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Possibly the custodian "owns" the tanks and tankers and has operating partners run them.
Sellers sell into the Pool: buyers buy from the Pool. Speculators can buy and sell oil in the Pool but do not participate in the price setting, which is based upon the price of oil going in and out of the pool.
I'm not minimising the legal difficulties of this - I have never seen it as less than a five year project and then only if it works in other markets.
Which is why we are looking at trialling the structure on creating new markets where none exist, or could exist, using conventional structures.
LNG is a candidate for an entirely new "asset-based" approach, as is renewable energy. "The future is already here -- it's just not very evenly distributed" William Gibson
Reliance on the performance of oil nations, many of which are run by criminals is a no hoper. Good luck. Maybe you'll prove me wrong.
Markets where the countries already have strong rule of law and players have good credit/performance reputations are doing fine with traditional finance. Aussie LNG is pre-sold to the Japanese such that financing (often from Japanese banks) is secured. Seems to me that already matches your re-labeling exercise pretty closely. The players divvy up the expected profits based on their own projections and a negotiation.
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