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CURRENT PRICES OF CRUDE OIL AND REFINED PRODUCTS IN USD. PRICES ARE UPDATED IN REAL-TIME. LAST UPDATED : 12:00 PM GMT+5:30 21-11-2024. |WTI CRUDE 68.92 +0.17 0.25% |BRENT CRUDE 72.96 +0.15 0.21% |MURBAN CRUDE 72.28 +0.12 0.17% |NATURAL GAS 3.313 +0.120 3.76% |GASOLINE 2.031 -0.015 -0.71% |HEATING OIL 2.228 +0.001 0.06% |WTI MIDLAND 70.54 +0.44 0.63% |MARS 73.55 -0.09 -0.12% |OPEC BASKET 72.56 +1.36 1.91% |DME OMAN 72.54 +2.30 3.27% |MEXICAN BASKET 64.90 +2.31 3.69% |INDIAN BASKET 72.64 +1.27 1.78% |WESTERN CANADIAN SELECT 57.74 +0.07 0.12% |AECO C NATURAL GAS 1.200 +0.390 48.15% |DUBAI 72.50 -0.03 -0.04% |BRENT WEIGHTED AVERAGE 73.20 +0.80 1.10% |LOUISIANA LIGHT 71.62 +0.26 0.36% |DOMESTIC SWT. @ CUSHING 65.87 +0.23 0.35% |GIDDINGS 59.62 +0.23 0.39% |ANS WEST COAST 72.41 +0.28 0.39% |GULF COAST HSFO 64.58 +0.31 0.48% |ETHANOL 1.635 -0.030 -1.8% |DUTCH TTF NATURAL GAS 14.19 -0.36 -2.50% |LNG JAPAN/KOREA MARKER 13.58 +0.00 0.00% |IRAN HEAVY 70.80 +0.72 1.03% |SAHARAN BLEND 72.74 +0.38 0.53% |ARAB LIGHT 74.00 -0.07 -0.09%
CURRENT PRICES OF CRUDE OIL AND REFINED PRODUCTS IN USD. PRICES ARE UPDATED IN REAL-TIME. LAST UPDATED : 12:00 PM GMT+5:30 21-11-2024. |WTI CRUDE 68.92 +0.17 0.25% |BRENT CRUDE 72.96 +0.15 0.21% |MURBAN CRUDE 72.28 +0.12 0.17% |NATURAL GAS 3.313 +0.120 3.76% |GASOLINE 2.031 -0.015 -0.71% |HEATING OIL 2.228 +0.001 0.06% |WTI MIDLAND 70.54 +0.44 0.63% |MARS 73.55 -0.09 -0.12% |OPEC BASKET 72.56 +1.36 1.91% |DME OMAN 72.54 +2.30 3.27% |MEXICAN BASKET 64.90 +2.31 3.69% |INDIAN BASKET 72.64 +1.27 1.78% |WESTERN CANADIAN SELECT 57.74 +0.07 0.12% |AECO C NATURAL GAS 1.200 +0.390 48.15% |DUBAI 72.50 -0.03 -0.04% |BRENT WEIGHTED AVERAGE 73.20 +0.80 1.10% |LOUISIANA LIGHT 71.62 +0.26 0.36% |DOMESTIC SWT. @ CUSHING 65.87 +0.23 0.35% |GIDDINGS 59.62 +0.23 0.39% |ANS WEST COAST 72.41 +0.28 0.39% |GULF COAST HSFO 64.58 +0.31 0.48% |ETHANOL 1.635 -0.030 -1.8% |DUTCH TTF NATURAL GAS 14.19 -0.36 -2.50% |LNG JAPAN/KOREA MARKER 13.58 +0.00 0.00% |IRAN HEAVY 70.80 +0.72 1.03% |SAHARAN BLEND 72.74 +0.38 0.53% |ARAB LIGHT 74.00 -0.07 -0.09%
CURRENT PRICES OF CRUDE OIL AND REFINED PRODUCTS IN USD. PRICES ARE UPDATED IN REAL-TIME. LAST UPDATED : 12:00 PM GMT+5:30 21-11-2024. |WTI CRUDE 68.92 +0.17 0.25% |BRENT CRUDE 72.96 +0.15 0.21% |MURBAN CRUDE 72.28 +0.12 0.17% |NATURAL GAS 3.313 +0.120 3.76% |GASOLINE 2.031 -0.015 -0.71% |HEATING OIL 2.228 +0.001 0.06% |WTI MIDLAND 70.54 +0.44 0.63% |MARS 73.55 -0.09 -0.12% |OPEC BASKET 72.56 +1.36 1.91% |DME OMAN 72.54 +2.30 3.27% |MEXICAN BASKET 64.90 +2.31 3.69% |INDIAN BASKET 72.64 +1.27 1.78% |WESTERN CANADIAN SELECT 57.74 +0.07 0.12% |AECO C NATURAL GAS 1.200 +0.390 48.15% |DUBAI 72.50 -0.03 -0.04% |BRENT WEIGHTED AVERAGE 73.20 +0.80 1.10% |LOUISIANA LIGHT 71.62 +0.26 0.36% |DOMESTIC SWT. @ CUSHING 65.87 +0.23 0.35% |GIDDINGS 59.62 +0.23 0.39% |ANS WEST COAST 72.41 +0.28 0.39% |GULF COAST HSFO 64.58 +0.31 0.48% |ETHANOL 1.635 -0.030 -1.8% |DUTCH TTF NATURAL GAS 14.19 -0.36 -2.50% |LNG JAPAN/KOREA MARKER 13.58 +0.00 0.00% |IRAN HEAVY 70.80 +0.72 1.03% |SAHARAN BLEND 72.74 +0.38 0.53% |ARAB LIGHT 74.00 -0.07 -0.09%
CIF AND FOB PROCEDURES

