Posts

Refinery Oil and Petroleum Products Procedure For FOB

The Non-Negotiable Procedure For Spot Free on Board (Rotterdam) 1.Upon verification and acceptance of the seller’s corporate offer (SCO/FCO), the buyer issues the IrrevocableCorporate Purchase Order (ICPO) copying this SPOT FOB OF ROTTERDAM, THE NETHERLANDS working procedure, and to include the following: a)The Buyer’s company full banking details. b)The authorized signatory/officer’s data page of his/her passport. c)The active and valid Storage Tank Agreement the buyer’s current Tank farm Company Rotterdam for verification. 2.Upon verification and acceptance of the buyer’s current Tank farm company and the irrevocable CorporatePurchase Order, the seller issues the Commercial invoice (CI) to the buyer for review and acceptance. 3.The Buyer return the, a)countersigned Commercial invoice Indicating both parties’ readiness and willingness on those signatures to meet all the transaction’s obligations. b)The re-executed Tank Storage Agreement (TSA) with the Tank farm Company Rotterdam port,...
1 comment
Read more

Refinery Oil and Petroleum Products Procedure For SPOT-DIP & Pay FOB - DTA

Working Procedure For SPOT-DIP & Pay FOB - DTA 1.Buyer issues ICPO, with TSA and company registration certificate. 2.Seller issues Commercial Invoice (CI) to buyer, buyer signs and returns back to seller withNCNDA/IMFPA signed by all buyer groups with commission structures. Seller provide the below documents to the buyer:- a.Certificate of Incorporation b.Certificate of Origin of the Product c.Statement of Product Availability d.Product Quality Passport (Dip Test Result) e.Commitment/Assurance letter to Supply f.Tank Storage Receipt (TSR) GPS coordinates, location Tank Number, Bar Code g.DTA to be signed by the buyer and its logistic tank farm. h.Notification of Readiness (NOR) 3.Buyer returns the signed DTA, the seller confirms the signed DTA by the buyer and its tank farm. 4.Seller issues the following POP documents to Buyer: a.Injection report Shore Tank Rotterdam / Houston b.Dip test authorization letter (DTA) - Unconditional c.Authorization to sell and collect (ATSC) d.Fresh S...
Post a Comment
Read more

Refinery Oil and Petroleum Products Procedure For DIP & PAY FOB - Seller and Buyer Jointly Pay To buyer tank Farm

 Procedure For DIP & PAY FOB - Seller and Buyer Jointly  Pay To buyer tank Farm 1.Buyer issues ICPO, with TSA and company registration certificate. 2.Seller issues Commercial Invoice (CI) to buyer, buyer signs and returns back to the seller with NCNDA/IMFPAsigned by all buyer groups with commission structures. Seller provide the below documents to the buyer:- a.Certificate of Incorporation b.Certificate of Origin of the Product c.Statement of Product Availability d.Product Quality Passport (Dip Test Result) e.Commitment/Assurance letter to Supply f.Tank Storage Receipt (TSR) GPS coordinates, location Tank Number, Bar Code. g.Notification Of Readiness (NOR) h.Authorization to sell and collect (ATSC) 3.Seller logistics team verifies the buyer’s provided tank farm and pay 3 days on buyer’s tank farm and after confirmation of the funds by buyer’s tank farm, Buyer pays the remaining 2 days to his Tank Farm Company to obtain 5 Days TSR, to show both parties proof of Readiness. G...
Post a Comment
Read more

Refinery Oil and Petroleum Products Procedure For SPOT - DIP & PAY FOB - SELLER TANK EXTENSION

