CI DIP AND PAY TRANSACTION PROCEDURE FOR FOB JURONG /Rotterdam. Houston/ Fujaira
1) Buyer issue ICPO containing the seller's working procedure and banking details along with company registration certificate, buyer data page of buyerâ??s Passport with buyerâ??s Nominated TSA for refinery verification and approval.
2) Seller issues commercial invoice (C.I.), buyer signs and return commercial invoice along with an acceptance letter.
3) Seller issues a copy of SGS Report to buyer's Tank Farm Company only to verify SGS Report with a Confidentiality & Non-Circumvent letter.
4) Upon confirmation of SGS Report by Buyer's Tank Farm Company, Seller pay two days Tank lease fee to buyer 's Tank Farm and buyer pays three[3] days to same Tank farm but if buyer has an outstanding Previous Tank Storage Receipt{TSR} ,Seller request Change of Name in the TSR to ENERGOREZERV Refinery' as the Supplier
5) Seller issues following POP documents to buyer:
A. Q&Q Report
B. Pre Injection Report(From refinery reservoir to leased tanks)
C. Unconditional Dip test authorization letter (UDTA)
D. Authorization to sell
E. Fresh Update SGS Report
F. Certificate of Origin
G. Authorization to verify physically the product in sellerâ??s tank(ATV)
6) Buyer and his testing teams conducts Dip test on the product and injection commence from sellerâ??s tank to buyerâ??s tank.
7) Upon completion of injection, seller issues full Injection report to buyer and buyer makes 100% payment via MT103 for the total value of product injected into the tanks.
