TANK TO VESSEL (TTV) FOB PROCEDURE
Incoterms: FOB 2020
Product location: In shore tanks at loading port
Mode of delivery: Ex-storage tanks at load port- Fujairah, Jurong, Rotterdam
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.
1. Seller issue FCO with with full CIS and Government issued Trade License copy.
2. Buyer issues ICPO + Signatory ID/Passport Copy with full CIS ( Company papers)
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 and Q88.
5. Seller issue Commercial Invoice (CI) for the Buyer to review, sign, and return to the Seller.
6. Seller will share Partial Proof of Product (PPOP):
– a. Commitment to supply
– b. Authorisation to Sell and Collect (ATSC)
– c. Certificate of Origin (COO)
– d. Product Passport Quality Analysis
– e. Last injection report (when the product was injected to the seller’s tank) or old Q&Q report by SGS, SAYBOLT or Intertek including composite sampling, sealed tank details, tank number and seal numbers.
7. Above PPOP documents verified and confirmed by the Buyer within 48 hours.
8. Buyer will appoint an inspection agency to conduct the DIP test and will share the nominated inspection agency name, address, contact person phone number, email ID along with a quotation letter from the inspection agency ( If possible).
9. Buyer will share the POF with the seller in form of a BCL/ Statement / Balance statement / Or send POF through SWIFT.
10. 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) at buyer’s cost
11. The Buyer, within 24 hours, appoints SGS/Other Inspection agency to conduct the Dip Test at the Seller’s Tank in the presence of the Buyer’s representative.
12. Upon completion of the Dip Test, the Buyer remits payment per invoice via MT103/TT.
13. 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.
14. 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. Full Proof of Product (POP) and Fresh SGS must be issued in name of Ametheus/Exit Buyer.
2. 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.
- Individual Buyers: Credentials of the buyer must be provided for financial assessment.
- 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.
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Disclaimer : We hereby declare that we do not accept or source any fuel or petroleum products from Russia, Iran, or any other sanctioned country.