Procedure For SPOT - DIP & PAY FOB - SELLER TANK EXTENSION 1.Buyer issues ICPO to the Seller upon acceptance of Seller mandate’s SCO Along with buyer TSA 2.Seller issues commercial invoice CI, for the available quantity in the storage tank to Buyer, Buyer Signs and returns CI to Seller and buyer parties sign the NCNDA/IMFPA and send it to the seller. 3.Seller sends the following documents to the Buyer:- b)Sellers Tank Receipt GPS coordinates, location Tank Number, Bar Code a)Injection Report b)Sellers Tank Receipt GPS coordinates, location Tank Number, Bar Code e)Authorization to Sell and Collect ATS d)Product Passport e)Notification of Readiness (NOR) 4.Buyer extends Seller’s tank for 2 days, to facilitate the DTA, for a Dip Test and Buyer pays and conducts DT in Seller's tank after 2 days validated. 5.After a successful Dip Test DT, Buyer provides Tank details and submits NOR to prepare for an injection of the product into Buyer's leased tanks. 6.Seller shall immediately ...
Post a Comment
Read more

Refinery Oil and Petroleum Products Procedure For FOB TRANSACTION

 FOB TRANSACTION PROCEDURES 1.Buyer issues ICPO, Company Registration Certificate, and TSA. NCNDA/IMFPA is signed by all intermediaries and notarized by seller lawyer & Seller bank endorsed. 2.Seller issues a commercial invoice of the product in tanks at the port, Buyer signs and returns commercial invoice along with an acceptance letter. 3.Seller issues to Buyer the below Partial POP Documents: a)Unconditional Commitment to Supply. b)Statement of Product Availability. 4.Upon confirmation of the above documents, the Buyer requests for two (2) invoices from his tank farm. Seller pays the Buyer’s tank farm company for 2 days, after Buyer's tank farm company confirms a payment from Seller company, Buyer pays their tank farm company for the remaining.3 days and sends to Seller its Tank Storage Receipt (TSR) confirming their storage tanks readiness for injection and Seller issues to the Buyer the below Full POP Documents: a)Injection Schedule. b)Act of Transfer / Change of Ownership...
Post a Comment
Read more

Refinery Oil and Petroleum Products Procedure For FOB Tank to Vessel

Procedure For FOB Tank to Vessel 1.Buyer accepts End seller’s SCO and issues ICPO. 2.End Seller issues commercial invoice (CI). Buyer Signs it and returns to Seller together with CPA. 3.Seller provides below listed PPOP along with unconditional Dip Test Authorization: a.Product passport (Product Analysis report) b.Irrevocable commitment to supply. c.Tank Storage Receipt (TSR). d.Tank to Vessel Injection Agreement (TTVIA) to be signed by seller Tank Farm Company 4.Buyer conducts Dip Test in Seller’s tanks, at his own expense. 5.NCNDA / IMFPA is Signed by buyer, Seller & Intermediaries. 6.Buyer provides Q88) for the seller to proceed for Tank to Vessel injection and provide the buyer with the injection report of the Product in the Buyers Vessel. 7.Buyer makes the payment for a total cost of product injected into Vessel via MT103. Seller transfer title ownership to Buyer with all export documents required for the transaction. 8.Upon conclusion of first lift transaction seller pays all...
Post a Comment
Read more

Refinery Oil and Petroleum Products Procedure For FOB Rotterdam

 Transection FOB Prodcedure Rotterdam 1.Buyer confirms SCO and issues an official ICPO with banking details. 2.Seller issues MOU / Commercial Invoice for buyers review and signing. 3.Buyer signs the MOU and commercial invoice and returns to seller and seller issues thePOP Documents as shown below: i.Vessel Laden document, ii. Product Passport, iii. Cargo Manifest, iv. Bill of Laden, v.Title transfer deposit invoice, vi. Product origin Certificate. 4.Buyer conducts due diligence on the documents for product availability and vessel arrival at Rotterdam Port, then makes a deposit for the Vessel Take over Via T.TWire to Shipping company for routing of the vessel to Buyers port for Q&Q check. 5.Buyer contacts the shipping company to re-direct the route of the vessel Tanker to buyer's destination port and seller transfer title to buyer's name. Upon the arrival of the vessel at the buyer’s discharge port, the Seller issues an Authorization to Board the Vessel byBuyers team with an...
Post a Comment
Read more