TRANSACTION WORKING PROCEDURES FOB TANK TO TANK ROTTERDAM/ HOUSTON & FUJAIRAH PORT:PS

1. Buyer issues ICPO on receipt of Seller’s Soft Offer along with Tank Storage Agreement (TSA) as proof of storage availability.

2. Seller issues commercial invoice, for the available quantity in the storage tank to Buyer, Buyer Signs CI and returns to Seller including copy of NCNDA/IMFPA signed by all buyer groups with commission structures.

3. Seller issues the Dip Test Authorization letter for buyer and Buyer’s Tank Farm endorsement along with the following PPOP documents:

  • Legalized Commercial Invoice
  • Product Passport
  • Availability of Product endorsed
  • Authority to Sell & Collect (ATSC)

4. Seller issues Complete DTA attached with fresh SGS Report and Tank Receipt to Buyer, Buyer order SGS to conduct Dip Test of the product in the Seller’s Tank on Buyer expenses submit the full injection report to the Buyer.

5. Upon successful Dip Test, sellers inject the fuel into buyer lease Storage Tank and sellers submit the full injection report to the Buyer

6. Buyer make 100% payment by MT103 TT wire transfer for the total product and Seller pays commission to all intermediaries involved in the transaction within 24 hours after confirmation of the buyer’s payment.

7. Seller issues draft SPA to buyer to review for R&E monthly deliveries.

8. Buyer review and approves the SPA and issues SBLC/IRDLC irrevocable, nontransferable, auto revolving for 12 months shipment value, documentary letter of credit for length of contract and for each lift per schedule. Buyer pays after Dip Test by MT103 Wire Transfer on each monthly quantity.

9. The subsequent delivery shall commence according to the terms and conditions of the contract.

10. Seller pays commissions to all intermediaries as per IMFPA / NCNDA 24 hours after receiving payment from Buyer.

 

TRANSACTION WORKING PROCEDURES FOB TANK TO VESSEL ROTTERDAM/HOUSTON & FUJAIRAH PORT: PS

1. Buyer issues official ICPO addressed to the refinery or representative.

2. Seller issues Commercial Invoice (CI), buyer signs and returns the signed invoice to seller Along with CPA.

3. Seller issues to buyer the partial proof of product documents:

  • ATSC – Authority to sell and collect
  • DTA – Dip Test Authorisation
  • STATEMENT OF PRODUCT AVAILABILITY DULY SIGNED AND NOTARISED BY THE APPROPRIATE AUTHORITIES.
  • COMMITMENT LETTER TO SUPPLY

4. Buyer extend seller’s tank for 3 days and receives full GPS coordinates of the tanks, Hub Numbers, terminal access permit and dip test is conducted immediately with buyer’s team to obtain fresh SGS report.

5. After successful Dip Test in Seller’s tanks, Buyer takes over seller’s tank or Seller injects into buyer’s vessel and buyer conducts its own DIP TEST Inspection for Q & Q of the Petroleum Products aboard vessel.

6. Buyer after successful Q &Q Dip test on the product, buyer makes the payment for the total value of product injected into the tanks through the means of MTI03 – TT.

7. Upon seller receives the payment for the product from the buyer, seller issues to buyer the Title ownership of the product and all exporting document of the Product. Seller pays all intermediaries involved in the transaction.

 

FOB TRANSACTION PROCEDURE TANK TO VESSEL IN ROTTERDAM: NR

1. The buyer issues an ICPO taking into account CIS, RWA and CPA.

(To making a TTV transaction didn’t required SPA. Q&Q confirmation required)

2. Seller sends following Draft CI (Commercial Invoice) Draft DPST (Delivery Processing Schedule Table).

3. Buyer and vessel operator endorse and approves CI & DPST respectively and return to seller. Seller signs CI and issued final copy.

4. Seller programs injection and issues to Buyer the following documents:

  1. Unconditional dip test authorization (DTA)
  2. Fresh SGS report (less than 72 hours old)
  3. Injection report
  4. Certificate of Origin
  5. Authorization to sell and collect (ATSC)
  6. Tank Storage Receipt (TSR)
  7. NCNDA/IMFPA

5. Buyer verify POP within 24 to 48 hours.(Buyer has optional dip test inspection on the product in Supplier/Seller storage tanks via SGS at Buyer’s expense.

6. Upon successful dip test inspection (if necessary), Buyer provides INOR (Injection Notice of Readiness) to Seller and Seller immediately commences injection of the product into Buyer’s CPA Chartered vessel then Buyer makes payment for the total product value by MT103/TT upon injection of completion.

7. Seller immediately transfers the title of product ownership to Buyer with all export documents.

8. Buyer pays commissions to Seller’s side and Buyer’s side intermediaries, as per executed NCNDA/IMFPA for this transaction within 72 hours of receipt of payment from Buyer.

9. Buyer and Seller execute SPA for 12 months. The proceeding shipments shall continue in accordance with the same Procedures indicated above.