TANK TO TANK (TTT) TRANSACTION PROCEDURE ROTTERDAM
En590: Platts -50
1. Buyer issues and send irrevocable corporate purchase order (ICPO) with seller's transaction procedure along with passport copy of the company representative. The buyer will also provide TSA to the seller.
2. Seller issues Commercial Invoice (CI), Buyer sign Cl and Return Cl to seller.
3. Seller releases Injection Programming Agreement (IPA) to Buyer for affirmation to program product injection with Buyer's tank farm.
4. Upon successful programming, Seller's representative, SGS Team, and Buyer's representative meets at seller tank storage for the tank and pipeline verification and Seller issues the hard copy POP documents to buyer representatives in person (Face to Face).
* Quantity and Quality Certificate (SGS) 48hrs fresh
* Tank Storage Receipt (TSR).
* Product Passport (Dip Test Result).
* Statement of Product Availability.
* Refinery Commitment to Supply.
* Authorization to Sell/Collect (ATSC) on Buyer's name.
* Authorization Letter to Verify the Product with the Tank Farm.
* Company Registration Certificate.
1. Upon successful verification of documents and SGS report by buyer's team, buyer commence dip test in seller's tank, if need be, for more confirmation.
2. Upon confirmation of product Q&Q, Seller begins injection into buyer's tank storage and all parties sign
NCNDA/IMFPA.
7) The buyer makes payment by MT103 or TT wire transfer for the total product available.
8) The seller changes the title of ownership to the buyerâ??s name for monthly deliveries and the buyer lifts
the product. Seller pays sell side intermediaries and buyer pays buy side intermediaries according to the
signed NCNDA/IMFPA
