Currently available crude oil cargo of 160,000 MT, platts price minus USD 150/MT FOB
Please send the LOI then we will send an invitation to Indonesia to check the oil and meet with our management
FOB TRANSACTION PROCEDURES
1. BUYER SENDS ICPO TO THE SELLER FOR VERIFICATION.
2. UPON DILIGENT CHECK BY THE SELLER, THE SELLER ISSUED A SPA AND ORIGINAL CI (COMMERCIAL INVOICE)
3. SELLER WILL INVITE BUYER AND HIS LAWYER TO COME TO SELLER OFFICE IN SINGAPORE TO SIGN SPA AND ORIGINAL CI.
4. BUYER SHALL TRANSFER 5% DEPOSIT OF THE TOTAL CARGO INTO THE SELLERâ??S ACCOUNT BEFORE COLLECTING THE OIL SAMPLE AT THE REFINERY.
5. SELLER TO GIVE INVITATION LETTER WITHIN 48 HOURS FOR BUYER TO DO DIP TEST AT THE STORAGE FACILITY AT TERMINAL . SHOULD THE SPECIFICATIONS BE WITHIN RANGE AS OF SPA, THE BUYER IS TO PROCEED WITH THE DEAL AND THE DEPOSIT IS NON-REFUNDABLE. SHOULD THE SPECIFICATIONS ARE NOT WITHIN RANGE AS OF SPA, THE DEPOSIT WILL BE FULLY REFUNDABLE AND WITH A PENALTY FINE OF 5% OF THE DEPOSIT VALUE TO THE BUYER'S BANK ACCOUNT WITHIN (24) HOURS.
6. SHOULD THE BUYER DECIDE TO TERMINATE AGREEMENT AT ANY POINT OF TIME AFTER THE DIP TEST IS DONE, WITH THE CARGO SPECIFICATION IS WITHIN THE RANGE INDICATED IN AGREEMENT, THE DEPOSIT SHALL BE FORFEITED.
7. BUYER IS TO PROVIDE THE VESSELâ??S Q88 TO SELLER AFTER COLLECTION OF OIL SAMPLE WITH SGS INSPECTION RESULTS SATISFACTORY.
8. SELLER/BUYER SHALL AGREE AND CONFIRM THE LOADING DATE AND CONFIRM THE Q88 OF THE LOADING VESSEL FOR THE TRANSFER OF THE CARGO TO THE BUYERâ??S VESSEL.
9. THE PRE-APPROVED BUYERâ??S VESSEL SHALL BERTH ON THE APPOINTED DATE AT THE TERMINAL AND THE BUYER SHALL IMMEDIATELY CONDUCT A FINAL DIP TEST. UPON THE SUCCESSFUL TEST RESULT, THE LOADING HOSE SHALL BE CONNECTED TO THE VESSELâ??S TANK MANIFOLD. PAYMENT FOR THE AMOUNT OF 50% OF THE TOTAL CONTRACTED NOMINAL QUANTITY SHALL THEN BE MADE INTO THE SELLERâ??S ACCOUNT ON THE SAME DAY BEFORE THE END OF THE DAYâ??S BANKING HOUR. UPON CONFIRMATION OF THE RECEIPT OF THE 50% PAYMENT INTO THE SELLERâ??S ACCOUNT, THE LOADING OF THE CARGO SHALL COMMENCE. THE BALANCE 45% PAYMENT AMOUNT SHALL THEN BE MADE AND UPON ITS CONFIRMED RECEIPT INTO THE SELLERâ??S ACCOUNT BEFORE THE VESSEL DEPARTS FROM THE LOADING TERMINAL.
10. RESPONSIBILITY FOR THE CARGO SHALL BE THE BUYERâ??S FROM THE TIME THE DISCHARGE HOSE IS DISCONNECTED FROM THE VESSELâ??S MANIFOLD FLANGE UPON THE COMPLETION OF THE LOADING OF THE CARGO.
11. SELLER SHALL PROVIDE THE BUYER WITH THE FOLLOWING DOCUMENTS TO COMPLETE THE TRANSACTION:
a. COMMERCIAL INVOICE FOR THE EXACT AMOUNT CORRESPONDING TO THE FINAL LOADED QUANTITY OF THE CARGO
b. CERTIFICATE OF ORIGIN PLUS THREE (3) COPIES COUNTER SIGNED BY THE LOCAL CHAMBER OF COMMERCE OF COUNTRY OF ORIGIN
c. RELEVANT CLEARANCE AND/OR PERMIT CERTIFICATION/DOCUMENTATION NEEDED FOR THE DEPARTURE OF THE VESSEL
