SCB issues a 6,000,000 USD Standby Letter of Credit (SBLC) to facilitate oil trading.
Amount: 6,000,000 USD
Instrument: 180 days SBLC
Type: MT-760
Bank of China, China
SCB issues a 1,050,000 USD Documentary Letter of Credit (DLC) for 15,000 MT of steam coal.
Amount: 1,050,000 USD
Instrument: 180 days DLC
Type: MT-710
Bank Mega PT, Indonesia
In the last two decades, the uncertainty of sustainable energy has caused the market to fluctuate dramatically. For example, crude oil basket prices were as low as $18/barrel in 1999 and as high as $160/barrel in 2008. Overall the energy sector is trending in the direction of growth. Before, many scientists argued that every country should switch entirely to renewable energy. But recently, researchers are arguing that the economic consequences of renewable energy can be devastating for many nations and consumers. The conversation is switching from how we replace fossil fuels to how we can utilize each energy source most efficiently.
In Q1 and Q2 of 2018, Soleil has seen a 10% increase in LC issuance in the energy sector. Crude oil, coal and solar panels were the top energy commodities traded.
Standby Letters of Credit (SBLC) are subject to UCP600 and recognized throughout the world. Bank Guarantees (BG) are subject to URDG758, however BG's are not recognized or accepted in the United States. Although they are governed by different regulatory entities, BG and SBLC are used in the same manner.
SBLC and BG's can both be used to facilitate large trade transactions for commodities such as oil and metals. Both instruments can also serve for collateral requirements or project funding enhancement.
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