EN590 10ppm Dip & Pay
FOB TANK TO VESSEL (TTV) TRANSACTION PROCEDURE
| Attribute | Details |
|---|---|
| Commodity | Petroleum Products |
| Specifications | Diesel EN 590 10 PPM |
| Origin | Kazakhstan |
| Intercoms | TTV |
| Code | NSTDNS333 |
| Trial Shipment | 100,000 MT |
| Monthly Quantity | 100,000 MT x 12 months |
| Contract Duration | 12 Months |
| Shipping Terms | Tank to Vessel |
| Loading Port | Jurong Port Tank Terminal, Singapore |
| Delivery Terms | Dip and Pay |
| Inspection | SGS, CIQ or Similar |
| Payment Method | Telegraphic Transfer (TT) Wire Transfer |
| Price | US$650/MT |
| Total Amount | US$65,000,000 |
| Commission | Seller side US$5/MT / Buyer side US$5/MT |
DIP AND PAY PROCEDURE | Petroleum Supplier in Fujairah, Jurong, Rotterdam, Houston
1. Buyer issues irrevocable corporate purchase order (ICPO) with Seller procedure, passport copy, Company profile (CP) and charter party agreement (CPA) as Buyer proof of storage availability to receive the product to Seller for Refinery approval.
2. Seller releases the partnership statement / MOU.
3. The buyer sign and return the partnership statement to seller.
4. After review and approval, Seller issues Draft acknowledgment of intended fund transfer Letter (BNM) & Commercial Invoice (CI) for Buyer to sign and return and Seller confirms acceptance by issuing commitment letter to supply the available product in Seller’s tanks in the designated port.
5. The Buyer shall provide the Seller with the vessel information and details necessary to secure port clearance through the designated terminal, with all associated costs borne by the Buyer.
6. Upon receiving and confirming the port clearance Talon form from the designated terminal, the Seller shall provide the Buyer with the PPOP (Pre-Pumping Operational Package) documents, which include the following:
– Unconditional Dip Test Authorization (DTA)
– Tank Storage Receipt (TSR)
– Product Passport – ANALYSIS RESULT
– Injection Report
– SGS Report of the product, issued after the Seller confirms the Buyer’s vessel port clearance Talon form from the nominated terminal.
7. Buyer conducts inspection by SGS at Buyer’s expenses.
8. Upon successful Dip Test in Seller’s tank, Buyer makes payment for the product via Telegraphic Transfer (TT wire Transfer) and injection commences immediately into the Buyer vessel as scheduled and the Seller transfers the title of ownership Certificate to the Buyers name as the legitimate owner of the goods and submits all documents.