FOB TRANSACTION PROCEDURE
1. Buyer issues ICPO alongside with BCL (To name of Seller) and Buyer
Company Registration, Company Profile, CPA / TSA.
2. Seller issues Commercial Invoice (CI) for the available quantity in the Seller Storage
Tank to the buyer. The Buyer signs and returns the CI to the seller with proof of funds
(POF) assigned to Sellers Attorney to expedite this transaction.
3. All Parties sign IMFPA and return for the Seller's Bank acknowledgment.
4. The Seller issues the POP documents as below and sends them to the Buyer:
A. Commitment to Supply
B. Certificate of Origin
C. Product Passport
D. Unconditional DTA
E. Fresh SGS (not older than 48 hours)
F. Tank Storage Receipt (TSR)
G. Injection Report
5. Upon Successful Dip Test Inspection in Sellers Tank, Buyer submits the
Tank Farm or NOR from his Shipping Company, and Seller injects the product into the
6. Within Twenty-Four (24) hours, Buyer issues 100% (MT103/TT) wire transfer
payment to the seller.
7. Seller pays commission to all the intermediaries.
8. Seller transfers the product title with the complete POP Documents to the Buyer and
pays the commission to the Intermediaries as per Master Fee Agreement.
9. Monthly contract to supply commences (12 months). For the contract, a revolving
IRDLC / SBLC will be required to be issued for the full term of the contract.
NON-NEGOTIABLE CIF TRANSACTION PROCEDURE
1. Buyer sends ICPO to SELLER along with Copy passport & Company registration & Bank comfort Letter (BCL). The BCL has to be for a minimum value of one month
shipment; ICPO has to be on the letterhead of the end buyer
2. Seller send Full Corporate offer to the Buyer;
3. Buyer signs the FCO and returns it back to Seller
4.the Seller sends Sales and Purchase Agreement (SPA) to Buyer, along
with Pro-forma Invoice;
5.Seller sends to the Seller NCNDA-IMFPA signed by all
intermediaries involved in the transaction for endorsement and Notarization to
secure the payment of commissions;
6.. After the Seller and the Buyer (the Parties) agree on all the terms and conditions of
the SPA, they fully sign and stamp the SPA;
7. Seller sends NCNDA-IMFPA, Notarized and Endorsed by
the Sellers bank to secure commission payment;
8. Within 5 Business days from the date of SPA, the buyer bank issues Pre-Advice
Irrevocable, Transferrable, Revolving Letter of Credit to the Sellers nominated
bank for approval;
9. Sellers Bank within no later than 5 business days from the receipt of the PreAdvice Letter of Credit, confirms acceptability of the terms and conditions of the LC, or informs the Buyer if there are any amendment to be made;
10.Within 5 business days from the date of acceptance of pre-advised LC, Buyer sends
the operative Letter of credit to sellers bank which will be activated upon receipt
by the Seller Bank;
11.The Seller will guarantee delivery by issuing 1% (one Percent) performance bond, equivalent to 1% of the value of one month shipment to Buyer bank within no later than 5 business days from the receipt of operative LC;
Please Note: There will be no Performance Bond for Spot transactions, only
annual contracts;
12.After Seller bank confirmation of the correct receipt of the payment instrument,
the Seller emails the following complete POP documents to Buyer:
A. Vessel Q88
B. Authority to verify (ATV)
C. Certificate of taxpayer of the company
D. SGS Report
E. Deposit Receipt
F. Bill of Lading
G. Port Authorization Certificate
H. Packing List
I. Weight and Quality Certificate issued by the manufacturer
13.Shipment commence as scheduled in the SPA;
14.Upon loading of the cargo and presentation of original shipping documents to
buyes bank, the Buye bank release payment for total value of the Commercial
Invoice to Sellers bank via MT103, or, TT, no later than 72 hours of receipt of the
shipping documents;
15.Seller pays commission to all intermediaries involved in the transaction according to the signed NCNDA-IMFPA by TT Wire within 24 hours of Buyers payment.
Price is
FOB minus $10 per bbl
CIF minus $8 per bbl
- Buyer must provide ICPO
- Buyer must provide MT199 as proof they can do the deal (this is non negotiable)
- Once the MT199 is provided buyer gets everything they need to verify the product, including full POP, with ATV (authority to verify, so they can engage the tank farm) and ATD (authority to dip)
- If they have an existing SGS account, they will do this for them same day .
SGS will then provide a full report
- CI sent to buyer and transaction completes
EN 590 10 ppm
1. Meeting at the office in with our partners, if necessary, they will conduct a tour of the plant
2. BCL display
3. I will put the volume on the partner's company
4. POP output
5. Checking the resource
6. Payment
7. Setting up the ship, loading the resource
The price of Gulf ARA is $ 35(in MT, 7.5%).
The volume is generally 100.
Petroleum Naphtha is a general term that has been referring to flammable liquid
hydrocarbon mixtures, and it has been produced from natural gas condensates, petroleum
distillates, and the distillation of coal tar and peat.
Naphtha is used as a feedstock to produce a vast variety of petrochemicals such as
Ethylene, Propylene, Styrene, and Butadiene etc. which find varied applications in industries
like rubber, plastics, solvents, and many others.
Price: Depends on the market price
Origin: United Arab Emirates
Specs: Light & Heavy
Packaging: Flexi Tanks/ Barrel
Bitumen a black viscous mixture of hydrocarbons obtained naturally or as a residue from petroleum distillation. It is used for road surfacing and roofing. Bitumen is a mixture of Organic Liquids that are highly Viscous, Black, Sticky, Entirely Soluble in Carbon Disulfide, and composed primarily of highly condensed Polycyclic Aromatic Hydrocarbons. Naturally occurring or crude bitumen is a sticky, tar-like form of petroleum which is so thick and heavy that it must be heated or diluted before it will flow. At room temperature, it is much like cold molasses. Refined Bitumen is the residual (bottom) fraction obtained by fractional distillation of crude oil. It is the heaviest fraction and the one with the highest boiling point, boiling at 525 C (977 F).
Petroalliance are involved in import and the supply and trade of Bitumen Oil. This oil is a dark and viscous liquid which is sticky in texture. It is widely used in road construction, waterproofing, paints, enamels etc. It is available to clients in different types of settings at highly affordable prices. It is widely acclaimed amongst our client base for its supreme quality.
Uses of Bitumens
Bitumen is primarily used for construction and paving of roads. Its other uses are for Bituminous Waterproofing Products, including the use of bitumen in the production of roofing felt and for sealing flat roofs.
