Petroleum Products - Oil Products
You can see our procedure for the FOB Rotterdam products you want to buy below.
Buyer shall issue (ICPO-BCL) upon verification, Seller will issue completed SIGNED • SEALED (FCO).Followed by draft contract for both parties countersigning.
Within (3) three working days Buyer shall review countersign / or make any necessary amendments.
Within (7) seven working days from lodging the agreement in both banks, buyer's bank shall issue financial instrument or confirmed and guaranteed by top world bank acceptable to seller.
Within (10) ten working days of receipt, verify and authenticate of buyer's financial instrument, the seller shall submit full (POP) and 2% performance bond.
The first shipment delivery is within 28-35 working days from the date of the seller's acceptance of the financial instrument.
6-(NCNDA/ IMFPA) will be endorsed with the seller's and buyer's bank. Upon vessel arrival at destination port, Buyer discharges the product and within 72 hours pays all parties their commissions.
Seller issue full(POP) Documents to buyer via bank to bank, namely:
Copy of commercial invoice.
Copy of approval of export certificate.
Copy of statement of availability of the product.
Copy of refinery commitment to produce the product.
Copy of Transnet contract to transport the product to the port.
Copy of the port storage agreement.
Copy of the charter party agreement to transport the product to discharge port.
The customer formalities , and test report to buyer's bank.
Certificate of origin.
Copy of vessel questionnaire 88.
Dip test authorization.(Upon Buyer's request and Buyer will pay full amount)
Copy of bill of loading.
M. SGS report.
In FOB case, Seller's bank shall release financial instrument immediately after Buyer receives all POP documents. In CIF case, when ship arrives at destination port and buyer conducts inspection on the goods and upon
satisfaction / the cargo passes (SGS), Seller's bank shall release financial instrument within (3) three working days and buyer pays full amount of inspection at destination port .