Comprehensive Guide to Hydrocarbon Procedures

1. DELIVERY DURATION CIF – SHIPMENT TIME 15 DAYS TO 21 DAYS

2. DELIVERY DURATION FOB – SHIPMENT TIME 2 DAYS TO 3 DAYS

3. INSPECTION PRODUCT – SGS OR EQUIVALENT

4. SPECIFICATION – STANDARD SPECIFICATION OR BUYER’S REQUEST

5. PROCEDURES NO.1 – FOB INTO BUYER’S STORAGE TANK ONLY 1

6. PROCEDURES NO.2 – FOB STORAGE TANK TO STORAGE TANK ONLY 2

7. PROCEDURES NO.3 – FOB WITH BANKING PROCEDURES

8. PROCEDURES NO.4 – FOB STORAGE TANK TO VESSEL ONLY

9. PROCEDURES NO.5 – PROCEDURES FOR CIF WITH DLC MT700 OR SBLC/BG SWIFT MT760

10. PROCEDURES NO.6 – PROCEDURES FOR CIF WITH DLC SWIFT MT700

11. PROCEDURES NO.7 – FOB WITH TTM PROCEDURES

PAYMENTS TERMS FOR : PROCEDURE FOB DIP, & PAY FOB STORAGE TANK TO STORAGE TANK ONLY

PROCEDURE NO.1

BUYER COMMITMENT:

Buyer’s signs and returns Draft Contract + CI + NCND IMFPA + TSA to seller. Seller will complete Verification on the TANK FARM of the buyer before making their tow (2) days tank lease payment.

SELLER AND BUYER COMMITMENT:

Seller leases and pays the buyer’s tank for 2 days for the Injection Process. Buyer pays his Tank Farm Company for his three (3) days’ tank storage costs, (totaling a five (5) day TSR) after his Tank Farm Company has received the payment from Seller Company two (2) days cost.

FINAL PAYMENT:

Buyer conducts Dip test on the product and makes the payment for the total value of product injected into the tanks through the means of MT103- TT.

PAYMENTS TERMS FOR : PROCEDURE FOB DIP, & PAY FOB STORAGE TANK TO STORAGE TANK ONLY

PROCEDURE NO.2

BUYER COMMITMENT:

Buyer’s signs and returns Draft Contract + CI + NCND IMFPA + TSA to seller. Seller will complete Verification on the TANK FARM of the buyer before making their tow (2) days tank lease payment.

SELLER AND BUYER COMMITMENT:

Seller leases and pays the buyer’s tank for 2 days for the Injection Process. Buyer pays his Tank Farm Company for his three (3) days’ tank storage costs, (totaling a five (5) day TSR) after his Tank Farm Company has received the payment from Seller Company two (2) days cost.

FINAL PAYMENT:

Buyer conducts Dip test on the product and makes the payment for the total value of product injected into the tanks through the means of MT103- TT.

