Refinery Tankage definition
Examples of Refinery Tankage in a sentence
The actual outturn volume for Crude Oil In-Transit Inventory purchased on a delivered basis will be based on tank gauges at the appropriate facilities and the protocols and procedures applicable to the quantification and valuation of such Crude Oil In-Transit Inventory upon the conclusion of the delivery of such In-Transit Inventory to the Refinery and the Refinery Tankage in the same manner in which is applicable to Crude Oil In-Tankage as of the Inventory Transfer Time.
To the extent applicable, the Parties will cooperate in order to develop mutually acceptable procedures to address measurement of Product that is in the midst of delivery to the Refinery or the Refinery Tankage as of the Inventory Transfer Time.
Each cargo of Crude Oil In-Transit Inventory purchased and paid for by Seller or any of its Affiliates on a delivered basis shall be considered as part of the Feedstock and Products Inventory only to the extent of actual outturn volume, which results from the completed delivery of such Crude Oil In-Transit Inventory to the Refinery and the Refinery Tankage, respectively.
The physical inventory of the active Refinery Tankage will be obtained using the applicable procedures prescribed herein and must coincide with the “closing” of rack meters where appropriate.
Active Refinery Tankage that must have movements in or out during the physical inventory quantification process as of the Inventory Transfer Time will be manually gauged during a period in which the active tanks are temporarily inactive, as close to the Inventory Transfer Time as possible.
During the Term the HollyFrontier Entities shall pay the Partnership Entities throughput fees associated with the Refinery Tankage in the amount of $184,000 per month as such amount may be revised pursuant to Section 2(q)(ii) and Schedule III attached hereto (the “Tankage Revenue Commitment”) in exchange for the Partnership Entities providing to the HollyFrontier Entities 613,333 barrels per month of crude oil storage capacity at the Refinery Tankage.
The actual outturn volume for Unpaid Crude Oil In-Transit purchased will be based on tank gauges at the appropriate facilities and the protocols and procedures applicable to the quantification and valuation of such Unpaid Crude Oil In-Transit upon discharge of such Unpaid Crude Oil In-Transit at the Refinery and the Refinery Tankage in the same manner in which is applicable to Crude Oil In-Tankage.
In determining the quantities of the various Products to be inventoried, all volumes shall be determined on the basis of the Inventory Transfer Time and as of the completion of delivery to the Refinery, the Refinery Tankage, and the Third-Party Tankage or Storage (with respect to any cargo or tender of In-Transit Inventory).
Prior to the Inventory Transfer Time, Seller’s personnel shall determine which of the Refinery Tankage shall be active and inactive, and which tanks will contain inventory and which will be empty, as of the Inventory Transfer Time.
All Refinery Tankage that is standing with no movement in or out as of the Inventory Transfer Time will be gauged and sampled prior to the Inventory Transfer Time in accordance with the Inventory Schedule.