CLARIFICATION NOTE: GT&Cs, bilateral credit terms in Singapore petrochemical MOC process

S&P Global Platts' Singapore Market on Close assessment processes for petrochemical products, including CFR Taiwan/China Paraxylene and FOB Singapore MTBE, reflect bids and offers that are executable under normal conditions and reflect typical trading practices.

Companies' general terms and conditions and bilateral credit terms with counterparties are normally recognized in the MOC process, provided they are consistently applied and accepted as part of normal trading practice.

Companies participating in the Singapore MOC processes are expected to perform on trades reported in the MOC based on typical bilateral credit terms and GT&Cs that have been applied and accepted by both counterparties in the open market for the specific product.

If an offer is lifted by a buyer during the Platts MOC process, Platts would expect typical GT&Cs and bilateral credit terms between both parties to be applicable.

For the PX and MTBE MOC assessment processes, Platts will not publish bids or offers that state specific credit relationships to be applied universally, since this may imply non-standard execution with individual counterparts.

A company may have different credit terms when acting as a buyer or a seller with individual counterparties, and Platts expects these terms to also reflect standard credit relations between the counterparties in the open market.

Please send all comments, feedback and questions to Asia_Petchem@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.