Custody Title TransferLOOP offers customers the ability to transfer ownership of crude oil within the system. Contract preparation and inventory tracking associated with in-system transfers are handled by LOOP personnel for the convenience of our customers.
One-third of the barrels of crude oil in and out of LOOP facilities are transferred between customers. Because of the size and location of LOOP facilities, refineries can conveniently store their inventory at a central location, where they are able buy and sell barrels as needed without transporting the crude oil. In doing so, custody title transfers allow refineries to handle market upsets and emergency situations while maintaining detailed inventory management.
LOOP provides a well-developed marketplace for our customers by recording and documenting transfers and sales of barrels in the storage facility, maintaining efficiency from beginning to end, and providing seamless, easy transfers for our customers.