PAYMENTS TERMS FOR: PROCEDURES FOB DIP, & PAY BANKING PROCEDURE STORAGE TANK TO STORAGE TANK OR STORAGE TANK TO VESSEL. DIP TEST ON SELLER TANK BEFORE INJECTION INTO BUYER HIRE TANK

PROCEDURE NO.3

BUYER COMMITMENT:

Buyer bank within 4 days issues Operative Irrevocable Confirmed Standby Letter of Credit (SBLC) MT-760 or Swift MT700 Via DLC to seller nominated bank and sends swift Copy to Seller FINAL

PAYMENT:

Buyer conduct dip test in hired tanks by SGS or Agent and Buyer authorize Payment for the Fuel via MT103 or T/T and Seller transfer the ownership of the tank to buyer and along with Title documents to buyer. Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

PAYMENTS TERMS FOR: PROCEDURES FOB DIP, & PAY FOB STORAGE TANK TO VESSEL ONLY

PROCEDURE NO.4

BUYER COMMITMENT:

Buyer itself complete CPA with Seller Shipping Company. Seller Shipping Company issued Q88 to buyer. Q88 and All Shipping Documents must contain the Seller name as Supplier and the buyer as the tenant.

FINAL PAYMENT:

Upon Buyer lift fuel into their own Vessel and after the buyer make payment via MT103/T/T against lifted quantity to Seller nominated bank.

PAYMENTS TERMS FOR: PROCEDURES FOR CIF ASWP TRIAL/CONTRACT PAYMENT GUARANTEE : SBLC/BG VIA SWIFT MT760 OR DLC VIA SWIFT MT700 ONLY, PAYMENT TO FIDUCIARY COMPANY OUTSIDE RUSSIA, COUNTRY RECEIVING BANK: CHINA & MALAYSIA CIF ASWP: ANY SAFE WORLD PORT CNF STS : INTERNATIONAL WATER.

PROCEDURE NO.5

BUYER COMMITMENT:

Buyer within 5 banking days, buyer’s bank sends SWIFT MT760 via SBLC/BG or SWIFT MT700 via DLC to seller nominated bank and send swift copy to Seller. Buyer within seven (7) banking days, buyer’s bank sends SWIFT MT700 via DLC to seller nominated bank and send swift copy to Seller. But if the buyer fails to issue sends SWIFT MT760 via SBLC/BG or SWIFT MT700 via DLC within Five 5 Banking days, as an alternative provision buyer pays via MT103 TT the shipping cost to seller, the amount of the shipping cost depends on the location of the country and continental port. Upon the confirmation of the shipping cost, the Seller will proceed with the loading of the product without any delay, which will be deducted from the product’s invoice value when final payment is made by the buyer after discharge of product at the destination port.

FINAL PAYMENT:

IF SHIP TO SHIP OCEAN:

Buyer submits his Vessel information. Q88, CPA and Location Clearance. Vessel Captains contact each other and coordinate boarding of vessel for buyer’s inspectors. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passedSGS.

IF SHIP TO BUYER’S PORT:

Refinery loads the vessel, inspects the product on-board the vessel and deliver the product at a mutually agreed safe port. At the delivery port, the buyer will conduct his own inspection to ascertain the quantity and quality of the product. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

PAYMENTS TERMS FOR: PROCEDURE FOR CIF ASWP TRIAL/CONTRACT, PAYMENT GUARANTEE: SBLC VIA SWIFT MT760/DLC VIA SWIFT MT700 ONLY, PAYMENT TO FIDUCIARY COMPANY OUTSIDE RUSSIA COUNTRY RECEIVING BANK: DUBAI & MALAYSIYA, CIF ASWP : ANY SAFE WORLD PORT CNF STS : INTERNATIONAL WATER.

PROCEDURE NO.6

BUYER COMMITMENT:

Buyer within 5 banking days, buyer’s bank sends SWIFT MT700 via DLC to seller nominated bank and send swift copy to Seller.

But if the buyer fails to issue sends SWIFT MT700 via DLC within Five 5 Banking days, as an alternative provision buyer pays via MT103 TT the shipping cost to seller, the amount of the shipping cost depends on the location of the country and continental port. Upon the confirmation of the shipping cost, the Seller will proceed with the loading of the product without any delay, which will be deducted from the product’s invoice value when final payment is made by the buyer after discharge of product at the destination port.

