Dip and pay procedure for Aviation Fuel Jet A1 - FOB Rotterdam
Product
AVIATION FUEL JET A1
Price:
NWE Platts less USD 4.00 per barrel (Gross) / USD 3.00 per barrel Net to Buyer. Discount is against Three (3) days' average price of NWE Platts price (one day before SGS report, the day of SGS report and one day after SGS report), with a commission of USD1.00 per barrel to both sides.
Quantity:
Minimum 500,000 bbl then up to 4,000,000 bbl per month x 12 months
Commission:
US$1.00 per bbl paid by SELLER shared
â?? Sell Side US$0.50 per bbl (CLOSED)
â?? Buy Side US$0.50 per bbl (OPEN) shared as per completed NCND/IMFPA.
Origin:
Russian Federation
Delivery:
FOB Rotterdam
PROCEDURE
Step 1
Buyer issues LOI along with company profile and a copy of company registration certificate.
Step 2
Buyer signs NCND/IMFPA and it is passed to Seller side to sign and notarise.
Step 3
Seller verifies the Buyerâ??s CP and company registration that company is authentic and Seller issues commercial invoice (CI).
NB: It is important that the Buyer is verifiable and authentic in order for Seller to issue CI.
Step 4
Buyer signs CI and returns the signed commercial invoice to the Seller with a scanned copy of the Buyerâ??s passport and the Tank Storage Agreement (TSA) as proof of storage availability as well as being READY, WILLING AND ABLE to accept product and/or shipping documents for vessel.
Step 5
Upon approval of the Buyerâ??s TSA, Seller issues the following documents to the Buyer;
TSR, ATS and DTA letter to enable Buyer and Buyer tank farm to activate DTA letter and conduct dip test in Sellerâ??s tank via SGS team.
Seller will provide the following POP to the Buyer:
A. Commitment letter to supply issued by Russian Refinery
B. Statement of product availability issued by the refinery
Issue a notice of readiness to inject 500,000 barrels. The injection schedule is issued by Transneft.
C. ATS and ATV
D. TSA and TSR in Rotterdam
E. Injection Report
F. DTA (Dip Test Authorisation letter) authorising Buyer to carry out dip test in Sellerâ??s tank in Rotterdam (Buyer to pay SGS for dip test)
Step 6
Buyerâ??s SGS team performs dip test (paid by Buyer) and obtains fresh SGS report containing product Q & Q and provides a copy to the Buyer and Seller. Upon confirmation of product Q & Q by the Buyer, Seller injects the product into Buyerâ??s tanks.
Step 7
Buyer pays via TT/MT103 in exchange for a title that will include all product ownership title documents.
Step 8
Seller confirms Buyerâ??s payments and releases payment to all intermediaries on each side that are involved in the transaction.
Step 9
Contract begins with rolls and extensions if agreed upon.
We trust you will find this offer acceptable and look forward to your prompt response to secure the offer.
Price CIF ASWP:
Fixed Price US$0.84 per gallon by the Buyer / US$0.80 per gallon to the Seller
Quantity:
Minimum 50,0000,000 Gallons up to 300,000,000 Gallons per Week x 52 weeks
Commission:
US$0.04 per Gallon paid by SELLER shared
â?? Sell Side US$0.02 per Gallon (CLOSED)
â?? Buy Side US$0.02 per Gallon (OPEN) shared as per completed NCND/IMFPA.
Origin:
Russia
Delivery:
CIF - Rotterdam or ASWP
Performance Bond:
Seller issues 2% Performance Bond via SWIFT to Buyerâ??s Bank
Inspections:
By Societe Generale Surveillance (SGS) Export Inspection Certificate on quality, quantity and weight at Unloading Port at Sellerâ??s cost â?? other inspection at discharge port at Buyerâ??s cost.
PROCEDURE
The Buyer issues ICPO with the Sellerâ??s Procedures incorporated on the ICPO, company profile, company registration certificate and Buyer representative's passport copy.
The Seller issues SPA (Draft Contract) and CI (Commercial Invoice) for Buyer to sign and return together with their POF in SWIFT MT799 or SWIFT MT199 format to Seller's bank.
The Seller registers and legalises the executed contract and sends to the Buyer along with below PPOP Document;
3.1 Company Registration Certificate
3.2 Product Passport and Analysis Report
3.3 Refinery commitment to supply
3.4 Refinery Statement of Product Availability
3.5 Certificate of product origin
3.6 Refinery Guarantee Letter
3.7 Allocation Transfer form
3.8 Final legalized contract
3.9 Commercial Invoice (CI)
The Buyer issues non-transferable standby letter of credit (SBLC MT760) to the Sellerâ??s Bank covering total product value for the first month shipment. The Sellerâ??s Bank responds with 2% Performance Bond to the Buyerâ??s bank immediately.
Upon confirmation of the Buyerâ??s payment Instrument, the Seller sign Charter Party Agreement with the Shipping Company responsible for the transportation of the product to the Buyerâ??s nominated destination port, and lodge bank to bank the executed SPA & CI along with:
5.1 Charter Party Agreement
5.2 Tank Receipt
5.3 Bill of Lading
5.4 SGS Report
5.5 Vessel Q88 and other shipping documents
5.6 Copy of Insurance
5.7- Certificate of Ownership
5.8- Authorisation to sell
Shipment and delivery commences as scheduled.
Within 2 working days of Vessel arrival, the Buyer release full payment via MT103 after CIQ or SGS at the destination port.
The Seller releases payment to all intermediaries within 24 hrs of payment as mutually agreed in the IMFPA.
We trust you will find this offer acceptable and look forward to your prompt response to secure the offer.
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