Procedures
A). PROCEDURE TANK TO TANK TERM SPOT/FOB SINGAPORE/HOUSTON/ROTTERDAM
1. Buyer issues ICPO, and company registration certificate and data page of buyer’s Passport or any I.D with TSA/TSR.
2. Seller issues Commercial Invoice (CI) to buyer signs and returns to seller. Sellers provide the below documents to buyer:
• Company Registration Certificate.
•Product Quality Passport (Dip Test Result).
•Statement of Product Availability.
• Certificate of Origin of the Product.
3. Seller logistics team verify buyer’s provided tank farm and pay 3 days first on buyer’s tank farm and after confirmation of the funds by buyer’s tank farm, Buyer pays the remaining 2 day to his Tank Farm Company to obtain 5 Days TSR, to show both parties proof of readiness. GPS Coordinate-Tank storage receipt (TSR)
4. Seller issues following POP documents to Buyer:
a) Injection report
b) Dip test authorization letter (DTA) - Unconditional
c) Authorization to sell
d) Fresh SGS Report or equivalent
e) Authorization to verify the product in seller's tank (ATV)
5. 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.
6. Product Injection to buyer’s tank proceed.
7. Seller pays commission on seller’s side in the transaction and subsequently monthly shipment continues as per terms and conditions of the Commercial Invoice and extension of transaction by issuing 12 months’ contract to buyer for proceeding.
B) FREE ON BOARD (FOB) PROCEDURE/ FOB SINGAPORE/HOUSTON/ROTTERDAM
1. Buyer issues an official ICPO along with Tank Storage Agreement (TSA) accompanied by company certificate of registration and valid means of identification.
2. Seller issues Commercial Invoice (CI) for the available quantity in the storage tank to buyer, Buyer signs and return back to seller within 2working days.
3. Seller issues to Buyer the below document for verification of the product (PPOP):
• Product passport (Product Analysis Report)
• Statement of availability of product
• Authority to verify (ATV) via email or phone call
• Notice of Readiness (NOR)
4. Buyer returns the commercial invoice and NOR duly signed by the buyer and buyer’s logistic company.
5. Seller issues to buyer the listed below documents:
• Unconditional dip test authorization (DTA)
• Fresh SGS inspection report
• Injection Report
• Certificate of Origin
• Notarized and endorse NCNDA/IMFPA
• Authorization to sell &collect (ATSC)
• Tank storage receipt (TSR)
• Commitment letter to supply
6. (Optional) Buyer SGS team re-conducts dip test inspection on the product in seller storage tanks on buyer expense.
7. Upon successful dip test inspection, buyer pays for the total product value and seller immediately transfer the title of product ownership to buyer with all export documents.
8. Seller immediately commences injection of the product into buyer’s tanks.
9. Seller pays intermediaries on seller’s side.