FINAL PAYMENT:

IF SHIP TO SHIP OCEAN:

Buyer submits his Vessel information. Q88, CPA and Location Clearance. Vessel Captains contact each other and coordinate boarding of vessel for buyer’s inspectors. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

IF SHIP TO BUYER’S PORT:

Refinery loads the vessel, inspects the product on-board the vessel and deliver the product at a mutually agreed safe port. At the delivery port, the buyer will conduct his own inspection to ascertain the quantity and quality of the product. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS

PAYMENTS TERMS FOR: FOB WITH TTM PROCEDURES WITH REFINERY AT REFINERY ADMINISTRATIVE OFFICE (FACE TO FACE) MEETING, SIGNING AND GET POP AT OFFICE, FOB TANK TO TANK OR FOB TANK TO VESSEL

PROCEDURE NO.7

BUYER COMMITMENT:

The buyer will make a security payment by depositing a total of USD500,000 into an escrow account specifically opened for the purpose of this transaction by the mutually agreed and appointed solicitor governed by the terms and conditions as stated in the FCO whereby the sum shall be refunded to the buyer upon successful completion of the transaction. However, should the buyer fail to comply or breach with any of the terms and conditions stipulated in the sales procedures, the security payment shall be paid and transferred to Seller with immediate effect

Note:

i. Security Payment is not an Advance Money
ii. Lawyer acts as a Transaction Controller, to ensure that the Buyer and Title Holder of Product, 100%, fulfil the responsibility of following procedures by Refinery.

FIRST PAYMENT:

Upon SGS report + POP confirmed by the buyer, buyer issue 30% payment MT 103 / TT to title holder account.

FINAL PAYMENT:

Seller inject to buyer’s tank or vessel; buyer confirm loading or injection and remit balance 70%.

REFERENCE PROCEDURE NUMBER 1
TRANSACTION PROCEDURE FOB SPOT CI DIP & PAY FOR PORT OF HOUSTON / ROTTERDAM / PRIMORSK STORAGE TANK TO STORAGE TANK

STEP 1

Seller issues to Buyer:

  1. Official FCO
  2. Template ICPO Format
  3. Template BCL Format
STEP 2

Buyer issues to Seller:

  1. Official ICPO.
  2. Buyer’s Scan Passport
  3. Buyer’s Company Profile d) Buyer’s Latest BCL. e) Tank Storage Agreement (TSA)
STEP 3

Seller issues Draft Contract + CI + NCND IMFPA to Buyer

STEP 4

Buyer’s signs and returns Draft Contract + CI + TSA to seller.

STEP 5

Seller will complete Verification on the Tank Farm of the buyer before making their three (3) days tank lease payment.

STEP 6

Seller leases and pays the buyer’s tank for 2 days for the Injection Process. Buyer pays his Tank Farm Company for his three (3) days’ tank storage costs, (totaling a five (5) day TSR) after his Tank Farm Company has received the payment from Seller Company two (2) days cost

STEP 7

Seller issues Unconditional DTA and SGS report

STEP 8

Buyer conducts Dip test on the product and makes the payment for the total value of product injected into the tanks through the means of MT103- TT.

STEP 9

Seller pays all intermediaries involved in the transaction and subsequently monthly shipment continues as per terms and conditions of the sales and purchase agreement contract between buyer and seller

REFERENCE PROCEDURE NUMBER 2
NON-NEGOTIABLE PROCEDURE SPOT / FOB STORAGE TANK TO STORAGE TANK

STEP 1

Seller issues to Buyer:

  1. Official FCO
  2. Template ICPO Format
  3. Template BCL Format
STEP 2

Buyer issues to Seller:

  1. Official ICPO.
  2. Buyer’s Scan Passport
  3. Buyer’s Company Profile d) Buyer’s Latest BCL. e) Tank Storage Agreement (TSA)
STEP 3

Seller issues commercial invoice (CI) for the available quantity in the storage tank to buyer. Buyer signs and returns to seller the commercial invoice and a scan copy of the buyer’s passport.

STEP 4

Seller receives the signed (CI) and issues to Buyer the PPOP documents:

  1. Tank Storage Receipt (TSR).
  2. Authorisation to Verify (ATV-with phone call and email).
  3. Authorisation to Sell/Collect (ATSC).
  4. Certificate of origin.
STEP 5

Buyer contacts their tank farm to obtain the Booking Confirmation Letter and NOR from there tank farm confirming their readiness to receive the product in their storage tank and send to the seller.

