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    TERMS OF TRANSACTION - Jianfeng, Docx

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    JZ Huang
    The document outlines procedures for various fuel transactions including FOB-TTO-CIF, FOB tank to vessel dip and pay, and CIF approved standard banking working procedures. Minimum and maximum quantities are provided for ultra-low sulfur diesel and jet fuel. Steps are described for tank to tank transactions involving inspection, payment, title transfer, and intermediary payment.

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    TERMS OF TRANSACTION - Jianfeng, Docx

    Uploaded by

    JZ Huang
    9 views3 pages
    The document outlines procedures for various fuel transactions including FOB-TTO-CIF, FOB tank to vessel dip and pay, and CIF approved standard banking working procedures. Minimum and maximum quantities are provided for ultra-low sulfur diesel and jet fuel. Steps are described for tank to tank transactions involving inspection, payment, title transfer, and intermediary payment.

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    TERMS OF TRANSACTION.Jianfeng,docx

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    The document outlines procedures for various fuel transactions including FOB-TTO-CIF, FOB tank to vessel dip and pay, and CIF approved standard banking working procedures. Minimum and maximum quantities are provided for ultra-low sulfur diesel and jet fuel. Steps are described for tank to tank transactions involving inspection, payment, title transfer, and intermediary payment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    9 views3 pages

    TERMS OF TRANSACTION - Jianfeng, Docx

    Uploaded by

    JZ Huang
    The document outlines procedures for various fuel transactions including FOB-TTO-CIF, FOB tank to vessel dip and pay, and CIF approved standard banking working procedures. Minimum and maximum quantities are provided for ultra-low sulfur diesel and jet fuel. Steps are described for tank to tank transactions involving inspection, payment, title transfer, and intermediary payment.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    TERMS OF TRANSACTION:

    TRANSACTION PORT: FOB-TTO- CIF: ROTTERDAM/ HOUSTON/


    FUJAIRAH/JURONG.
    PAYMENT TERM: MT103, T/T WIRE, SBLC, DLC,
    ORIGINS: KAZAKHSTAN ORIGIN
    INSPECTION: ANY UNIVERSALLY ACCEPTED Q&Q INSPECTION COMPANY

    ULTRA‐LOW SULPHUR DIESEL EN590 10PPM


    Minimum Quantity: 50,000 metric tons
    Maximum Quantity: 300,000 metric tons

    JET FUEL A1
    Minimum Quantity: 500,000 Barrels per Month
    Maximum Quantity: 5,000,000 Barrels per Month

    FOB TANK TO VESSEL (TTV) /DIP & PAY PROCEDURE


    1. Buyer issues official ICPO addressed to the refinery or representative.
    2. Seller issues Commercial Invoice (CI), buyer signs and returns the signed
    invoice to the seller.
    3. Seller issues to the buyer the partial proof of product documents:
    • ATSC - Authority to sell and collect
    • DTA - Dip Test Authorization
    • Product Passport
    • Statement of Product Availability
    • Commitment Letter to Supply
    • ATV – Authority to verify the existence of product via email or phone call.
    4. Buyer send DTA to the seller’s tank farm for endorsement and obtains port
    and terminal access permit through the tank farm in order to gain access to
    conduct dip test.
    5. After a successful Dip Test in Seller’s tanks, Buyer takes over seller’s tank or
    Seller injects into buyer’s vessel / Tank and buyer conducts its DIP TEST
    Inspection for Q & Q of the Petroleum Products aboard vessel / Tank.
    6. Buyer after a successful Q &Q Dip test on the product, the buyer makes the
    payment for the total value of the product injected into the tanks through the
    means of MT103 - TT.
    7. Seller issued NCNDA to all intermediaries involved in the transaction to
    signed and email back to the seller to
    submit to the bank.
    8. Upon seller receives the payment for the product from the buyer, the seller
    issues to the buyer the Title
    ownership of the product and all exporting documents of the Product.
    9. The seller pays all intermediaries involved in the transaction.

