Buy & Sell

STANDARD PROCEDURE

1. Buyer send ICPO, then seller give FCO with full seller company information. The Buyer signs, seals and sends back the FCO to the Seller within max. 48 hours.

2. The Seller issues the draft Contract to the Buyer.

3. The Buyer returns the draft Contract, revised to the Seller within 48 hours.

4. The Seller reviews and confirms the changes made by Buyer. If acceptable, issues the signed and sealed final Contract with the commercial invoice and NCNDA by email to the Buyer.

5. Upon receiving Final contract and commercial invoice, buyer lodged the Final Contract and commercial invoice to their respective banks.

6. Buyer’s bank issue MT799 or BCL for first shipments by swift to seller’s bank within 48 banking hours after sign contract.

7. Upon receipt of the MT799 or BCL by swift to seller’s bank, The Seller’s bank issues the Partial POP to Buyer’s bank.

8. Upon receipt of the Partial POP to buyer’s bank, Buyers bank issued Non – Operative, Irrevocable, Revolving, Documentary, Confirmed and at Sight Letter of Credit for each shipment per month to Seller’s designated bank.

9. Upon receipt LC from Buyer’s bank, seller bank will reply with Full POP and 2% PB to the Buyer’s bank for operating the buyer’s LC.

10. Shipment of each month By 1 Vessel/partial Shipment. Shipment time within 30 days from LC date and Delivery within 35 to 45 days from date of bill of ladings depend on chosen port.

Full POP list will be:

A) Copy of License to export, issued by the department of the ministry of energy.

B) Copy of Approval to export, issued by the department of the ministry of energy.

C) Copy of statement of availability of products.

D) Copy of refinery commitment to produce the product.

E) Copy of Railway contract to transport the products to the port.

F) Copy of the port storage agreement.

G) Copy of the charter party agreements to transport the products to destination port and discharge.

H) Tank receipt and SGS report

B) Copy of Approval to export, issued by the department of the ministry of energy.