TRANSACTION PROCEDURE ON CIF

1.Buyer issues Irrevocable Corporate Purchase Order (ICPO) addressed to the Seller Refinery along with company profile and buyer passport.

2. Seller issues the draft SPA for buyers review and signing

3. Seller legalizes and registers the contracts with insurance company and notarize it with the appropriate Authorities of the ministry of energy along with the below PPOP document:
a) Product Quality Passport-Quality Certificate.
b) Certificate of Product Origin.
c) Product availability
d) Commitment letter to supply the product.
e) ATSC

4.Buyers bank in accordance with sellers verbiage shall issue SBLC/DLC within six (6) working days for first shipments value to sellers financial bank to enable seller commence loading of product with the shipping company. Seller to finalize loading within six (6) working days. But if buyer fails to issue SBLC/DLC within six (6) Working days, as an alternative provision buyer pays $250,000 directly to the shipping company via MT103 as transaction guarantee which will be deducted from the products invoice value of product at destination port.

5. After confirmation by seller’s bank, seller at own expense, charters with shipping/logistic company and alert buyer on shipment ordered graphic/schedule accompanied with submission of nominated Vessel details to buyer.

6. Sellers bank responds with contractual operative 2% PB and full POP to buyer’s bank within seventy - Two (72) hours since buyers instrument confirmed by sellers bank
a) Copy of the Port Storage Agreement.
b) Copy of the CPA, to Transport the Product to Discharge Port.
c) Vessel Q88.
d) Original BL (full set).
e) Copy of SGS Report.

7. Upon successful product confirmation against SGS/CIQ Report of Quality and Quantity at destination port, the buyer makes payment by MT103.