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The Platts industry glossary covers common terms and abbreviations from the oil, power, petrochemicals, nuclear, gas, coal and metals markets and industries. Please email support@platts.com to let us know if there is an entry you would like us to add, clarify or expand, or if you think we have made a mistake in any of our definitions.
The establishment of trees on an area that has lacked forest cover for a very long time or has never been forested (see also reforestation ).
API gravity = (141.5/specific gravity at 60 degrees F) - 131.5.
2. In the US, asphalt refers to the product known as bitumen in the rest of the world.
Thermal cracking:
Heating of hydrocarbons to very high temperatures, usually above 450ý C. Thermal cracking is no longer widely used, except in:
Visbreaking:
Thermal cracking of viscous crude residues to make fuel oil, and in:
Delayed Coking:
Thermal cracking of atmospheric/vacuum residues to make electrode grade coke.
Catalytic cracking:
Cracking using catalysts to enhance molecule breaking, particularly in the production of high octane gasoline.
Hydrocracking:
While thermal and catalytic cracking produce shorter hydrocarbon molecules largely by disposing of the excess carbon atoms, hydrocracking inserts hydrogen atoms to achieve the same effect.
Steam cracking:
A petrochemical process which produces olefins, particularly ethylene, and, in some cases, aromatics. Similar to thermal cracking
Co-Cracking:
A petrochemical process in which the c4 stream from an ethylene plant is recycled into the feedstock.
Currency Standard Telex Print
US Dollar $ USD
Cents cts ý
Yen Yen ý
Australian dollar A$ AUD
Singapore dollar S$ S-DLR
Canadian dollar C$ CAN
Hong Kong dollar HK$ HKD
Euro EUR
British Pound GBP ý
French franc FFr
Swiss Franc SFr
Belgian Franc BFr
Deutschmark/Mark DM
Spanish peseta PTA
Dutch guilder NLG
Norwegian Krone NOK
Danish Krone DKr
Swedish Krone SKr
Finnish Markka FIM
European Currency Unit ECU
Italian lire ITL
Greek drachma DRA
Austrian schilling SCH
Portuguese escudo ESC
Malaysian ringgit MR
Rubles Rb
UAE Dirham DH
Not abbreviated:
Baht Thailand
Bolivar
Crown Czech Republic, Slovakia
Dinars Kuwait, Iraq
Dram Armenia
Egyptian Pounds
Forint Hungary
Hryvnya Ukraine
Irish Punt
Kwacha Zambia
Manat Azerbaijan
Peso
Rand
Real
Riyals Saudi Arabia, Oman, Iran
Rupee India
Rupiah Indonesia
Shekel Israel
Som Several former Soviet Union Muslim republics
Tenge Kazakstan
Turkish Lira
Won S. Korea
Yuan China
Zloty Poland
DAP/DAT stands for Delivered at Place/Delivered at Terminal. They are incoterms that replaced DAF (Delivered at Frontier) a few years ago. DAP/DAT Laredo for polymers would be an export assessment from the US to the Mexican market, which is the biggest importer of US-origin polymers (both PE and PP). The majority of these exports occur in bulk (railcars). DAP/DAT essentially means that the seller delivers (and accounts for all the cost related to freight) at a specific place, with Laredo, Texas, being the major destination at the border. Platts current FAS Houston polymer assessments are for waterborne exports (bagged) in containers. These include the bagging cost and the transport cost from the bagging facility to the port, but the freight and everything else is on the buyer.
Platts' market-on-close (MOC) is a price-discovery system designed to yield a price assessment reflective of market values at the close of the typical trading day. Systems of similar nature are very common, with variants seen in the futures markets where the energy and financial exchanges publish daily settlement prices reflective of activity at the close of markets. The MOC process is a very structured system for information gathering that allows transparent and fully verifiable market information to form the basis of the daily price assessment. MOC is a time-tested method for deriving price benchmarks that reflect market value and Platts has provided these benchmarks to global energy markets across Asia, Europe, the Middle East, and Africa for more than a decade. The MOC pricing system recognizes as a core principle that price is a function of time and MOC enables Platts to have full clarity on the price at the close of business. Because price is a function of time, market assessments reflect values at a defined point in time, allowing both outright and spread values to be properly reflected.
Mcf: standard abbreviation for 1,000 cubic feet.
Bil cu ft: Billion cubic feet. Also abbreviated to bcf.
Tcf: trillion cubic feet.
Cu m: cubic meter.
bil cu m: billion cubic meters. Also abbreviated to bcm.
