In oil buying process we strictly adhere to our established procedures, which are neutral, transparent, and structured to prevent scams and fraud in the oil trade. Our processes are designed to ensure compliance, security, and fairness for all parties involved.
TTO Dip & Pay FOB Procedure
Incoterms: FOB 2020 Fujairah, Jurong, Rotterdam
Product location: In storage tanks at Fujairah, Jurong, Rotterdam
Mode of delivery: Ex- Storage Tanks at load port- Fujairah, Jurong, Rotterdam (Tank to Vessel)
Price basis: Negotiable on PLATTS NWE/ Asia-pacific/Arab Gulf market scan FOB TTV
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.
PROCEDURE FOR TANK TAKE OVER (TTO) Dip & Pay:
1. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export License copy.
2. Buyer issues ICPO + Signatory ID/Passport Copy+ CIS
3. Seller share the RECAP and issue Pro-Forma Invoice & SPA.
4. Seller issues POP documents, including but not limited to:
a) Fresh Q&Q report by SGS or Saybolt-Corelab or Intertek, which must be:
1) Current & Compliant (under 48 hours old)
2) State composite samples were drawn by the Inspection Agency from the shore tanks
3) Quantity in shore tanks was assessed by the Inspection Agency
4) The shore tanks are sealed by the Inspection Agency and, tank nos. & seal nos. are indicated on the Report.
b. Valid TSR (tank storage receipt) with actual verifiable data to identify the physical tank.
c. Injection report from the storage tank
d. Certificate of origin (non-sanctioned) and euro5 certificate
e. ATSC (authorization to sell & collect) in the name of the buyer
f. ATV (authorization to verify)
g. Terminal access code (tac)
5) As the buyer will not cover the cost for a 3-day tank extension or send SGS or Intertek for a dip test without valid verification of the product in the tank. So, seller’s team extends the tank for 3 days and obtain new TSR, terminal access and permit in buyer’s name to enable the buyer to conduct the dip test to have a fresh SGS. This three day extension cost will be paid by the buyer if Test result comes positive.
6) This dip test by the buyer should be done within 48 hours of receiving TSR.
7) After a successful dip test buyer make 100% product payment via swift MT and lift product.
8) Seller issue buyer CHANGE OF OWNERSHIP CERTIFICATE and PRODUCT ALLOCATION CERTIFICATE. All intermediary is paid within 48 hours and seller and buyer may roll and extend the contract for future business.
Important Notes:
1. Q&Q report must be current and prepared from either SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers. Last injection report when the product was injected to the seller’s tank.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.
TTV FOB PROCEDURE
Incoterms: FOB 2020 Fujairah, Jurong, Rotterdam
Product location: In shore tanks at Fujairah, UAE / Jurong, Singapore.
Mode of delivery: Ex-storage tanks at load port- Fujairah, Jurong, Rotterdam (Tank to Vessel)
Price basis: Negotiable on PLATTS of NWE, Asia-pacific/Arab Gulf market scan FOB TTV Fujairah, Jurong, Rotterdam
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.
FOB TANK TO VESSEL (TTV) TRANSACTION TERMS AND PROCEDURE:
1. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export License copy.
2. Buyer issues ICPO + Signatory ID/Passport Copy + CIS
3. Seller share the RECAP and issue Pro-Forma Invoice & SPA,
4. Buyer accept the proforma invoice and sign the SPA and Share the CPA.
5. Seller issue Commercial Invoice (CI) for the Buyer to review, sign, and return to the Seller within 24 hours along with the Charter Party Agreement (CPA) (Note: If the buyer is convinced that the seller can deliver, they are happy to share:
– a. CPA along with the ICPO,
– b. Q88 along with the reviewed and signed CI.)
6. Partial Proof of Product (PPOP) issued by the Seller:
– a. Commitment to supply
– b. Authorisation to Sell and Collect (ATSC)
– c. Certificate of Origin Availability of Product (EUR5 Certificate)
– d. Product Passport Quality Analysis
– e. SGS fresh report not older than 48 hours
– f. Injection report (wherever applicable)
7. Above documents verified and confirmed by the Buyer within 48 hours.
8. Following documents issued by the Seller to the Buyer to confirm within 24 hours.
– a. Valid Tank Storage Receipt (TSR)
– b. Terminal Access Code (TAC)
– c. Hub No.
– d. Authorisation to Verify (ATV)
– e. Booking No.
– f. Dip Test Authorisation (DTA)
9. The Buyer, within 24 hours, appoints SGS to conduct the Dip Test at the Seller’s Tank in the presence of the Buyer’s representative.
10. Upon completion of the Dip Test, the Buyer remits payment per invoice via MT103/TT.
11. Upon receiving clean, clear funds into the Seller’s nominated bank account as per the invoice raised, the Seller shall transfer the cargo and transfer the Title of the product to the Buyer.
12. The vessel will be allowed departure from the port after full payment to the Seller and transfer of cargo & title to the Buyer.
