Marine & LogisticsVerified
CIF meaning in oil and gas
CIF means Cost Insurance and Freight. A contract in which it is the responsibility of the seller to arrange for the cargo of oil to be delivered and discharged at the port nominated by the buyer. Marine insurance and…
Definition
Cost Insurance and Freight
A contract in which it is the responsibility of the seller to arrange for the cargo of oil to be delivered and discharged at the port nominated by the buyer. Marine insurance and freight costs are for the seller’s account<p> Risk/Title: Load<p> Freight: Seller<p> Insurance: Seller<p> Freight and Insurance included in selling price<p>