Library / B 143 Federal Republic of Nigeria Official Gazette No. 52

B 143 Federal Republic of Nigeria Official Gazette No. 52

Page 28 of 31

B  170
members as specified in the default remedy mechanism of gas exchange
or clearing house and may comprise of any sources of funds as may be
determined by the gas exchange or clearing house ;
“term-ahead contract” means contracts where physical delivery of gas
occurs on a date more than one day (t+2) ahead from the date of transaction
(t) and have a defined delivery period ;
“trading and clearing member” means a person having both trading
and clearing rights in any gas exchange or clearing house ;
“trading member” means a person having trading rights in any gas
exchange ;
“transaction period” means when transaction commences and when
transaction session continues before commencement of delivery ;
“USD” means United States Dollars ; and
“virtual pipeline” means transportation and distribution of gas by trucks,
barges, vessels and rail wagons.
62.  These Regulations may be cited as the Gas Trading and Settlement
Regulations, 2023.
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