Letter of Credit. It is a document issued mostly by a financial institution which usually provides an irrevocable payment undertaking (it can also be revocable, confirmed, unconfirmed, transferable or others e.g. back to back: revolving but is most commonly irrevocable/confirmed) to a beneficiary against complying documents as stated in the credit.


Light Distillate Feedstock

Lease condensate

Lease condensate is light liquid hydrocarbons recovered from lease separators or field facilities at associated and non-associated natural gas wells. Mostly pentanes and heavier hydrocarbons. Normally enters the crude oil stream after production


Light Fuel Oil. Fuel oil containing a certain percentage of diesel.  Residual fuel oils are sometimes called light when they have been mixed with distillate fuel oil.

Light Distillates

It refers to the upper streams of the atmospheric distillation of crude oil, comprising LPG and naphtha.

Liquefied Refinery Gases (LRG)

Liquefied Refinery Gases (LRG) are liquefied petroleum gases fractionated from refinery or still gases. Through compression and/ or refrigeration, they are retained in the liquid state. The reported categories are ethane/ethylene, propane/propylene, normal butane/ butylene, and isobutane/isobutylene. Excludes still gas.


Liquefied Natural Gas. Mainly methane gas coming out from earth’s substrates. It is natural gas that has been processed to remove either valuable components e.g. helium, or those impurities that could cause difficulty downstream, e.g. water and heavy hydrocarbons and then condensed into a liquid at almost atmospheric pressure (Maximum Transport Pressure set around 25 kPa) by cooling it to approximately -163 degrees Celsius.


A logo (from the Greek λογότυπος = logotipos) is a graphic element, symbol or icon of a trademark or brand and together with its logotype, which is set in a unique typeface or arranged in a particular way. A typical logo is designed to cause immediate recognition by the viewer. Logos may also be used to identify organizations or other entities in non-economic contexts.


linear programming problems involve the optimization of a linear objective function, subject to linear equality and inequality constraints. In other words, given a polytope (for example, a polygon or a polyhedron), and a real-valued affine function.

Defined on this polytope, the goal is to find a point in the polytope where this function has the smallest (or largest) value. Such points may not exist, but if they do, searching through the polytope vertices is guaranteed to find at least one of them.


Liquefied Petroleum Gas. It is a mixture of hydrocarbon gases, mainly propane and butane, used as a fuel in heating appliances and vehicles and increasingly replacing chlorofluorocarbons as an aerosol propellant and a refrigerant to reduce damage to the ozone layer.


Russia's largest oil company and its largest producer of oil. Its international upstream subsidiary is called LUKOIL Overseas Holding. Headquartered in Moscow, LUKOIL is the second largest public company (next to ExxonMobil) in terms of proven oil and gas reserves (ca. 20 bn boe by SPE standards; some 1.3% of global oil reserves).

LUV Trade

Speculation on how the future price chart of a commodity will look is described as the LUV Trade. In periods of falling prices, the future commodity price chart will either be shaped like an L (a sharp fall followed by a prolonged period of lower prices), or a U (a sharp fall, a short period of lower prices, before an eventual recovery) or a V (a sharp fall followed by an almost immediate rebound).


Light Virgin Naphtha. Generally speaking, less dense ("lighter") naphthas will have higher paraffin content. These are therefore also referred to as paraffinic naphtha. The main application for these naphthas is as a feedstock in the petrochemical production of olefins. This is also the reason they are sometimes referred to as "light distillate feedstock" or LDF (these naphtha types can also be called "straight run gasoline"/SRG or "light virgin naphtha"/LVN).