Tcm: trillion cubic meters.
quad or quads: quadrillion cubic feet.
MMBtu: Million British thermal units.
Dt: Dekatherm
See also CIF, FOB, C+F, FCA etc
AA Acetic acid
ACN Acrylonitrile
ABS Acrylonitrile-butadiene-styrene
BD Butadiene
CC4s Crude C4s
IPA Iso-propyl-alcohol
IBA Iso-butanol
MEG Monoethylene glycol
MEK Methyl ethyl ketone
MIBK Methyl isobutyl ketone
MMA Methyl methacrylate
MDI Diphenyl methane diisocyanate
MX Mixed xylene
NBA Normal butanol
PE Polyethylene
LDPE Low density polyethlene
LLDPE Linear low density polyethylene
HDPE High density polyethylene
PP Polypropylene
PS Polystyrene
PVC Polyvinyl chloride
SX Solvent xylene
TDI Toluene diisocyanate
VX Virgin xylene
A fast reactor is a reactor in which the fission chain reaction is sustained with high-energy or high-speed (ie fast) neutrons. It is capable of converting unused fertile uranium-238 into fissile plutonium, a process known as breeding on fast breeder reactors
A thermal reactor is a reactor in which the fission chain reaction is sustained with moderated (slow or "thermal") neutrons. There are four main types in use: light water reactors, which account for over 90% of those in operation; CANDU pressurized heavy water reactors; gas-cooled reactors (GCR, and ACR); and the RBMK light water graphite reactor.
In copper and lead, a refinery is a plant which further purifies metal produced in a smelter. In zinc, it is a plant which produces purer metal than could be produced in a smelter. In aluminum, it denotes a plant which refines bauxite into alumina.
Proven reserves – Reserves that have been sampled extensively, for example--in mining--by closely spaced diamond drill holes or by underground working giving an accurate picture of size and quality of reserves. Also called measured reserves. In oil, proven reserves are an estimate based on seismic and other exploratory data, linked to an assessment of economic and operating viability.
Recoverable reserves – In oil and gas, the portion of a field’s total estimate reserves that can actually be recovered from the field using currently available technology. Recoverable reserve estimates are dependent on factors such as reservoir pressure and the density of strata.
Probable reserves – Valuable mineralization not sampled enough to estimate accurately the terms of tonnage and grade. Also called indicated reserves.
Possible reserves – Valuable mineralization not sampled enough to estimate accurately its tonnage and grade, or even verify its existence. Also called inferred reserves. In oil, possible reserves are an estimate of reserves from an undrilled site or one that has not bee seismically tested.
In natural gas: facilities used to store natural gas which has been transferred from its original location. Usually consists of natural geological reservoirs like depleted oil or gas fields, water-bearing sands sealed on top by an impermeable cap rock, underground salt domes, bedded salt formations, or in rate cases, abandoned mines.
Here are tanker sizes and typical abbreviations (in deadweight tonnes)
GP General Purpose 16,500 - 24,999
MR Medium Range 25,000 - 44,999
LR1 Large/Long Range 45,000 - 79,999
LR2 Large/Long Range 80,000 - 159,999
VLCC Very Large Crude Carrier 160,000 - 319,999
ULCC Ultra Large Crude Carrier 320,000 - 549,000
Also:
Handysize 35,000
Panamax 65,000
Aframax 80,000
Suezmax (Million barrel) 130,000
Capesize: Any vessel, usually carrying dry bulk cargoes, that is too big to navigate the Panama or Suez Canals
A tonne, or metric ton, sometimes tautologically referred to as a metric tonne, is defined as the weight of one cubic meter of water. Rough-and-ready barrel-tonne conversion factor is 7.33 barrels of crude to one tonne, but obviously depends on the specific gravity of the crude.
Uranium-238 – comprises 99.283% by weight of natural uranium (ie uranium whose isotopic composition, as it occurs in nature, has not been altered)and is not fissile, but is fertile. It usually absorbs any neutrons which strike it and as a result is transformed into plutonium-239, a fissile isotope of plutonium.
Uranium-235 – the only naturally occurring isotope of uranium which is capable of fission. Natural uranium contains approximately 0.711% by weight of uranium-235.
Uranium-234 – exists in very small quantities in natural uranium (0.005% by weight) and is not fissile in thermal reactors.
The remaining isotopes are created synthetically. Uranium-233 is fissile and is obtained by the irradiation of thorium-232 with neutrons. Uranium-232, -236, and –237 are found in irradiated nuclear fuel and are not fissile.