Buyer issue ICPO containing the seller’s working procedure with banking details and buyer’s company certificate of incorporation along with passport photo and NCND/IMFPA completed and signed by Buyer, Buyer Mandate Group and all Intermediaries and passed to Seller Side for completion.
Seller issues commercial invoice to buyer to be signed and endorsed.
Buyer’s bank issues POF via MT199 to seller’s bank. Only PoF that is issued bank to bank is acceptable.
After receipt of the POF by seller’s bank, Seller will issue to buyer by email the past partial POP
i) allocation certificate and
ii) refinery commitment to supply for buyer’s reference .
Within 5 banking days after buyer’s receipt of the said PPOP, buyer’s bank issues DLC with face amount of 1m barrels and validity of 3 month to seller’s nominated bank account.
Within 15 banking days after receipt of DLC, seller issues to buyer the documents listed below:-
tank storage receipt (TSR) with GPS coordinates of where the tanks are located.
dip test authorization letter (DTA) by refinery.
authorization to sell/collect by refinery
SGS report less than 72 hours at Rotterdam storage tank.
authorization to verify the product in the seller’s tank (ATV) by seller.
Buyer carries out own SGS inspection at buyer’s expense within 3 banking day after receipt the documents listed in step 6.
Upon successful SGS inspection in tanks by buyer, buyer makes payment for the product via MT103/TT within 3 banking days after satisfactory SGS report and commodity title transfer and ATI to buyer or seller draw down the DLC. Seller pays intermediaries within 48hours.
Buyer takes ownership of fuel.
Seller sends SPA to buyer for 12 month contract with rolls and extensions.
We trust you will find this offer acceptable and look forward to your prompt response to secure the offer.