FOB Tank Take Over Procedure
DIESEL FUEL EN590 TTO
| Attribute | Details |
|---|---|
| Product | DIESEL FUEL EN590 10PPM |
| Origin | Kazakhstan / Georgia / Poland |
| Intercoms | TTO, STS |
| Min. Quantity | 10,000 MT Per Month |
| Max. Quantity | 500,000 MT Per Month |
| FOB Price | Contact for price |
| Commission | Seller $5 / Buyer $5 |
| Destination Port | Any Safe Ports |
DIESEL FUEL EN590 TTO PROCEDURE | PETROLEUM SUPPLIER IN FUJAIRAH, JURONG, ROTTERDAM, HOUSTON
1. Buyer issues ICPO addressed to the seller, referencing the specific tank location and product details.
2. Seller issues Draft Sales and Purchase Agreement (SPA) for the buyer’s review. Buyer signs and returns the SPA to the seller for final endorsement.
3. Seller issues Unconditional Dip Test Authorization (UDTA) in the name of the buyer, endorsed by the seller’s tank farm.
Buyer bears the cost of dip test operations, which include sample collection, product analysis, port authorization, and product reservation under the buyer’s name for a period of 30 calendar days.
4. Buyer conducts Dip Test on the product in the seller’s storage tank using a certified inspection company of their choice (e.g., SGS, Saybolt, or equivalent).
If results are satisfactory, buyer provides confirmation to proceed.
5. Seller issues Full Proof of Product (POP) documents, including but not limited to:
- Certificate of Origin
- Product Passport or Analysis Report
- Injection Report (if applicable)
- Tank Storage Receipt (TSR)
- Commitment to Supply
- Cargo Manifest
6. Buyer and Seller execute Escrow or Financial Security Arrangement:
Buyer chooses one of the following:
- Deposit 5% of the total contract value into a seller-nominated escrow account, OR
- Issue a 5% Bank Guarantee (BG) or Standby Letter of Credit (SBLC), OR
- Transfer the 5% equivalent in USDT to the approved crypto wallet (optional if agreed by both parties).
This guarantees the buyer’s commitment prior to title handover.
7. Upon confirmation of funds/security, the seller proceeds with Title Transfer of the product in tank to the buyer’s name and subleases tank access or initiates tank-to-tank transfer within the terminal facility.
8. Buyer pays the balance 95% of the total product value via MT103/TT wire transfer or agreed cryptocurrency channel.
9. Final documents are released:
- Title of Ownership
- Commercial Invoice
- Updated Tank Receipt under Buyer’s name
- Bill of Sale
- NCNDA/IMFPA execution (for commission payments to all intermediaries as agreed)
10. Buyer assumes full control of the product in the tank and may proceed with own logistics (injection to vessel, resale, or onward delivery), with options for monthly or quarterly replenishment under agreed terms.