Unit IV text: Types of Oil, Types of Prices Grammar: that/those of, with revision



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Unit IV


Text: Types of Oil, Types of Prices
Grammar:

THAT/THOSE OF, WITH

REVISION
Ex. 1

Match “false friends” in A with Russian words in B and give Russian words with international roots in C:




A

B

C

E.g inventory

список, реестр

инвентарь

Medium

плотность




Gravity

городской




Reason

маркерный сорт нефти




Premium

среда




Determinant

причина




Marker

определитель




Urban

повышенного качества



Words to Text A



posted price


(официально) объявленная цена (указанная в рекламе или иным образом официально заявленная цена, по которой данное лицо намерено продать или приобрести какой-л. товар или услугу)

Ex. OPEC used the Israeli-Arabian conflict to double the posted price for a barrel of Saudi Arabian light oil, to US$5.14.



hold true (for) v.


иметь силу, действовать, распространяться на, быть верным, быть справедливым, годиться

Ex. According to current physical theory, Nature - in fact, only inorganic, physical matter - seems to obey numerous laws, which are of universal character, e.g. they hold true at any place and time in the universe.



Pattern n.

система, структура; принцип, модель (организации чего-л.)

consumption pattern —структура потребления

spending pattern — схема (статей) расходов

Ex. After the two oil crises of the 1970s, the pattern of energy consumption in Japan changed from heavy dependence on oil to some diversification to other forms of energy resources in order to increase energy security.



Gravity n.

Syn. density




плотность


API (American Petroleum Institute)

API gravity



Американский институт нефти

плотность (нефтепродукта) в градусах Американского нефтяного института



Apply to v.

Касаться ч-л., относиться к ч-л.

Ex. The offer only applies to flights from London and Manchester.



Grade n.
Regular grade

Midgrade


Premium grade

Сорт, качество

Ex. The best grades of tea are expensive.

Стандартное качество

Среднее качество

Высшее качество

Low end




Недорогой

Ex. A low end product is one of the cheapest in the range of products made by a company.



High end


Высококачественный

Ex. The company blamed the loss on higher costs and lower sales of high end products.



By far


Значительно, гораздо

Ex. The whole world has greeted the triumphant flight of the Soviet spaceship as by far the greatest scientific achievement of man. (‘Daily Worker’)



Sour oil

Sweet oil



Высокосернистая нефть

Ex. Sour crude oil is crude oil containing the impurity sulfur .

Малосернистая нефть

Ex. Sweet crude oil is a type of petroleum. Petroleum is considered "sweet" if it contains less than 0.5% sulfur, compared to a higher level of sulfur in sour crude oil.



Range (from… to; between) v.

Range n



Колебаться в пределах

Ex. The population of theses cities ranges between 3 and 5 million people.

предел, размах, амплитуда; диапазон

ex. Oil remained in a $26-to$30-a barrel range for several years.



Before you read.


What do you think the classification of oil into different types is based on?
Text A

Part I

Types of oil


1. Although it is quite normal to hear mention of "the oil price," no such thing exists. There is no single price of oil. The term "oil" can mean crude oil or petroleum products. Generally, products are worth more than crude for the same reason that bread is worth more than wheat. Processing adds value.

2. Even when the chemical distinctions are clear, prices for a single product vary from region to region. Gasoline prices, posted as they are in most places for all the world to see, can vary from one urban intersection to the next and usually do. The same holds true for heating oil, lubricants, and crude oil itself. Patterns of supply and demand vary geographically. Economic health changes from place to place.

3. Furthermore, crudes vary tremendously in quality and composition. Just as there are grades of gasoline—regular, midgrade, and premium—so are there grades of crude. But there are more of them for crude than there are for gasoline—many more. And the market must evaluate the differences.

4. The main parameters of crude quality are density and sulfur content. Density is measured by something called API gravity, which is expressed in degrees. Crudes with relatively high API gravities are considered light; those with lower API gravities are heavy. There also are medium or intermediate weights.

5. Crudes between the "light," "medium," and "heavy" categories apply mainly to crudes within particular families, which have names. For example, Iraq exports three crudes in the Basrah1 family: Basrah Heavy with an API gravity of 24.7°; Basrah Medium, 31.1°; and Basrah Light, 33.7°. In general, heavy crudes have API gravities below 25°; mediums have API gravities of 25-32°; lights have API gravities higher than that.

6. Everything else being equal, light crudes are more valuable than medium or heavy crudes because they produce comparatively greater quantities of light, high-value products such as gasoline and light distillates, in distillation.

7. Sulfur content is measured as a simple weight percent. Crudes with more than 1.5% sulfur are considered sour. Those containing less sulfur are" said to be sweet. Sweet crudes, because they do not require the added cost of desulfurization in processing, have higher values.

8. Grades of crude by these main determinants of value range from heavy and sour on the low end to light and sweet on the high. There are other factors of crude quality, such as volatility, pour point, viscosity, and concentrations of metals and other materials. In the market, however, density and sulfur content are by far the most common quality measures.


Text Analysis

Find English equivalents for the following in Part I of Text A:

Paragraph 2: хотя цены на бензин официально объявлены во всеуслышание; характер спроса и предложения; городской перекресток, экономическое благосостояние;

Paragraph 5: сорта сырой нефти, относящиеся к определенным группам;

Paragraph 7: весовой процент; дополнительные расходы; удаление серы;

Paragraph 8: от недорогих …до высококачественных


Ex. 2 Match A & B

A

B

pattern

affect, refer to

low end

of very high quality

range

structure

premium

the highest and lowest prices reached by a market within a certain period of time

apply to

low quality

Ex. 3 Answer the questions to Part I of Text A



  1. What are the main parameters of crude quality?

  2. Why do prices for a single product vary from region to region?

  3. What crudes are considered light /heavy?

  4. What names of crudes do you know?

  5. What gravities do medium grades have?

  6. Why are light crudes more valuable?

  7. How is sulfur content measured?

  8. What crudes are considered sour/sweet?

  9. What crudes are low/high end?

Words to Part II



net a.

