STANDARD BANKING
(FOB Houston or Rotterdam for EN590, A1, D6)
- Buyer issues ICPO, Company Registration Certificate and TSA.
- Seller issues Proforma Commercial Invoice, Buyer signs and return commercial invoice along with an acceptance letter of commitment to execute transaction.
- Seller sends the Proforma Commercial Invoice for the tank extensions of pre-approved Tanks and Tank Farm from Refinery to be paid by Buyer or Buyer´s TSR. Seller issues to Buyer the below Partial POP Documents:
~ Statement of Product Availability.
~ Unconditional Commitment to Supply.
~ Verification of product availability at Tank Farm in Houston Texas.
~ Inspection Approval Letter signed by Tank Farm, Refinery and validated by Port
Authority. (Sent after the extension tanks are paid)
- Upon confirmation of the above documents by Buyer, Seller issues to the Buyer the below Full POP Documents:
~ Injection Schedule.
~ Act of Transfer / Change of Ownership Documents. ~ Authority to Sell and Collect (ATSC) ~ Freshly Updated SGS Report (72 Hours).
~ Injection / Q&Q Report.
~ Authorization to Verify (ATV) physical verification.
~ Unconditional Dip Test Authorization (DTA).
- NCNDA/IMFPA is signed by all intermediaries / agents / mandates involved. Upon successful dip test by Buyer, Buyer presents its TSR, and Seller injects product into Buyer’s tanks and Buyer makes payment for the total value of product injected into the tanks by MT103/TT.
- Seller pays all intermediaries / agents / mandates involved in the transaction. Upon satisfaction by Buyer, both Buyer and Seller sign contract for monthly delivery with rolls and extensions.
Our business partners are registered with the following refineries:
BP,
PBF,
AXEON,
Phillips 66,
Citgo,
Delek,
Flint Hills,
Holly Frontier,
Valero,
Alon,
Petromax,
Calumet
The intent for regular supplies and best prices is via a PRODUCTION CONTRACT where you buy alongside us from the majors.