1. Buyer issues LOI, Seller SCO. Buyer issues ICPO with banking details, latest POF/BCL or RWA and MT199.
  2. Seller issues to Buyer the Sales and Purchase Agreement contract (SPA) for buyer to sign back.
  3. Seller registers and legalizes the contract with the Ministry of Energy.
  4. Seller release to Buyer the Partial POP documents via Fax/Email:
    1. Certificate of product origin
    2. Statement of product availability
    3. Letter of commitment to supply
    4. Product quality passport
  5. Within 10 (Ten) banking days upon receipt and confirmation of the documents. Buyer’s Bank issues SBLC MT760 or DLC MT700 as per Seller’s approved verbiage, if Buyer fails to issue the (SBLC/DLC) within the stipulated validity days, Buyer will make cash deposit of $400,000 by TT wire transfer for security guarantee to enable Seller charter vessel and commence shipment, and this payment will be deducted from the total cost of product after inspection at discharge port.
  6. Within 7 Banking Days After confirmation of the Buyer’s (SBLC MT 760 / DLC MT700) Seller will issue to Buyer’s bank within 4 (four) days the full shipment documents proof of product (POP) listed below plus 2% Performance Bond (PB) via swift bank to bank :
    1. Copy of Approval to Export.
    2. Copy of License Permit to Export.
    3. Copy of Statement of Availability of Product.
    4. Copy of Refinery Commitment to Produce the Product.
    5. Copy of Vessel Questionnaire Q88 Refinery Certificate of Product Ownership.
    6. Copy of Bill of Lading.
    7. Copy of Port Storage Agreement.
    8. Copy of Charter Party Agreement(S) to transport the product to discharge.
  7. Upon arrival of the vessel at the discharge port, the cargo will be subjected to CIQ/SGS inspection at the Buyer’s expense. Upon completion of SGS inspection, Buyer makes payment with deduction of $400,000 which was paid earlier (if any) via MT103-TT wire transfer within 72 hours from issuance of CIQ/SGS certificate at discharge port.
  8. Seller pays intermediaries involved within 48 hours after receipt and confirmation of the product payment both Buyer and Seller sign contract for month delivery with rolls and extension.
** Please take note that the seller/ refinery have the right to change the price accordingly based on market conditions and availability of quota from the refinery.