TANK TO VESSEL (TTV) FOB PROCEDURE

Incoterms: TTV FOB 2020
Loading port: Fujairah, Jurong, Rotterdam, Batumi, Kulevi etc.
Platts: Negotiable on PLATTS of NWE, Mediterranean, Arab Gulf (AG), Fujairah Platts, Singapore MOPS based on the port.
Price basis: FOB TTV Fujairah (Fujairah Platts) / AG whichever is higher, Jurong (Singapore MOPS), Rotterdam (NWE Platts) minus agreed discount based on the port agreed for loading.
Inspection: SGS / Intertek / Saybolt-Corelab or equivalent at Seller’s tank at buyer’s cost
Payment terms: By MT103 against verification of agreed POP documents and DIP test result
Offer: Subject to tank availability. Buyer must confirm availability and fix price with Seller before proceeding

TRANSACTION PROCEDURE

  1. Buyer Inquiry:
    Buyer sends email to seller stating intent to purchase, required volume, destination, and preferred load port.
  2. Seller Response:
    Seller issues FCO including:

    • Company profile
    • CIS (KYC) of Seller
    • Available quantity, specification, load port, and indicative price
  3. Buyer Issues:
    • ICPO (Irrevocable Corporate Purchase Order)
    • CIS / KYC of Buyer
    • Company business profile
    • CPA (Charter Party Agreement) signed only with a vessel-owning company → CPA must include reachable shipping agent name, phone, and email → No Q88 or vessel details required at this stage
  4. Seller issues:
    • RECAP
    • Pro-Forma Invoice
    • Draft SPA (Sale & Purchase Agreement)
  5. Buyer reviews, signs, and returns:
    • Pro-Forma Invoice
    • SPA → Buyer shares Q88 and full vessel details only at this stage
  6. Commercial Invoice:
    Seller issues Commercial Invoice (CI) → Buyer reviews, signs, and returns within 24 hours
  7. Partial Proof of Product (PPOP) – Issued by Seller Within 48 hours of signed SPA:
    a. Commitment to Supply
    b. Authorization to Sell and Collect (ATSC)
    c. Product Passport / Certificate of Analysis (COA)
    e. Last Injection Report OR previous Q&Q report by SGS/Intertek/Saybolt (composite sampling, sealed tank details, tank number, seal numbers)
  8. PPOP Verification:
    Buyer verifies all PPOP documents within 48 hours. → If satisfactory, proceed to Step 9
  9. Buyer Nominates Inspector & Provides POF
    Buyer submits:

    • Name, address, contact person, phone, email of nominated inspection agency
    • Quotation letter from inspection agency (if available)
    • POF via one of the following: • Bank Comfort Letter (BCL) • Bank Statement • SWIFT MT199 / MT799 POF confirmation
  10. Full Access Documents – Issued by Seller Within 24 hours of POF receipt:
    a. Valid Tank Storage Receipt (TSR)
    b. Terminal Access Code (TAC)
    c. Hub No.
    d. Authorization to Verify (ATV)
    e. Booking No.
    f. Dip Test Authorization (DTA) – at Buyer’s sole cost
  11. Dip Test Execution Within 24 hours of receiving DTA:
    • Buyer appoints SGS / Intertek / Saybolt (or pre-nominated agency)
    • Inspection conducted in presence of Buyer’s representative
    • Live video feed recommended (optional but advised)
  12. Payment Upon successful Dip Test report confirming quantity and specification: → Buyer remits 100% payment via MT103 / TT within 24 hours
  13. Title & Cargo Transfer Upon confirmation of clean funds in Seller’s account:
    • Seller transfers title of product to Buyer
    • Seller issues Full Proof of Product (FPOP) including:
      • Fresh SGS in Exit Buyer’s name •
      Updated TSR in Buyer’s name
      • Injection Report into Buyer’s vessel
    • Cargo transferred to Buyer’s vessel
  14. Vessel departs only after:
    • Full payment received
    • Title transferred
    • Cargo pumped into vessel under supervision

IMPORTANT NOTES

  1. Full Proof of Product (FPOP) and Fresh SGS → Must be issued in the name of the Exit Buyer → Provided only after payment and title transfer
  2. ATSC → Must clearly authorize Buyer to sell and collect payment
  3. No Extra Fees → No terminal fees, port charges, or “facilitation payments” outside agreed SPA
  4. Dip Test Failure → If product fails spec or access denied → transaction void, inspection cost refunded by Seller
  5. Force Majeure & Disputes → Governed by ICC rules, arbitration in Singapore / London (as per SPA)

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.

Disclaimer : We hereby declare that we do not accept or source any fuel or petroleum products from Russia, Iran, or any other sanctioned country.

For any query please feel free to email at [email protected]

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