Transactions & Procédures - TRADE TO PRICE

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Transactions & Procédures

Pétrole & Dérivés > Procédure FOB, CIF, DIP & PAY

TRANSACTION PROCEDURES (F.O.B) ROTTERDAM & HOUSTON - Z.A.O

1. Seller’s Official Representative Issues Soft Offer and buyer sends ICPO, CP and Tank StorageAgreement (TSA) as proof of storage tank availability.

2. Seller verifies and issues: Commercial Invoice (CI) for the available quantity in the storage tank, along with

- Commitment to supply,

- Statement of product Availability and

- Certificate of origin of the product.

Buyer Signs and returns CI to Seller along with an ATV approved by their logistics’ company, for seller’s verification purposes.

3. Upon receipt of the signed CI and ATV, seller verifies and issues the POP documents:

a. Seven 7 days Unconditional DTA

b. 48 hours Fresh SGS Report in Rotterdam

c. Loading port injection report

d. Product Passport

e. Tank Receipt

f. ATSC

g. Bill of Lading

4. Upon successful verification of the POP document, Buyer orders SGS to conduct Dip test of the product in the Seller’s tank at Buyer expense.

5. Following the completion of the Dip Test, seller injects the fuel into buyer’s leased Storage Tank and seller submits the full injection report to the buyer.

6. Buyer makes 100% payment by MT103 EXPRESS TT wire transfer for the total product and Seller pays commission to all Seller side intermediaries as buyer likewise pays commissions to all Buyer Side intermediaries involved in the transaction within 24 hours after confirmation of the buyer’s payment.

7. Seller issues draft SPA to buyer to review for R&E monthly deliveries.

8. Buyer reviews and approves the SPA and issues SBLC/IRDLC irrevocable,nont ransferable, auto

revolving for 12 monthly shipment value and documentary letter of credit for length of contract and for each lift per schedule. Buyer pays after dip test by MT103 EXPRESS wire transfer on each monthly quantity.

9. The subsequent delivery shall commence according to the terms and conditions of the contract, and mandates/intermediaries receive their commissions according to monthly

CIF PROCEDURES - PXM

1. Buyer issue ICPO.

2. Seller Issues Contract Open for Amendments.

3. Buyer Counters Sign and Seals The Contract And Sends Via E-Mail ToSeller.

4. Seller issue proforma invoice and Partial POP documents to buyer via Seller Official email address to Buyer official Email address as listed below:
A. Copy of License certificate
B. Copy of Statement of Availability of theproduct.
C. Copy of Proforma Invoice,
D. Commitment to supply,
E. Certificate of Origin,
F. Q&Q done by indigenous lab at port of Origin,
G. Authorization To Sell (ATS)

5. Buyer Within Five (5) banking Days, through their bank (Buyers bank) Send Swift Operative Irrevocable Confirmed Standby letter of Credit (SBLC)Via Swift MT760 to Seller Fiduciary company bank outside Russia.

6. Seller issues 2%PB to buyer as Guarantee for Monthly shipment and Commences and issues full POP and shipping documents Including (against shipment Documents (Q88, SGS report certificate, Bill of Lading ), and also test report) to buyer via buyer'sBank.

7. Ship arrives at destination port and buyer conducts inspection on the goods and Buyer release payment to seller's bank after inspection at port 100% payable for each shipment within 3 banking days upon the cargo passed SGS and receipt of all the relevant payment documents.

8. Commission to all Agents and Mandates as per signed NCNDA-IMFPA.