PRT: Valuation of Crude Oils & Products - Category 2 Exceptions
If a valuation method is needed for a kind of oil and it proves impossible to agree a method that fits within OTA75\Sch3\Para 2(2AA) and Regs 17 to 24, because there is insufficient liquidity to allow a representative market value to be calculated, the rules at OTA75\Sch 3\Para 2G to 2I will be invoked.
This will allow another appropriate method to be used:
- Firstly and if at all possible, using a method based upon other contracts or published prices, according to the principles that underlie the regulations. In SI3313\2006
- Secondly, if no practical or appropriate method can be found under (a) above, then using a method that is appropriate under the particular circumstances of the case in question.