~ assets


~ profit

~ n.



нетто, чистый

Ex. Indonesia withdrew its membership in OPEC in 2008 after it became a net importer of oil.

чистые активы

чистая прибыль

а) цифра за вычетом налогов и других расходов, обязательств и т. д., т. е. сумма, уменьшенная на все относящиеся к ней вычеты

Ex. In economics, net means after deductions. The antonym is gross, meaning before deductions. Nett is an alternative spelling used in British English.

б) чистая прибыль после налогообложения

Ex. Saudi Arabia net oil export revenues were forecast to increase in 2005 and 2006, to $150 billion and $154 billion, respectively, mainly due to higher oil prices




Brent crude

нефтяная смесь марки «Брент» -  эталонная (маркерная) марка (сортнефти, добываемой в Северном море

Ex. The price of Brent Crude, one of the first types of oil extracted from the North Sea, is used today as a standard price for comparison for crude oil from the rest of the world.



West Texas Intermediate (WTI)

западно-техасская средняя Базовый сорт нефти (США)

Ex. WTI often referenced in North American news reports about oil prices, alongside North Sea Brent Crude.



Dubai crude

Ex. Dubai crude is generally used for pricing Persian Gulf crude oil exports to Asia



spot price

"спот" (условия расчетов, при которых оплата и поставка осуществляются немедленно)

цена при продаже за наличные (с немедленной доставкой)




term price

цена долгосрочного/среднесрочного контракта

benchmark n.

база (сравнения), ориентир, эталон, стандарт для сопоставлений, отправная (контрольная) точка (любой показатель, выбранный за основу при сравнении или оценке других показателей)

Ex. In the 1960s and 1970s the Swedish political system was regarded as a benchmark for other European countries



quote n. (quotation)

котировка, расценка, цена

quote v.

назначать цену, котировать

Ex. Neste Oil is a Finnish oil refining and marketing company producing mainly transportation fuels and other refined petroleum products. Neste Oil shares are quoted on the Helsinki Stock Exchange.



adjust v.
adjustment for smth. n.

~ for inflation

adjusted adj.


корректировать, согласовывать, приводить в соответствие

Ex. We adjusted our watches to local time.

поправка на ч-л

поправка на инфляцию

Ex. Once we make the adjustments for inflation, the fall in interest rates is quite small.

согласованный



haul v.
to haul freight

везти, перевозить; транспортировать; заниматься коммерческими перевозками

перевозить грузы

Ex. The ship was hauling a load of iron ore.


haulage n.

перевозка, транспортировка; доставка, подвозка (товаров, грузов); термин обычно применяется для обозначения автодорожной и железнодорожной перевозки)

Ex. This contract, which is reproduced here, is a typical example of a standard form contract found in the haulage industry.



marginal a.

~ supply
~ well




1. незначительный, небольшой, несущественный, неважный, малодоходный

Ex. There has been only a marginal increase in sales recently.


маржинальные поставки
малодебитная (истощенная) скважина

Ex. A stripper well or marginal well is an oil or gas well that is nearing the end of its economically useful life.

2. дополнительный

Ex. The marginal return is the added output resulting from employing one more farmer.




margin n.

маржа, разница между себестоимостью и продажной ценой, прибыль

Ex. A store that sells for $1 an item costing it 90 cents has a 10 % margin.



continuous a.
ant. discreet

постоянный, непрерывный

Ex. Although we nearly always need extra drivers, we cannot guarantee continuous employment.



continuity n.

~ of supply


~ of employment


бесперебойность, непрерывность

Ex. We should ensure continuity of care between hospital and home.

бесперебойность снабжения

Ex. Feasibility studies showed that the creation of a regional electric transmission system would be very positive for the region and lead to a reduction in electricity costs and to improvements in the continuity and reliability of supply.

непрерывный стаж работы


shortfall n.

дефицит, недостача

Ex. The Mauritanian government announced a 112 million USD budget deficit, mostly due to shortfalls in oil exports due to technical problems.



Cif (CIF or c.i.f.)
on CIF terms

CIF Manchester



сокр. от cost, insurance, freight; сиф; стоимость, страхование и фрахт

Ex. A CIF sale contract requires the seller to obtain insurance cover for the voyage.

на условиях сиф

сиф Манчестер, на условиях сиф Манчестер



delivered price

цена с доставкой; цена, включая доставку (цена товара, включающая в себя расходы на транспортировку продукта от производителя (места продажи) к помещениям покупателя или другому, указанному покупателем, пункту назначения

clear customs

1. уплачивать таможенные пошлины

2. проходить таможню

Ex. It took ages to clear customs but then we were out of the airport quite quickly.


Fob (FOB or f.o.b.)
free on board price

сокр. от free on board франко-борт, фоб; франко-вагон

цена FOB (цена, включающая собственно стоимость товара, а также транспортные и страховые расходы, понесенные продавцом вплоть до завершения погрузки товара на борт судна)

Ex. The delivery locations of crude oil products are usually sea ports close to the oil fields from which the crude was obtained and the pricing is usually quoted based on F.O.B.



Types of prices



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