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FOB Rotterdam transaction procedure
1.
Buyer accepts seller’s procedures and issues irrevocable corporate purchase order(ICPO) with company registration, buyer banking information, and buyer passport.
2.
Seller issues commercial invoice(CI), with port tank number and tank storage receipt(TSR) number to be included in commercial invoice(CI), buyer countersign within 24 hours and return to the
seller.
3.
Seller provides the tank farm company contact to the buyer for the buyer to contact and extend seller’s tank and pay for three or four days of tank extension in order for the buyer to conduct dip
test according to their inspection schedule.
4.
Upon buyer readiness to extend sellers tank, seller issues the below POP documents to buyer’s secured email for verification.
a.
Tank storage agreement(TSA)
b.
Tank storage receipt(TSR) with GPS coordinates of tank location.
c.
Indigenous dip test product passport analysis.
d.
Authorization to sell and collect(ATSC).
e.
Statement of availability of product.
5.
Within 72 hours buyer provides the extended tank storage receipt(TSR) to seller for confirmation of extension and seller issues UDTA to buyer/SGS team.
6.
Buyer conducts dip test and upon satisfaction, buyer instruct seller to commence injection to buyer tanks/vessel.
7.
Buyer pays for total products injected via MT 103 against title transfer exchange.
8.
Seller pays all intermediaries involved via NCNDA with 24 – 48 hours of confirmation of buyer’s payment.
9.
Contract may begin if agreed by seller and buyer.