PROCEDURES

DOCUMENTS REQUIRED FROM THE BUYERS

At the commencement of our collaboration, the buyer is kindly requested to furnish the following documents for a faster compliance check to start initiating the procedure that they have selected:

• Company Profile of the Buyer:
  • Legal company name
  • The physical address of the company’s headquarters or main office
  • Contact information (phone numbers, email addresses, etc.)
  • Business description, financial information, key personnel, business history, and industry certifications.
• Details of the Signatory Authorized to Act on Behalf of the Company:
  • Full legal name and position/title within the company
  • Contact information: email address, phone number, and official company address
  • Official identification documents: specimen signature and copies of identification (e.g., passport).
• Company Registration Certificate and Directors’ Information:
  • Legal name, registration number, date of registration, registered address, and business activities
  • Directors’ details include full names, residential addresses, nationalities, dates of birth, and relevant identification information.
• Company’s Import License and Contact Information:
  • Company details: name, address, contact information, and business registration details
  • Product information: type, quantity, value, and country of origin
  • Importer-Exporter Code (IEC), compliance documents, and contact details of the relevant authority.
• Bank Details for Transaction:
  • Bank name, complete address, and SWIFT code
  • Account holder’s name and account number or IBAN
  • Contact information of the bank officer.
• Specifications of Petroleum Products, Volumes, and Port of Discharge:
  • Details are outlined in the Irrevocable Corporate Purchase Order (ICPO) or Letter of Credit (LC).
• Verification of the Company’s Previous Trading Business:
  • Trade references, financial statements, credit reports, bank statements, and business licenses and permits.
• Written Statement of Buyer Acceptance of Seller’s Procedures:
  • Submission of the Irrevocable Corporate Purchase Order (ICPO) or a written statement acknowledging and accepting the Seller’s Procedures. This is the written declaration expressing the buyer’s acceptance and agreement to adhere to the Seller’s procedures irrevocably.
• Legal Engagement Agreements.
  • Notarized: Confidentiality, Non-compete and Non-disclosure. 
• Outline the previous experiences in the petroleum business.
  • Confirmation of whether the company has previously engaged in such trading activities, and if not, confirmation of the company’s eligibility to conduct such activities.
    • In the event that the buyer has not previously completed any similar transactions, it is imperative to disclose this information in the initial correspondence and provide a concise outline of their proposed course of action. 
    • If the Buyer lacks previous transactional history, a brief proposal detailing their intended course of action is essential for evaluation.
    • The Seller or title holder anticipates complete openness from prospective buyers. The buyer can demonstrate a certain level of transparency and credibility by furnishing relevant documents at the outset.
• Registration Form.
  • In addition, prospective Buyers are required to complete and submit a Buyer Registration Form, which is mandatory for all Buyers. This formalizes the registration process and aids in ensuring comprehensive transparency and credibility.
• Security Deposit.
  • The security deposit is paid to us by the potential buyer if our company is the seller. A US$10,000 security deposit as a retainer is required in advance for each product order in ICPO provided that our company is the Seller. Such a retainer is automatically credited into our accounts in case you fail to meet the outlined requirements in the Procedure you have selected or are unable to complete your procurement from us for any reason. Such a retainer is automatically credited into our accounts in case you even simply delay the conclusion of the Procedure. Therefore, we recommend that you follow up on the procedure step-by-step.
• Introduction fee.
  • Each potential buyer is required to pay a non-refundable Introduction Fee to us if we are acting as the intermediary instead of the seller for a specific sale. This upfront fee amounts to US$10,000 and must be paid in advance by each potential buyer, given that we are solely acting as the intermediary to connect them with the seller or refinery. Additionally, we incorporate a reasonable profit margin based on the products involved. This introduction is made possible through email or phone communication exclusively, following the receipt of the ICPO and such upfront Introduction Fee.

NOTE: These documented details are pivotal in establishing transparency and credibility and are integral to the Buyer’s registration process. Should further clarification or assistance be necessary, please do not hesitate to reach out.

DIP AND PAY TRANSACTION PROCEDURE FOB TTT (TANK TO TANK) [#FOB/PTR.TTT]

(ROTTERDAM / HOUSTON / FUJAIRAH / CHINA)

1. The Buyer issues an ICPO and Company Registration Certificate or any I.D. with TSA for the Seller’s approval.
2. The Seller issues a draft the sales and purchase agreement (SPA) and commercial invoice; the Buyer signs and returns them both to the Seller.
3. The Seller presents the product SGS Report to the Buyer’s tank farm only to verify and confirm the product specification. Upon confirmation of the SGS report by the Buyer’s tank farm storage company, the Seller pays the Buyer’s tank for three (3) Days. And, the Buyer does pay his tank farm company for three (3) days after his tank farm company has received the payment from the Seller company.
4. The Seller provides the Buyer with full POP documents:
   • (a) New SGS Report less than forty-eight (48) hours.
   • (b) Dip Test Authorization: Unconditional.
   • (c) Injection Report.
   • (d) Tank Storage Receipt with GPS Coordinates.
   • (e) Tank Farm Bar-Code Information.
   • (f) Authority to Sell and Collect (ATSC).
   • (g) Endorsed injection schedule by the Buyer and Buyer tank farm.
   • (h) ATV: For Physical Verification.
   • (i) Schedule signed by the Buyer and the Buyer’s tank farm.
5. The Buyer conducts a dip-test in the Seller’s tank via SGS at the Buyer’s cost. The Seller injects the fuel into the Buyer’s tank. And, the Buyer makes payment based on Q&Q by MT103 wire transfer or TT according to the final commercial invoice after the completion of the injection of the agreed volume.
6. The Seller transfers the title of ownership as per the Buyer’s instructions. The Buyer lifts the product.
7. The monthly contract deliveries continues as per the terms and conditions of the SPA between Buyer and Seller.

LOI For Our Gold Purchases