Fuel Procurement & Contracting Training Course

This Program will help the participants develop a more complete understanding of how to choose and negotiate with suppliers, create contracts, understand how spot, rack and retail markets operate and much more.

Who should attend?

• Anyone involved in procurement.
• Purchasing or sourcing managers.
• Vendor or product evaluation / selection managers

Objectives:

• To raise the professional standards of those engaged in fuel procurement.
• To enhance their understanding of the fuel buying process.
• To enhance their negotiating position and write an accurate wholesale fuel supply contract.
• Select the right pricing benchmark for your business.
• Discover the basics of risk management and hedging
• To identify persons with acceptable knowledge of the principles and practices of fuel procurement related disciplines and laws governing and affecting fuel managers through completing an examination and fulfilling prescribed standards of performance and conduct.

Certification

• A certificate of completion will be issued at the end of the course.

Course Structure

• Structure of the Fuel Industry
• Energy Supplies and Market Allocations
• Retail and wholesale petroleum product markets
• Fundamentals of Buying and Selling Energy
• How is Bulk Fuel Priced?
• Wholesale Rack Fuel Pricing Essentials
• The Spot Fuel Markets
• Buying Wholesale Fuel: Contract Vs. Spot
• Management of the procurement process
• Fuel procurement and contracting options and strategies
• Procurement Process
• Information Gathering
• Aggregation
• Creating The RFP
• Selecting a Marketer, Broker Or Aggregator
• Evaluating Bids
• The fundamentals of the contract formation process
• Defining contracts and agreements
• The use of tendering and quotations
• The documents that comprise a contract – the specification, key performance indicators (KPIs), contract terms, pricing and use of other schedules Contracts for the supply of goods or services
• Negotiating Contracts
• Contract Adherence
• Legal aspects of contracting.
• Case Studies
• Summary & Review

Course Duration:     30 Hours.