AVIATION TURBINE KEROSENE (JET A1)
Min. Quantity: 1,000,000 Barrel
Max. Quantity: 5,000,000 Barrel per Month
Delivery: CIF / FOB-Spot.
CIF /FOB Price: USD Gross $65 per Barrel.
Last update June 16, 2024
CIF TRANSACTING PROCEDURE
1. Buyer issues CP, ICPO inserting seller's terms and procedures.
2. Seller issues draft contract/SPA which is open for amendments.
3. Buyer returns the signed draft contract with NCNDA/IMFPA and a letter of guarantee to perform.
4. Seller submits the signed SPA for registration and legalization with the appropriate authorities.
5. Seller sends the below listed partial pop documents to buyer via mail.
A. statement of availability of product
B. commitment to supply the product
C. certificate of origin
D. Product Passport
6. Buyer within 7 banking days issues DLC swift MT700 or SBLC swift MT760 according to Seller's fiduciary bank
verbiage to seller nominated fiduciary offshore bank account for first month shipment, and whereby buyer fail to issue
payment instrument within 7 banking days, buyer will make cash deposit of $290, 000 by TT wire transfer for
allocation and security guarantee to enable seller charter vessel and commence shipment, and this payment shall be
deducted from the total cost of product after inspection at discharge port.
7. Seller bank issues the full set of proof of product (pop) and shipping document with 2%pb (performance bond) to
buyer's bank. QQ Certificate & Product passport docs, all will be issued on time.
8. Shipment commences immediately as scheduled in the contract.
9. Buyer pays for the total product value via TT/MT103 to the seller's bank after successful SGS/CIQ inspection at
discharge port and tittle of product ownership transferred to buyer.
10. Seller pays all intermediaries involved in transaction as per signed NCNDA/IMFPA within 72 hours.