PROCEDURE FOB ROTTERDAM TANT TO TANK - DIP AND PAY:
1. Buyer issues ICPO together with TankStorageAgreement.
2. Seller issues Commercial Invoice and ICC Warning Letter to buyer.
3. Buyer returns signed Commercial Invoice with NCNDA/IMFPA signed by all intermediate
Buyer groups at agreed commission structures.
4. In order to guarantee performance, buyer's bank may issue BCL with ATV format to
seller’s nominated bank within 3 working days in case buyer is unable to prove or confirm
secured storage facilities.
NOTE: On circumstance that buyer's bank failed to issue BCL with ATV format to seller's
nominated bank at the agreed time frame of 3 working days. Buyer will be required to swift
$210,000 via T.T for the seller to commit maintaining its 2% PB at its fiduciary bank
SELLER RELEASES LISTED DOCUMENT POP TO BUYER VIA EMAIL
A. SGS copy not older than 48 hours inspected in Rotterdam, Houston port.
B. Copy of Injection Report Shore Tank Rotterdam, Houston port.
C. Copy of Certificate of Origin.
D. Copy of Registration Certificate.
E. Copy of Statement of Product Availability
F. Authorization to Sell and Collect
G. Attestation or Authority to Verify
H. Unconditional Dip Test Authorization
5. Buyer upon satisfactory to Dip Test at buyer's expense, seller transfers Title of Ownership
to buyer, seller submits full POP with shipping materials to buyer
6. Buyer makes payment by MT 103 or VI"Wire Transfer for the total product and lifts the
product and Seller pays all intermediary involve in the transaction
7. Start monthly contract, supply commences (12 months). For the contract, a
revolving IRDLC/SBLC will be required to be issued for the full term of the contract.
Trial quantity: 100,000 MT (spot)
Monthly quantity (after successful trial): 200,000 MT
Contract duration: 12 months
Incoterm: FOB Jurong Port, Singapore
Lifting: product to be loaded onto buyer's nominated vessel from seller's storage tank or vessel
Target price: USD 350 to 370 per MT (open to discussion based on origin, volumes and transaction structure)
Envisaged procedure:
1. ICPO and Commercial Invoice (CI) signed and exchanged between both parties
2. Seller provides full Proof of Product (POP) documents and authorization for SGS Dip Test inspection
3. Upon satisfactory verification of product quality and availability, buyer proceeds with payment
4. Product is transferred to buyer's nominated vessel
