to each year (the "Fee") for the Blending and Storage Services, which for the first year of the Storage Agreement shall be no greater than $0.15 per Barrel and no less than $0.085 per Barrel. The Fee shall include storage, agitation, blending and inter-tank transfer fees. The Executive Committee shall review and revise the Fee on an annual basis with reference to the current market rate at the time such review takes place. Further details and other terms and conditions of the Storage Agreement shall be negotiated by the Company and PDVSA or a designated PDVSA Affiliate as soon as practicable after the Closing Date, provided that such negotiations shall be completed no later than forty five (45) days therefrom. The negotiations will include, among other matters, such items as whether the Blending and Storage Services will be provided on a month-by-month basis or on an annual basis.
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