The refinery at Petrotrin receives barrels of Oil from Suriname Under Processing Agreement (u.p.a), which it processes for a service fee. The petroleum products produced with the oil received are sold by Petrotrin in the Trinidad market and the sales revenue is returned to Suriname after deducting the processing fee. Select the answer below that best describes this arrangement. Legal and Economic Ownership remains with the Suriname supplier. Legal Ownership remains with the Suriname supplier but Economic Ownership is transferred to Petrotrin. Economic Ownership and Legal Ownership are transferred to Petrotrin.

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