STEP 6

Seller approves and issue DTA for buyer and its SGS Agents to proceeds with the dip Test inspection process on seller’s tank.

STEP 7

Upon successful dip test, Buyer makes 100% payment by MT103 TT Wire Transfer for the total product.

STEP 8

Seller proceeds with the tank to tank transfer of the product to the buyers secured shore tank at the loading port.

STEP 9

Seller pays All Intermediary Involved in the Transaction, and Subsequently Monthly Shipment Continues as per Terms and Conditions of the Sales and Purchase Agreement Contract between Buyer and Seller.

STEP 10

Seller issues draft contract to buyer to review for R & E monthly deliveries.

REFERENCE PROCEDURE NUMBER 3
PROCEDURE FOB DIP & PAY BANKING PROCEDURE STORAGE TANK TO STORAGE TANK OR STORAGE TANK TO VESSEL. DIP TEST ON SELLER TANK BEFORE INJECTION INTO BUYER HIRE TANK.

STEP 1

Seller provides to buyers:

  1. SOFT CORPORATE OFFER (SCO)
  2. TEMPLATE ICPO FORMAT BCL Format Template
STEP 2

Buyer provides to Seller:

  1. Official ICPO, Address to: “Powerdrive Technologies”., Attn to: Mr. K. K. N. K. Chinthaka.
  2. Copy of Buyer Scan Passport c) Buyer’s Company Profile in PDF file
STEP 3

Seller Issues SPA and Proforma Invoice for Buyer to sign and return to Seller.

STEP 4

Buyer bank within 4 days issues Operative Irrevocable Confirmed Standby Letter of Credit (SBLC) MT-760 or Swift MT700 Via DLC to seller nominated bank and sends swift Copy to Seller.

STEP 5

Fiduciary Post 2% PB to buyer bank after authentication and verification of the SBLC/DLC via bank to bank and Within 4-7 days Seller hires tanks at their own cost and injects fuel into the hired tanks and then Seller sends to Buyer the following Documents

  1. Unconditional DTA
  2. Authorization to Verify (ATV)
  3. TSR
  4. Fresh SGS (less than 48 hours old)
  5. Commitment to Supply
  6. Certificate of Origin
  7. Q & Q done by indigenous lab at port of Origin
  8. Authorization to Sell (ATS)
  9. License Certificate
  10. Statement of availability of product
STEP 6

Buyer conduct dip test in hired tanks by SGS or Agent and Buyer authorize Payment for the Fuel via MT103 or T/T and Seller transfer the ownership of the tank to buyer and along with Title documents to buyer.

STEP 7

Seller pays commission to Seller Side and Buyer Side:

50% of total commissions – Closed to Seller Mandate Holder

50% of total commissions – Open to Buyer Mandate and Buyer Intermediaries

STEP 8

For monthly Bank Buyers Will issue New SBLC or BG or DLC Expansion for 12 Months for Subsequent Shipping and Seller opens 2% PB to buyer bank for 12-month contract sales of products. Seller moves the fuel to Port Rotterdam and inject fuel into the hired tank and issue DTA/ATV/ Fresh SGS/TSR with (GPS), PIR/Q88/BL to buyer and buyer dip test and pay via MT103/T/T this will continue till the 12 months delivery is completed.

REFERENCE PROCEDURE NUMBER 4
PROCEDURE FOB DIP & PAY FOB STORAGE TANK TO VESSEL

STEP 1

BUYER ISSUES ICPO + COMPANY PROFILE + SCAN PASSPORT Issue to Sales Director of: “Powerdrive Technologies”., ATTN: Mr. K. K. N. K. Chinthaka., Latest BCL To SELLER.

STEP 2

Seller sends CI (Commercial Invoice) for buyer review and sign.

STEP 3

Buyer returns CI and provides CPA from Seller Shipping Company and must be sent to Seller for review and approval.

STEP 4

The seller informed the buyer CPA status, whether CPA can be applied or rejected. If the CPA is approved, Buyer must place the Seller Name as Supplier in the CPA and Buyer as a Vessel tenant.

STEP 5

Buyer itself complete CPA with Russian Shipping Company. Russian Shipping Company issued Q88 to buyer. Q88 and All Shipping Documents must contain the Seller name as Supplier and the buyer as the tenant.

