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. GPS Coordinate-Tank Storage Receipt (TSR)

4.Seller issues following POP documents to Buyer:

a)Injection report

b)Dip test authorization letter (DTA) - Unconditional

c)48 hours Fresh SGS Report in Rotterdam.

d)Authorization to verify the product in seller's tank (ATV)

4.Buyer conducts Dip test on the product by his SGS team or equivalent

5.Seller commences Injection of the product into buyer’s Leased Tank.

6.On completion of the product injection into buyer’s tanks, the buyer makes full payment of the product by means of MT103/TT to seller nominated bank account. Seller pays all intermediaries involved in the transaction and subsequently, monthly Shipment continues as per terms and conditions of the Commercial Invoice and extension of the transaction by issuing 12 months contract to the buyer for proceeding

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