Important Notes:
1. Q&Q report must be current and prepared from either SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers. Last injection report when the product was injected to the seller’s tank.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.
VESSEL TANKER TAKEOVER (VTTO) FOB PROCEDURE
Incoterms: FOB 2020 FOB VTTO
Product location: In Vessel tanker on high seas.
Mode of delivery: Vessel Tanker Take Over
Price basis: Negotiable on PLATTS Asia-pacific/Arab Gulf market scan FOB TTV Fujairah/Jurong Gasoil 10 ppm (AFUJP00).
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.
VESSEL TANKER TAKEOVER (VTTO) TRANSACTION TERMS AND PROCEDURE:
1. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export License copy.
2. Buyer issues ICPO + Signatory ID/Passport Copy + CIS
3. Seller share the RECAP and issue Pro-Forma Invoice & SPA, Buyer accept the proforma invoice and sign the SPA.
4. Seller issue Commercial Invoice (CI) for the Buyer to review, sign, and return to the Seller within 24 hours .
5. Seller releases following full sets of POP Documentation:
– CPA copy ( Charter Party Agreement Copy) between Vessel owner & seller.
– Contact Detail of the Shipping line who has booked the Vessel.
– Bill of Lading
– Cargo Manifest
– Certificate of Origin (COO)
– Product quality passport (Analysis test Report)
– Q&Q certificate with full report issued by SGS/Intertek/Saybolt – Corelab or Equivalent.
– Vessel Q88.
– Ullage Report
– NOR.
– Time Log Sheet.
– Ship’s Tank Dry/Cleanliness Certificate.
– Master’s Receipt of sample & Documents.
– Product release note.
– Seller’s Product Export License
– Seller’s company registration
– Custom Clearance documents from last port for shipping agent to verify
– Commitment to Supply.
– Commercial Invoice
– ATSC
6. Buyer verifies POP and request for DTA, ATB & Physical ATV from seller
7. Buyer conducts DIP TEST AT BUYER EXPENSES, and Seller submits Commercial invoice , certificate of origin (COO) and other papers to buyer’s bank including an affidavit to transfer titleholding after payment.
8. Buyer bank transfers payment within 72 hours and seller transfers titleholding to buyer.
9. Buyer parallelly completes Vessel tank takeover (VTTO) paperwork with the shipping company.
Important Notes:
1. Q&Q report must be current and prepared from either SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers. Last injection report when the product was injected to the vessel’s tank.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.
SHIP TO SHIP FOB PROCEDURE
Incoterms: FOB 2020 Ex Vessel Tank on high seas
Product location: In vessel tanks on High Seas.
Mode of delivery: Ship to Ship (STS)
Price basis: Negotiable on PLATTS Asia-pacific/Arab Gulf market scan FOB TTV Fujairah Gasoil 10 ppm (AFUJP00).
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.
FOB SHIP TO SHIP (STS) TRANSACTION TERMS AND PROCEDURE:
1. Seller issue FCO with signatory ID/Passport Copy with full CIS and Government issued Fuel Export License copy.
2. Buyer issues ICPO + CIS + Signatory ID/Passport Copy + CPA
3. Seller share the RECAP and issue Pro-Forma Invoice & SPA, Buyer accept the proforma invoice and sign the SPA.
4. Seller issue Commercial Invoice (CI) for the Buyer to review, sign, and return to the Seller within 24 hours .
5. Seller releases following full sets of POP Documentation:
– CPA copy ( Charter Party Agreement Copy) between Vessel owner & seller.
– Contact Detail of the Shipping line who has booked the Vessel.
– Bill of Lading
– Cargo Manifest
– Certificate of Origin (COO)
– Product quality passport (Analysis test Report)
– Q&Q certificate with full report issued by SGS/Intertek/Saybolt – Corelab or Equivalent.
– Vessel Q88.
– Ullage Report
– NOR.
– Time Log Sheet.
– Ship’s Tank Dry/Cleanliness Certificate.
– Master’s Receipt of sample & Documents.
– Product release note.
– Seller’s Product Export License
– Seller’s company registration
– Custom Clearance documents from last port for shipping agent to verify
– Commitment to Supply.
– Commercial Invoice
– ATSC
6. Buyer verifies POP and request for DTA, ATB & Physical ATV from seller.
7. Buyer conducts DIP TEST AT BUYER EXPENSES, and Seller submits Commercial invoice , certificate of origin (COO) and other papers to buyer’s bank including an affidavit to transfer titleholding after payment.
8. Buyer bank transfers payment within 72 hours and seller transfers titleholding to buyer.
9. Buyer parallelly completes ship to ship injection of fuel related paper works with the shipping company.
Important Notes:
1. Q&Q report must be current and prepared from either SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers. Last injection report when the product was injected to the vessel’s tank.
2. Full Proof of Product (POP) and Fresh SGS must be in the Buyer’s name.
3. ATSC must clearly authorize the Buyer to sell and collect the product.
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