STEP 6

As soon as the seller receives the Q88 and shipping documents from the buyer. Seller issue POP Documents and send directly to buyer email address the following:

  1. Fresh SGS Report issued on basis of Dip Test in Seller’s Tank in Rotterdam or on board of Seller’s vessel in Rotterdam water.
  2. Injection Report from vessel into Seller’s Tanks at Rotterdam Port
  3. Certificate of Origin
  4. Q&Q done by indigenous lab at port of Origin
  5. Notice of Readiness to Commence Injection of the Product into buyer Vessel
  6. Authorization to Seller and Collect (ATSC)
  7. Tank Storage Receipt (TSR)
STEP 7

Buyer provide Full details of the Captain and Readiness to Receive the Fuel into the Vessel (RTRF) A. Port terminal code of the Shipping company and all documents address to Seller by Shipping company.

STEP 8

Seller provides to buyer Dip Test Authorization, Pre-Injection Report, Tank with fuel to inject in buyer tank, Authorization to Verify, Fresh SGS to Buyer and Buyer Send SGS to conduct Dip test and SGS issue SGS report to buyer

STEP 9

Seller Transfer fuel into buyer Vessel

STEP 10

Upon Buyer lift fuel into their own Vessel and after the buyer make payment via MT103/T/T against lifted quantity to Seller nominated bank.

STEP 11

Seller issue Title Ownership Documents to buyer upon confirm buyer payment.

STEP 12

Seller pays commission to Seller Side and Buyer Side

  1. The 50% of total commissions – Closed to Seller Side
  2. The 50% of total commissions – Open to Buyer Mandate and Buyer Intermediaries, (only one pay master)
STEP 13

Buyer open SBLC/MT760 for monthly shipment and Seller open 2%PB to buyer.

STEP 14

Seller injects fuel into buyer Vessel and Buyer Pays by MT103 against SGS report and Seller issue Title ownership documents to buyer (Process revolves until exhaustion of contract)

REFERENCE PROCEDURE NUMBER 5
PROCEDURE FOR CIF ASWP TRIAL/CONTRACT. PAYMENT GUARANTEE: DLC MT700 ONLY, PAYMENT TO FIDUCIARY COMPANY, RECEIVING BANK: CHINA & MALAYSIA

STEP 1

Seller provides to buyers:

  1. SOFT CORPORATE OFFER (SCO)
  2. TEMPLATE ICPO FORMAT TEMPLATE BCL FORMAT
STEP 2

Buyer provides to Seller:

  1. Official ICPO, Address to: “Powerdrive Technologies”., Attn to: Mr. K. K. N. K. Chinthaka.
  2. Copy of Buyer Scan Passport.
  3. c) Buyer’s Company Profile in PDF file.
  4. Latest BCL to GNGROUP (M) SDN. BHD.
STEP 3

Seller provides to buyer:

Draft SPA (Sales Purchases Agreement) For review, completion or any correction.

STEP 4

Then the buyer sends Email the Draft SPA back to Seller Via Email.

STEP 5

Seller provides to buyer “Proforma Invoice” and Buyer sign proforma invoice and email back to Seller.

STEP 6

Buyer within 5 banking days, buyer’s bank sends Swift SBLC/BG MT760 or DLC MT700 to seller nominated bank and send swift copy to Seller. But if the buyer fails to issue SBLC/BG MT760 or DLC MT700 within Five 5 Banking days, as an alternative provision buyer pays via MT103 TT the shipping cost to seller, the amount of the shipping cost depends on the location of the country and continental port. Upon the confirmation of the shipping cost, the Seller will proceed with the loading of the product without any delay, which will be deducted from the product’s invoice value when final payment is made by the buyer after discharge of product at the destination port

STEP 7

Seller issue Full POP and Shipping Documents, 2% PB Including:

  1. Copy of Commercial Invoice.
  2. Copy of Approval to License certificate.
  3. Copy of Statement of Availability of the Product.
  4. Copy of the Refinery Commitment to Produce the Product.
  5. Copy of the Transnet Contract to Transport the Product to the Port.
  6. Copy of the Port Storage Agreement.
  7. Copy of the Charter Party Agreement(S) To Transport the Product to Discharge Port.
  8. Dip test Authorization, Tank receipt and SGS report.
  9. Copy of Vessel Questionnaire 88
  10. Copy of Bill of Lading.
  11. Certificate of Origin.
  12. Allocation Transaction Passport Code Certificate [ATPCC]
  13. The customs formalities, and test report to buyer/Bank.
STEP 8

