Our operations consist of supplying crude oil and products for refining systems and other needs, the trading of crude oil and our own products, their maritime transport, and the management of product coverage in the financial derivatives markets.
DOCUMENTS PROVIDED BY THE BUYER
At the very beginning of the cooperation we require following documents from the Buyer, who should be able to present them:
- Company profile of the Buyer
- The name of Signatory entitled to act in the name of the company (with number and copy of his passport)
- Company Registration Certificate, Directors’ Names, Directors’ residential address and contact details, Details of Other shareholders of the company, Company’s Import License, contact details (fax, website, e-mail, phone, mobile, etc).
- The name of the bank intended to be used for the transaction, Bank SWIFT code, Account Nummber/IBAN, Bank Officer’s Name and contact details
- Required specifications of the petroleum products, volumes, port of discharge
- Verification of whether company has already transacted such trading business, and if not then whether the company has achieved a level of qualification required to transact such business.
- Written statement that Buyer accepts and agrees to Seller’s Procedures. If Buyer hasn’t closed any similar transactions earlier, it is necessary to state it in initial letter and provide us with a brief proposal of how they are planning to proceed. The Seller / Title Holder expects full transparency from potential Buyers. Transparency and credibility can be proven to some extent by the documents provided by the Buyer at the very beginning. To make the process of buyer’s registration easier, we have incorporated the Buying Form and have made it mandatory for all buyers to register on line by filling and submitting this form.
DOCUMENTS PROVIDED BY THE SELLER/ TITLE HOLDER
The way a Seller/Title holder expects full transparency from potential Buyers, the Buyers too want this gesture reciprocated by the Seller/Title Holder. Transparency and credibility can be proved by documents provided by both the Buyer as well as the Seller/ TitleHolder at the very beginning. These documents can be easily verified and can prove that our Seller holds the title to all offered products, export licenses(where necessary) and other relevant documents. This means that throughout the process both Buyer and Seller are obtaining more credible information about each other.
Our expert team will remain associated with the entire process from exchange of necessary documents up to the closure of the deal (delivery at the destination port and payment to seller included). Following documents are provided by the Seller/Title Holder to the buyer at different stages of the deal as detailed in the SPA (Sale & Purchase Agreement):
- POP – Proof of Product (set of documents that serve as a Seller’s proof that the product is real)
- Partial Proof Of Product (PPOP) Documents typically consist of:
- SGS Inspection Report or equivalent (SGS)
- Dip Test Analysis Report (DTAR)
- Certificate of Origin (COO)
- Tank Storage Receipt (TSR)
- Full Proof Of Product (Full POP) are sent by Secured Mail to the Buyers Bank / Buyer and typically consist of:
- Copy of License / permit to export, issued by the department of the ministry of energy (If applicable)
- Copy of statement of availability of the product
- Copy of the refinery commitment to produce the product
- Copy of the pipeline corporation contract to transport the product to the loading port
- Refinery certificate of product
- Copy of the port storage agreement (TSR – If applicable)
- Dip Test Authorization letter (DTA)Copy of SGS or equivalent report (SGS)
DOCUMENTATIONS / TRANSACTION PROCEDURES FOR TRIAL CONTRACT CIF ASWP
1. Buyer issues ICPO with company registration certificate and company profile
2. Seller issues SPA & CI, buyer countersign within 48hrs hours and Returns signed SPA & CI along with (CPA) charter party agreement from any Russian Shipping company.
3. Seller verifies the Buyers nominated shipping company and jointly signs the (CPA) charter party agreement and as well split the freight charges with the buyer. Seller Returns signed CPA along with POP documents:
A. Refinery Product Passport,
B. Certificate of Origin
C. Statement & commitment to supply,
D. export license and Registration Certificate
4. According to signed CPA by buyer and seller. Nominated shipping company on confirmation of the both parties freight charges will issue copy of Q88 and NOR “notice of readiness.
5. Subsequent to Q88 and NOR “notice of readiness”. Seller loads the product into the sellers’ vessel and issues all exportations documents to the buyer. Vessel sails to the buyers destination Port.
6. Upon arrival of the vessel at the buyers discharge port, buyer conducts Q&Q. Subsequent to successful Q&Q report at the buyer discharge port. Buyer makes payment for the total product Quantity via MT103
7. Seller pays commissions to mandates and intermediaries within 24hrs after confirmation of the buyers’ payment 1. Buyer issues ICPO with company registration certificate and company profile
2. Seller issues SPA & CI, buyer countersign within 48hrs hours and Returns signed SPA & CI along with (CPA) charter party agreement from any Russian Shipping company.
3. Seller verifies the Buyers nominated shipping company and jointly signs the (CPA) charter party agreement and as well split the freight charges with the buyer. Seller Returns signed CPA along with POP documents:
A. Refinery Product Passport,
B. Certificate of Origin
C. Statement & commitment to supply,
D. export license and Registration Certificate
4. According to signed CPA by buyer and seller. Nominated shipping company on confirmation of the both parties freight charges will issue copy of Q88 and NOR “notice of readiness.
5. Subsequent to Q88 and NOR “notice of readiness”. Seller loads the product into the sellers’ vessel and issues all exportations documents to the buyer. Vessel sails to the buyers destination Port.
6. Upon arrival of the vessel at the buyers discharge port, buyer conducts Q&Q. Subsequent to successful Q&Q report at the buyer discharge port. Buyer makes payment for the total product Quantity via MT103
7. Seller pays commissions to mandates and intermediaries within 24hrs after confirmation of the buyers’ payment
PETROCHEMICAL SUPPLIER OPERATIONS PROCEDURES
The first step is a formal LOI from the buyer and Company Profile (CP).
Supplier has conference call with buyer to discuss Price, Procedures & Logistics in detail.
Seller issues Soft Corporate Offer (SCO).
Buyer issues and releases to Seller Full ICPO with logistics information.
Seller will then issue a SPA / Contract
Buyer issues Proof of Funds
Seller accepts and returns signed ICPO with CI – Commercial Invoice. Buyer sign CI and send it back within 24 hours and returns it to Seller. Seller provides to Buyer the below Partial Proof of Product documents via email:
a. Corporate Invoice.
b. Authorization to verify (ATV)
c. Passport Product Analysis
d. Certified Product Specification Sheet
e. Certificate of Origin
f. Tank Storage Receipt
g. Title Ownership Certificate with all PPOP Export Documents
h. Refinery Confirmation, Availability and Commitment to Supply
Buyer issue after PPOP verification Information by SWIFT MT 199 to seller’s bank that: Buyer’s bank make payment by MT103 after Q&Q – Quality and Control certificate in loading port seller.
After SWIFT confirming Seller issue to Buyer
a. Dip Test Authorization
b. Authorization to Inject.
Buyer makes payment MT103 to Seller.
After payment verification Seller start injection to Buyer vessel and transfer title holder.