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, and to insert in the TSA the seller’s name as the applicable seller.

c)The Tank Farm Company’s Storage Tank Invoice (STI) for minimum FIVE (05) days storage space.

4.Upon verification and satisfaction that the buyer is ready, willing, and able to meet all the Commercial Invoice’sobligations, the seller will issue all the following Proof of Product (POP) and emails the soft copy of the product’s title documents to the buyer

a.Clean On-Board Ocean Bill of Lading or Vessel Q88.

b.Exports License.

c.Statement of Availability of the Product d. Cargo Manifest. 5. Within a maximum of three (03) days upon successful verification of all the soft copies of the POP, the buyer provides the Tank Farm Company’s fresh bar-coded Storage Tank Receipt (STR) for a minimum of five (05) days of storage space’s days to the seller to proceed with the transaction.

6.Upon receipt and verification of the bar-coded STR, the seller will immediately direct their vessel to the TankFarm Company Port of Discharge Rotterdam.

7.The buyer to immediately provide their verifiable availability of fund to the seller to proceed with the transaction

8.The vessel arrives at the Tank Farm Company Port of Discharge Rotterdam; the seller shall immediately issue the Authorization to Board (ATB) or Authorization To Verify (ATV) to the buyer to conduct the Dip Test Analysis and Quality and Quantity Certification (SGS Q&Q Certification) in within three (03) days on board of the vessel Rotterdam Port with the SGS Netherlands or any other approved inspectors at a date appropriately determined by the buyer’s inspection company.

9.The entire SGS DTA and Q&Q Certification’s cost at Port of Loading Russia to be borne by the seller. The entireSGS DTA and Q&Q Certification’s cost at Port of Discharge Rotterdam is to be borne by the buyer. A copy of the buyer’s SGS DTA and Q&Q Certification Port of Discharge Rotterdam to be forwarded to the seller for reference

10.In the unlikely event the buyer’s SGS DTA and Q&Q Certification Port of Discharge Rotterdam results are negative and fails to comply with the contractual specification, the seller’s options to review; undertakes to re-conduct immediately the entire SGS DTA and Q&Q Certification at their own cost, or to offer the delivery at a lower price being negotiated and accepted by the buyer.

11.Within a maximum of seventy-two (72) hours upon the success of the SGS Q&Q Certification Port of DischargeRotterdam, the buyer’s bank releases payment for the value shown in the Commercial Invoice less any agreed price revisions, rebates, or credits via Wire Transfer SWIFT MT 103 Fund

12.The buyer’s Tank Farm Company to immediately issue the Authorization To Verify (ATV) and Authorization ToInject (ATI) upon the success of the SGS Q&Q Certification Port of Discharge Rotterdam to the seller. Transloading into the buyer’s Tank Farm Company’s storage tank to commence according to the Authorization to Inject schedules.

13.Upon confirmation of the receipt of the full cargo payment from the seller’s bank, the seller air- courier all the original copies of the product’s title documents including the fresh SGS Q&Q Certification Port of Loading Russia to the buyer’s nominated addressee.

Transfer to the seller’s bank. Note: In the event, the buyer or the buyer’s bank fails to pay for the product within these stated time frames, the seller reserves the right to terminate the executed Commercial Invoice and there will be no refunds to be made for any of the payments from the buyer.

14.The transaction completed. All parties in this transaction execute the NCNDA/IMFPA under R&E Agreement and proceed to negotiate for an extension of the trade partnership. Within a maximum of forty-eight (48) hours

after the buyer’s payment is being confirmed, the seller remits the clean and clear commissions to all the intermediaries.