PROCEDURE FOB TTT / TTV ROTTERDAM - FUJAIRAH - HOUSTON KPE B - 21) The Buyer issues the ICPO to the Seller along with the Company Profile, the Company Registration Certificate with thebusiness purpose suitable for trading in petroleum products, a copy of the Sole Director or CEO's passport, and the C.I.S.with all the information and details of the bank used by the customer to purchase the supply. The Buyer uses a TSA in theSeller's name or a TSA in the Seller's name only, requesting authorization to use the tanks for the entire duration of thesupply. After receiving the ICPO with the above-mentioned documents, the Seller issues the Buyer a CooperationAgreement- Memorandum of Understanding and the NCNDA/IMFPA, both to be signed by the Buyer and returned to theSeller.2) The Seller issues a Proforma Commercial Invoice (P.I.), which the Buyer signs and stamps and returns to the Selleralong with a POF for the invoiced value of the product, verifiable by the Seller's commercial agent, via an ATV providedby the Buyer and payable to the seller’s commercial agent.3) The Seller releases a copy of the SGS FRESH Report to the Buyer's tanker company exclusively for verification of theSGS FRESH Report at the SGS office in the port where the Seller's product is stored, with a confidentiality and noncircumvention letter. Verification of the SGS FRESH Report consists of ensuring that the product meets specifications andquality standards and performing:- Sampling and analysis of the product taken from the tanks to assess: chemical composition, purity, and compliancewith industry standards.- Review and authentication of documents: quality, origin, and shipping certificates.- Inspection and assessment of tank conditions to ensure product quality during storage and transportation.4) Following successful verification of the SGS FRESH Report by the SGS port office, the Buyer's tank company will notifythe Buyer in writing of the authenticity of the SGS FRESH document. If the Buyer uses its own storage company, it will payits tank company one (1) day's TSR and, immediately after verifying the Buyer's payment, the Seller will request the Buyer'sstorage company to issue an invoice for the advance payment of four (4) days' TSR. Only after receiving payment fromthe Buyer and the Seller will the Buyer's storage company issue the Operational TSR, in the name of the Seller/Purchaser,for a total of five (5) days, effective from the first day of the injection program. The cost of the 4 (four) day advance paymentmade by the Seller to the Buyer to enable the release of the 5 (five) day TSR will be refunded by the Buyer to the Seller,through the issuance of a proper invoice issued by the Seller, upon delivery of the POP documentation and the updatedSGS Report referred to in point 5). The 5 (five) day TSR is equivalent to the entire injection duration if the quantity of oneof the following products does not exceed: 100,000 tons of EN590 or 1 million barrels of JET A1 or 100 million gallons ofD6 VIRGIN OIL. If the Buyer chooses to use the TSA issued by the Seller's storage company, payment for 1 day of TSRmust be made directly to the Seller, who will arrange for a 5 (five) day TSR to be issued by its storage company.5) After issuing the 5-day TSR, the Seller will issue the following POP documents to the Buyer:a) Q&Q Report.b) Pre-Injection Report (from refinery field to leased tanks).c) Unconditional Immersion Test Authorization (UDTA).d) Authorization to Buy and Sell (ATSC).e) SGS Report, dated within 72 hours.f) Certificate ofOriging) Authorization to physically test the product in the Seller's tank (ATV).6) The Buyer may optionally perform an immersion test on the Seller's tank by SGS, Intertek, Saybolt, Bureau Veritas, oran authorized inspector, at its own expense. After verification by POP and SGS Q&Q, the Seller, based on the quantitativedata reported in the Q&Q and the European or US Marketscan price corresponding to the updated SGS delivery date(issued in point 5), will issue the final invoice, which the Buyer will pay via MT103/TT bank transfer to the Seller's bankaccount. After payment of the invoice, the Seller injects the entire quantity of Product into the Buyer's tank.7) Upon completion of the injection, the Seller transfers ownership of the Product and all required export documents to theBuyer, in accordance with the Buyer's instructions and guidelines. The Seller will pay all intermediaries involved in thetransaction in accordance with NCNDA/IMFPA regulations.8) Monthly Contracted Shipment (MSS) will continue for an additional 12 (twelve) months, according to the termsestablished in the Sales Agreement signed between Buyer and Seller (SPA) at a Notary Public agreed upon by the parties.If the TRIAL Delivery is successful, the parties may agree whether the 12-month contract will be managed with Tank-toTank or Tank-to-Vessel (TTV) injection directly from the supplier's tank, or with a pre-injection into the Buyer's tank andsubsequent injection into the Buyer's vessel's tank.IMPORTANT NOTE: This procedure, as per the Product Invoice, is agreed upon between Buyer and Seller and cannot bemodified or replaced without the consent of both parties. In the event of any changes to the terms or additional requestsby the Seller for amounts to be paid to perform the 5-day injection (for the supply quantity of 100,000 tons of EN590, 1million barrels of JET, 100 million gallons of virgin D6 oil), this procedure will be considered null and void.
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Dr Antonio Martini
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