Quantity : 10,000mt weekly
Price: Minus 40/35usd from MOPS/FOB/STS
Transaction Procedures :-
1) Buyer issues ICPO to authorised seller complete with passport copy and valid CPA
2) Seller issue Sale and Purchase Contract inclusive of CI to buyer within 48 hrs. Buyer signs SPA and CI and return.
3) Buyer to issue Banker’s Cheque valued at 10% of contract value and placed at the custody of Buyer’s own lawyer (in Malaysia) valid for 30 days.
Buyer’s lawyer shall provide payment guarantee undertaking
All parties sign NCNDA/IMFPA
4.) Upon confirmation the Banker’s Cheque is in the custody of Buyer’s Lawyer with lawyer’s undertaking issued to
the seller, the Buyer shall receive Authorization to Verify (ATV) and Access to Petronas Tank Terminal for Dip sampling, Tank details to be provided.
Buyer shall appoint their own SGS Inspector at Buyer’s own cost.
5) Upon Buyer’s inspector securing sample, Buyer’s lawyer shall hand over the 10% Banker’s Cheque to the seller within the same working day.
Seller shall provide proof of Authorisation to Sell and Collect (ATSC) for the cargo.
6) Petronas Port agent will issue schedule to load transfer vessel at terminal and vessel will notify NOR for arrival to STS point
(OPL or IPL @ buyers arrangement. Note buyer to arrange nearest STS to Petronas pengerang terminal)
Buyer makes payment balance 90% by inmediate TT/bank transfer/Bank Draft. Vessel arrive at STS and couple up pipes and inject.
7) Upon receiving final payment cleared into the sellers bank, Buyer receives full shipping documents as issued by Petronas.
8) Seller release commissions to all mandates
9) Both parties proceed for further weekly transaction
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