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