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Selling Petroleum Products
FOB – ROTTERDAM/ HOUSTON TANK TO TANK PROCEDURES - 2
1. Buyer sends ICPO to Seller together with a Tank Storage Agreement (TSA), on receipt of Soft Corporate Offer.
2. Seller issues Commercial Invoice (CI) to Buyer, Buyer signs and returns to Seller.
3. Seller provides Buyer with the below-listed PPOP:
(a) Authorization to Verify (ATV) With seller tank farm contact coordination.
(b) Product Passport (Product Analysis Report).
(c) Irrevocable Commitment Letter to Supply.
(d) Seller provides Fresh SGS Report to Buyer’s Tank Farm for verification of Product in their Tank.
(e) Seller provides Authorization to Sell and Collect (ATSC) document.
(f) ICC WARNING letter to be endorsed by all the parties involved
4. Upon confirmation of SGS Report by Buyer’s Tank Farm, Seller and Buyers secure Buyer's Tank 50:50 sharing to provide Six Days Tank Storage Receipt (TSR) to the Seller legal Documentation department. (Buyer pays first 3 days on buyer’s tank farm and seller pays 3-Days upon buyer’s 3-Days swift copy receipt)
5. NCNDA/IMFPA will be signed by Seller and Buyer. Seller and Buyer agree that Seller will be paymaster for Seller’s and Buyer’s Intermediaries.
6. Seller issued DTA -Unconditional to buyer and The Buyer’s SGS team dips and confirms the Q&Q Report to both Parties.
7. Within 24 hours after a successful dip test in Seller’s tanks, the injection commences, and Seller provides the buyer with the Injection Report of injection of the Product into Buyer’s tanks.
8. The Buyer makes the payment for the total cargo via TT wire MT103 against Product title, bank to bank. Seller send SPA for 12 months contract.
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