IF SHIP TO SHIP OCEAN:

Buyer submits his Vessel information. Q88, CPA and Location Clearance. Vessel Captains contact each other and coordinate boarding of vessel for buyer’s inspectors. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

IF SHIP TO BUYER’S PORT:

Refinery loads the vessel, inspects the product on-board the vessel and deliver the product at a mutually agreed safe port. At the delivery port, the buyer will conduct his own inspection to ascertain the quantity and quality of the product. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

STEP 9

Product is transferred to buyer’s vessel with all shipping documentation and title is transferred to buyer.

STEP 10

Seller pays commission to Seller Side and Buyer side commissions:

  1. 50%: Seller Side: (50% Closed to Seller Side)
  2. 50%: Buyer side: (50% Open to Buyer Mandate & Intermediaries)
  3. The agreed commission will be included within an Irrevocable Master Fee, Protection Agreement (IMFPA) to be signed between the buyer and the seller, group of each party prior to issuance of the Sales and Purchase Agreement (SPA).
STEP 11

Bank Buyers Will issue New SBLC or BG Expansion for 12 Months for Subsequent Shipping and Seller opens 2% PB to buyer bank for 12-month contract sales of products.

REFERENCE PROCEDURE NUMBER 6
PROCEDURE FOR CIF ASWP TRIAL/CONTRACT. PAYMENT GUARANTEE: SBLC VIA MT760 OR DLC VIA MT700 ONLY, PAYMENT TO FIDUCIARY COMPANY, COUNTRY RECEIVING BANK: DUBAI & MALAYSIA

STEP 1

Seller provides to buyers:

  1. SOFT CORPORATE OFFER (SCO)
  2. TEMPLATE ICPO FORMAT TEMPLATE BCL FORMAT
STEP 2

Buyer provides to Seller:

  1. Official ICPO, Address to: “Powerdrive Technologies”., Attn to: Mr. K. K. N. K. Chinthaka.
  2. Copy of Buyer Scan Passport.
  3. Buyer’s Company Profile in PDF file.
  4. Latest BCL to Seller.
STEP 3

Seller provides to buyers:

Draft SPA (Sales Purchases Agreement) For review, completion or any correction.

STEP 4

Then the buyer sends Email the Draft SPA back to Seller Via Email

STEP 5

Seller provides to buyer “Proforma Invoice” and Buyer sign proforma invoice and email back to Seller.

STEP 6

Buyer within 5 banking days, buyer’s bank sends Swift DLC MT700 to seller’s Fiduciary nominated bank and send swift copy to Seller. But if the buyer fails to issue DLC MT700 within Five 5 Banking days, as an alternative provision buyer pays via MT103 TT the shipping cost to seller, the amount of the shipping cost depends on the location of the country and continental port. Upon the confirmation of the shipping cost, the Seller will proceed with the loading of the product without any delay, which will be deducted from the product’s invoice value when final payment is made by the buyer after discharge of product at the destination port

STEP 7

Seller issue Full POP and Shipping Documents, 2% PB Including:

  • CERTIFICATE OF INCORPORATION
  • ACT OF TRANSFER
  • COMMERCIAL INVOICE
  • COMPANY TAXPAYER’S CERTIFICATE
  • FRESH SGS REPORT
  • TANK RECEIPT
  • Q88 AND QUALITY SPECIFICATION
  • BILL OF LADING.
  • NOR-NOTICE OF READINESS
  • ETA ESTIMATED TIME OF ARRIVAL
STEP 8

Buyer notifies seller by official written notice of his bank receiving seller’s pop documents while seller sends to the buyer the registered hard copy of the contract through courier service within two (2) working days.

STEP 9

IF SHIP TO SHIP OCEAN:

Buyer submits his Vessel information. Q88, CPA and Location Clearance. Vessel Captains contact each other and coordinate boarding of vessel for buyer’s inspectors. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS. IF

SHIP TO BUYER’S PORT:

Refinery loads the vessel, inspects the product on-board the vessel and deliver the product at a mutually agreed safe port. At the delivery port, the buyer will conduct his own inspection to ascertain the quantity and quality of the product. Upon successful dip test, Buyer pays for “exact quantity” of product in Proforma Invoice using MT-103 / TT by Wire transfer delivered into vessel, 100% payable for each shipment within 1-2 banking days upon the cargo passed SGS.

