Refinery Oil and Petroleum Products Procedure For CI / DIP & PAY WORKING

Seller Working Procedure For CI / DIP & PAY WORKING 

1)Buyer issues ICPO with seller's working procedure as transaction procedure with bank details and buyer's passport scan Copy.

2)The seller issues the commercial invoice for the product in the tanks at the port together with the buyer's sign and returns the CI to the seller.

3)The seller provides the buyer with the passport of the product, the tank storage receipt (TSR) together with the immersion test authorization (DTA) for the buyer to contact the tank farm for the dip test program, the buyer extends the seller's tanks and receives the coordinates of the allow the inspection team from SGS or a similar laboratory to have access to the tanks to perform the immersion test on each tank.

4)The NCNDA / IMFPA will be signed by all intermediaries involved in the transaction and sent to the seller for approval, the seller provides complete PPOP documents with NCNDA / IMFPA endorsed.

5)Upon successful tank dip test and QSQ QSQ buyer confirmation, the buyer makes payment of full product cost through MT103 within forty-eight (48) hours and the seller transfers title ownership to the buyer and the buyer picks up the product in the container or completely take over the vendor's tanks for additional product storage.

6.Immediately the Seller pays the commission to all Agencies, Broker, and intermediary according to signed NCNDA / IMFPA

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