    CIF ASWP APPROVED STANDARD BANKING WORKING PROCEDURES


    1.Buyers issues Irrevocable Corporate Purchase Order (ICPO) addressed to the
    Seller's Refinery along with company profile and buyer passport.
    2.Seller issues the draft SPA for buyer's review and signing
    3: Seller issues the below PPOP document to the buyer for verification and
    confirmation to proceed with the contract.
    a. Product Quality Passport Quality Certificate.
    b. Certificate of Product Origin.
    c. Commitment letter to supply.
    d. Statement of Product Availability
    4. Buyer’s bank per seller’s verbiage shall issue SBLC/DLC within six (6)
    working days for first shipment’s value to seller’s financial bank to enable the
    seller to commence loading of a product with the shipping company. seller to
    finalize loading within six (6) working days. But if the buyer fails to issue
    SBLC/DLC within six (6) working days, as an alternative provision buyer pays
    $450,000 directly to the Seller nominated Fiduciary bank account via MT103 as
    a transaction guarantee which will be deducted from the product’s invoice value
    of the product at the destination port.
    5. After confirmation by seller’s bank, the seller at own expense, charters with
    shipping/logistic company and alert buyer on shipment ordered
    graphic/schedule accompanied with the submission of nominated Vessel details
    to the buyer.
    6. Seller commences loading and shipping and releases the below documents to
    Buyer:
    a) Copy of the CPA, to Transport the Product to Discharge Port.
    b) Vessel Q88.
    c) Original BL (full set).
    7. Vessel arrives at the maritime location of the Buyer. Buyer’s Vessel also meets
    the Seller’s Vessel at the agreed location for Trans-loading to commence.
    8. Upon successful product confirmation against the SGS/CIQ Report of Quality
    and Quantity at the destination port, the buyer makes payment by MT103.
    9. Seller and buyer, within seventy-two (72) hours, the seller pays commissions
    to the seller side and the buyer pays buyer side intermediaries involved in the
    transaction.

    FOB ROTTERDAM TANK TO TANK TRANSACTION PROCEDURE


    1. Buyer issues ICPO and Company Registration Certificate or any I.D. With TSA
    for Seller's Verification
    2. Seller issue Draft Commercial Invoice, Buyer signs and returns to Seller with
    his Tank Storage Agreement.
    3. Seller pays the Buyer's tank for 2 days for the Injection Process; Buyer pays 3
    days and only after his Tank Farm Company has received the payment from
    Seller and the Buyer Company. Seller issue NCNDA/IMFPA to the intermediary
    to sign.
    4. Seller provides Buyer with Full POP Documents:
    A. Fresh SGS Report less than 48 hours
    B. Product certificate of origin.
    C. Dip Test Authorization-Unconditional
    D. Injection Report
    E. Tank Storage Receipt with GPS Coordinates
    F. Tank Farm Bar-code Information
    G. Letter of Commitment to Supply.
    H. Registration Certificate & Export License Copy
    I. Authority to Sell & Collect (ATSC
    J. Endorsed Injection Schedule by the buyer & buyer Tank Farm
    K. ATV – For Physical Verification.
    L. Irrevocable Commitment to Supply for Spot and 12 months Contract.
    M. Injection Schedule signed by Buyer & Buyer's tank farm.
    5. Buyer conducts Dip-Test in Seller's tank, via SGS on Buyer's expense, Seller
    injects the fuel to Buyer's tank and Buyer
    makes payment based on Q&Q by MT103 wire transfer / TT According to the
    final Commercial Invoice.
    6. Seller transfers the title of ownership as per Buyer's instruction. Buyer lifts the product.
    7. Seller pays all intermediaries involved in the transaction and subsequently
    monthly contract Shipment continues as per terms and conditions of the sales and purchase
    agreement contract between Buyer and Seller.

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