STEP 10

Product is transferred to buyer’s vessel with all shipping documentation and title is transferred to buyer.

STEP 11

Seller pays commission to Seller Side and Buyer side commissions:

  1. 50%: Seller Side: (50% Closed to Seller Side)
  2. 50%: Buyer side: (50% Open to Buyer Mandate & Intermediaries)
  3. The agreed commission will be included within an Irrevocable Master Fee, Protection

Agreement (IMFPA) to be signed between the buyer and the seller, group of each party prior to issuance of the Sales and Purchase Agreement (SPA).

STEP 12

Bank Buyers Will issue New SBLC or BG Expansion for 12 Months for Subsequent Shipping and Seller will open 2% PB to buyer bank for 12-month contract sales of products.

REFERENCE PROCEDURE NUMBER 7
FOB WITH TTM PROCEDURES AT REFINERY ADMINISTRATIVE OFFICE (FACE TO FACE) MEETING, SIGNING AND GET POP AT COLOMBO OFFICE, FOB TANK TO TANK OR FOB TANK TO VESSEL

STEP 1

Seller Provides FCO Procedures TTM, ICPO Format Template, BCL Format Template

STEP 2

Buyer Issues official ICPO, Address to: “Powerdrive Technologies”., Attn to: Mr. K. K. N. K. Chinthaka.

  1. Copy of Buyer Scan Passport
  2. Buyer’s Company Licenses and Company Profile in PDF file.
STEP 3

The buyer will make a security payment by depositing a total of USD 500,000 into an escrow account specifically opened for the purpose of this transaction by the mutually agreed and appointed solicitor governed by the terms and conditions as stated in the FCO whereby the sum shall be refunded to the buyer upon successful completion of the transaction. However, should the buyer fail to comply or breach with any of the terms and conditions stipulated in the sales procedures, the security payment shall be paid and transferred to Seller with immediate effect.

STEP 4

Upon acceptance and signing of Contract by both Buyer and Seller (endorsed by both Buyer’s and Seller’s banks) Contract is amendment with the necessary inserts and accepted by both parties.

Note:

i. Security Payment is not an Advance Money Lawyer acts as a Transaction Controller, to ensure that the Buyer and Title Holder of Product, 100%, fulfil the responsibility of following procedures by Seller

STEP 5

Lawyer confirmed the security payment escrow and Seller obtained an Invitation Letter from the Russian Title Holder and issued a confirmation letter to confirm.

STEP 6

After receiving the Official Invitation Letter from Russia, the buyer is responsible for purchasing Round Trip Flight Tickets and Booking the Hotel as suggested in the Invitation Letter. 2 – 3 representatives of Seller should be funded by buyers including their Pocket Money.

STEP 7

Title Holder Confirms Arrival and Will Pick up Buyer + Seller from Colombo Airport.

STEP 8

Buyers visit the Title Holder Administrative Office for TTM (Face to Face) meetings to sign SPA & CI and obtain POP.

STEP 9

Buyer conducts DIP TEST at Title Holder Tanks (Buyer borne for the SGS) and submits his carrier information (CPA).

STEP 10

Upon SGS report + POP confirmed by the Buyer, Buyer issues 30% payment MT 103 / TT to Title Holder account.

STEP 11

Seller injects to buyers’ tank or vessel; buyer confirm loading or injection and remit balance 70%.

STEP 12

Title Holder pays all intermediaries.

Oil Transfer Terminal List
TRANSACTION PROCESSES FOR OIL TRANSFER, BUYING AND SELLING, AND DELIVERY FROM STORAGE TANKS TO VESSELS

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PORT OF ROTTERDAM, STORAGE TANK TERMINAL
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PORT OF FUJAIRAH, STORAGE TANK TERMINAL
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PORT OF JOHOR, STORAGE TANK TERMINAL
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PORT OF QINGDAO, STORAGE TANK TERMINAL
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PORT OF NOVOROSSIYK, STORAGE TANK TERMINAL
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PORT OF ANTWERP, STORAGE TANK TERMINAL
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PORT OF SINGAPORE, STORAGE TANK TERMINAL
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