The heaviest drag on resale trading is tied-up capital. A crude cargo typically passes through two or three intermediaries from load port to discharge, each leg generating receivables and payables; the traditional route settles every leg in full, leaving cash spinning through accounts several times.

The practical win in the latest facilitation pilot is netting settlement: within one bank and one currency, multiple receivables and payables over a period are offset first, and only the net balance is settled. For the seven-grade resale book, settlement count drops by more than half and the period of tied-up bank lines and own funds shrinks with it.

Netting is not a way around supervision. The rule still requires a single bank and a single currency; cross-bank or cross-currency legs must be verified transaction by transaction, with special offshore resale stated in the balance-of-payments remark and reported to SAFE within five working days of the deal. The structure saves money, not compliance steps.

For a chain where an offshore SPV supplies and an onshore refiner clears customs, netting squares the book of title moves offshore, cash clears onshore, provided the single-bank, single-currency lock is held end to end and deals are never split across banks for convenience.