Transaction Procedure (FOB TTV)

1. Buyer issues ICPO + CIS + CPA to the Seller.

2. Seller issues the Proforma Invoice (PI).

3. Buyer provides a Bank-to-Bank Proof of Funds (POF) from a top-tier bank or a commitment letter from the Buyer’s attorney to the Seller’s attorney.

4. The Seller presents the Allocation Letter issued by the refinery at his office in Houston, along with past performance documents.

5. The Parties sign the SPA.

6. Buyer’s bank issues an Irrevocable DLC in favor of the Seller.

7. Seller issues the PPOP and the Laycan window. Buyer nominates the vessel and submits the Q88.

8. The product is injected into the Buyer’s nominated vessel.

9. Final Q&Q inspection is conducted by the Buyer.

10. Seller issues the Commercial Invoice based on the final Q&Q results.

11. DLC will be executed when vessel is fully loaded and all load documents (POP) provided to bank and bank approved.

12. Title transfer at the loading port in accordance with FOB Houston Incoterms 2020.