Petroleum product-

FOB PROCEDURE

1. After signed NDA, Buyer issues LOI with Proof OF fund, Seller issues Soft Corporate offer

Buyer Issues ICPO alongside with TSA. And Company registration certificate

2. Seller issue CI. The buyer signed and return back along with the Commitment letter to perform signed by buyer attorney.

3. seller issue below documents to the buyer as follow.

A. Authorization to Sell and Collect (ATS & C)

B. Certificate of Origin

C. Statement of Product Availability

D. Commitment to Supply

E. Company Registration Certificate

4. Buyer with extended seller tank for two days, to conducts Dip-test in Seller tank with SGS official and receives fresh SGS report not less than 24 Hours

5. Within 72 Hours, Buyer provide TSR or Vessel storage for Injection of product into the Buyers hired Tanks or vessel

6. Upon successful dip test and injection Buyer pays total cost of product MT103

7. Seller confirms Buyer payment; Seller pay commission to all involved mandate according to the transactions

8. Contract Begins with Rolls and Extensions for 12 months. 

 

 

CIF TRANSACTION PROCEDURE

  1. After signed NDA ,Buyer issues LOI with Proof OF fund, Seller issues Soft Corporate offer, buyer accepts SCO and issues official ICPO with full buyer’s banking details & buyer company Registration Certificate.

  2.  Seller issues Sales Contract Agreement for Buyer to sign and return to Seller within three (3) working days.

  3. Seller submits the signed Contract Agreement to relevant Ministry for official Registration, Legalization

  4.  Seller send’s final Registered and Legalized Contract with the listed partial POP documents directly to buyer secured E-mail.

    • Registered and Legalized Final Contract

    • Statement of Availability of product

    • Commitment of Assurance Letter to Supply

    • Refinery Certificate of business Registration/Incorporation

  5. Seller appoints and both buyer and seller signs Charter Party Agreement with the Shipping Company responsible for the transportation of the products from loading port to buyer’s nominated discharge port.

  6. Buyer’s Bank swift DLC MT700/SBLC MT760 payment instrument covering the total product value within NINE (9) Banking Days to Seller’s Bank. If Buyer is unable to successfully issue the DLC MT700/SBLC/MT760 within the specified working days, Buyer must pay for the allocation security guarantee of the products to the Refinery’s Bank account co-ordinates in other to preserve and reserve the products for the Buyer until the Buyer’s payment instrument is received and confirmed by Seller’s Bank.

  7. Bank immediately issue to Buyer’s Bank via Swift 2% PB along with the full set of proof of product (POP) documents as listed below;

    • Certificate of Origin

    • Refinery License to Export

    • Product Passport (Analysis Result)

    • Tank Storage Receipt (TSR)

    • Bill of Lading

    • Vessel's Q88

    • SGS Quality & Quantity analytical report

    • ACT of Transfer in Buyers name

    • Authorization to Board (ATB)

  8. Shipping commence immediately as schedule in the executed contract.

  9. Upon arrival of the cargo at Buyer’s discharge Port, Buyer releases payment for the total product value by MT103/TT to Seller’s Bank at sight of the goods within 72 hrs.

  10. Seller pays commission to all involved mandates and intermediaries on Seller side while Buyer Pay’s Buyer side mandates and intermediaries according to the NDNCA/IMFPA