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 submit the SGS Report along with the full Proof of Product to the buyer. Seller proceeds with product injection into Buyers leased tanks.

7.Seller submits the SGS Report with the full Proof of Product to the Buyer. Seller commences product injection into Buyers Vessel

8.Buyer makes 100% payment by MT 103 TT wire transfer for the total product within 78 hours and Seller transfers the Title Document into Buyer's name including all export documents

9.Seller pays commission to all intermediaries involved in the transaction 24 hours after confirmation of the Buyers Payment, for initial Spot, as well as each subsequent contract shipment.

10.A mutual contract transaction shall continue as agreed by both parties.

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