ESPO CRUDE OIL FOR SALE – FOB Price: USD 62 per Barrel
Quantity: 1,000,000 Barrels – 3,000,000 Barrels
FOB Price: USD 62 per Barrel
Origin: Turkmenistan
Expiry: 28 February 2025
A.- FOB TRANSACTION PROCEDURES (TANK TO TANK) FOB – HOUSTON, ROTTERDAM, JURONG
1) Buyer issues:
– ICPO + CIS
– Tank Storage Agreement (TSA)
– Buyer passport. + NDA + BCL (Or any Bank document proving the Buyer’s Financial Capacity, covering at least the first delivery).
2) Seller issues Commercial Invoice, Buyer signs and returns back to Seller for countersigning.
3) Seller issues Non-Disclosure Agreement for signatory by the buyer, buyer’s tank farm and Seller. Seller present product Injection Report and SGS report (quality and quantity) to Buyer’s tank farm, upon verification of Injection Report & SGS report by Buyer tank farm, Buyer contacts their tank farm to secure their storage space.
4) Seller issues Injection Programming Agreement (IPA) to the buyer to be signed by the Buyer and Buyers tank farm company.
5) Seller transfers product allocation to buyer and releases the following documents to buyer:
• Product Passport
• Certificate of Origin.
• Authorization to Sell/Collect (ATSC).
• Unconditional Dip Test Authorization (UDTA)
• Injection schedule along with the NOR (Notice of readiness) to commence the injection of the product in buyers’ tank and injection commences as per agreed SPOT Lift Quantity.
6) Buyer conducts dip test on product and the Seller commences injection into the Buyer’s tank storage space. Seller releases the following documents to Buyer:
• Injection Report.
• Recent SGS Quality Survey
7) Buyer proceeds with inspection of product with SGS agent in his own tanks. Upon Buyers Successful Q&Q dip test on the product in his own tanks, Buyer makes the payment for the total value of the product injected into the tanks by TT/MT103.
8) Seller releases to the Buyer the product Title Ownership documents and Seller pay all intermediaries according to the signed NCNDA/IMFPA.
B.- FOB TRANSACTION PROCEDURES (TANK TO TANK)
1) Buyer issues: ICPO + CIS, Tank Storage Agreement (TSA), Buyer passport. + NDA + BCL (Or any Bank document proving the Buyer’s Financial Capacity, covering at least the first delivery).
2) Seller issues Commercial Invoice, Buyer signs and returns back to Seller for countersigning.
3) Seller releases Inspection Approval Letter to Buyer to be signed by the Buyer and the Buyer’s Tank Farm. All parties’ signs NCNDA
4) Upon receipt of the signed Inspection Approval Letter from Buyer’s Tank Farm, Seller issues the below documents to buyer:
• Quantity and Quality Certificate (SGS) 48hrs fresh
• Tank Storage Receipt (TSR).
• Certificate of Origin
• Product Passport (Dip Test Result).
• Statement of Product Availability.
• Refinery Commitment to Supply.
• Authorization to Sell/Collect (ATSC).
• Injection Report
• Dip Test Authorization (DTA)
5) Upon successful verification of documents by the Buyer, Seller & Buyer’s representative and the SGS Team meets at seller tank storage for dip test on the product and presentation of the hard copy Proof of Product documents to buyer representatives face to face.
6) Upon confirmation of product Q&Q, Seller seals the tanks in buyer’s name for 10 days, Buyer pay for product by MT103/ TT and Seller immediately begins injection into buyers’ tank storage.
7) Seller pays all intermediaries according to the signed NCNDA/IMFPA for monthly deliveries.
C.- FOB TRANSACTION PROCEDURES (TANK TO TANK)
1) Buyer issues: ICPO + CIS, Tank Storage Agreement (TSA), Buyer passport. + NDA + BCL (Or any Bank document proving the Buyer’s Financial Capacity, covering at least the first delivery).
2) Seller issues Commercial Invoice, Buyer signs and returns back to Seller for countersigning.
3) Seller issues Non-Disclosure Agreement for signatory by the buyer, buyer’s tank farm and Seller. Seller present product Injection Report and SGS report (quality and quantity) to Buyer’s tank farm, upon verification of Injection Report & SGS report by Buyer tank farm, Buyer contacts their tank farm to secure their storage space.
4) Seller issues Injection Programming Agreement (IPA) to the buyer to be signed by the Buyer and Buyers tank farm company
5) Seller transfers product allocation to buyer and releases the following documents to buyer:
• Product Passport
• Certificate of Origin.
• Authorization to Sell/Collect (ATSC).
• Unconditional Dip Test Authorization (UDTA)
• Injection schedule along with the NOR (Notice of readiness) to commence the injection of the product in buyers’ tank and injection commences as per agreed SPOT Lift Quantity.
6) Buyer conducts dip test on product and the Seller commences injection into the Buyer’s tank storage space. Seller releases the following documents to Buyer:
• Injection Report.
• Recent SGS Quality Survey
7) Buyer proceeds with inspection of product with SGS agent in his own tanks. Upon Buyers Successful Q&Q dip test on the product in his own tanks, Buyer makes the payment for the total value of the product injected into the tanks by TT/MT103.
8) Seller releases to the Buyer the product Title Ownership documents and Seller pays all intermediaries according to the signed NCNDA/IMFPA.
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