Storage Tank Take Over (TTO) – Dip & Pay FOB Procedure
Incoterms: FOB TTO 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
Price basis: Negotiable on PLATTS NWE/ Asia-pacific/Arab Gulf market scan FOB TTO
Inspection: SGS/Intertek/Saybolt-Corelab or equivalent at seller’s tank
Payment terms: By MT103 against verification of agreed POP documents.
PROCEDURE FOR TITLE TAKE OVER (TTO) FROM STORAGE TANK – 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 storage 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 storage 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 issued in name of Ametheus/Exit Buyer.
3. ATSC must clearly authorize the Buyer to sell and collect the product.
Buyer Credential Verification Policy
To ensure a secure and reliable transaction process, the financial capability of buyers intending to purchase fuels will be thoroughly verified.
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Individual Buyers: Credentials of the buyer must be provided for financial assessment.
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Joint Ventures (JV): If the buyer is importing fuels in partnership with another financially robust entity, both parties must submit their credentials for verification.
All provided information will be reviewed to confirm the buyer’s ability to fulfill the financial obligations of the purchase.
Indemnity Clause: In the oil procurement process, we strictly adhere to our established procedures, which are designed to be neutral, transparent, and structured to prevent scams and fraud in the oil trade. These processes ensure compliance, security, and fairness for all parties involved. Our procedures apply solely subject to the availability of the product.
Disclaimer : We hereby declare that we do not accept or source any fuel or petroleum products from Russia, Iran, or any other sanctioned country.
