EN590 10ppm, Jetfuel, Diesel D6 Virgin Fuel Oil

Product Details

COMMERCIAL TERM SHEET - FOB

DIP & PAY TRANSACTION PROCEDURES FOB ROTTERDAM/HOUSTON

JET FUEL A1 , EN 590 10 ppm , D6 Validity: End of January 2024

Minimum: 100,000,000 GAL Maximum: 400,000,000 GAL 12-Months contract Quality: Minimum: 1,200,000,000 GAL Maximum: 4,800,000,000 GALBy MT 103/TT for the first lift and SBLC MT 760 for 12 months contract Inspection: By SGS or equivalentSpecifications: As per Exhibit 3 , attachedFOB DIP & PAY TRANSACTION PROCEDURES: ( TANK TO TANK / TANK TO VESSEL )1. Buyer approves the commercial term sheet, procedure and offer and sends a letter of intent (LOI). LOI has to be on the letterhead of the buyer company and with complete details of the product requested and information and sent directly from the email of the end buyer. Seller or his agent sends Soft Corporate Offer (SCO) and Transaction Procedures (TP) to the Buyer for buyer’s review. Buyer signs the SCO and TP and sends it back to the seller or his agent.2. Seller or his agent sends format of ICPO to the Buyer.

3. Buyer puts ICPO on the letterhead of their company, completes all the company and banking information, signs, stamps and sends both documents along with Company Profile/CIS, Passport copy of the authorized signor for the company and Certificate of Registration.

4. Seller issues Proforma Invoice to the Buyer. Buyer signs and returns a copy back to the seller.

5. Buyer proves its financial capacity to execute the transaction by issuing proof of funds (POF) to the Seller via MT199 (this is the preferred option). If the buyer’s bank for any reason cannot issue MT 199, then a BCL/RWA + ATV is acceptable, if only the BCL/RWA has contact information of 2 bank officers (Phone numbers and email addresses) and sent with an ATV directly to the seller email address.

6. Upon confirmation of the financial capacity of the Buyer, Seller issues Commercial Invoice (CI) along with 12-month Sales and Purchase Agreement (SPA) to be signed by the Buyer.

Buyer signs the CI and the SPA and returns a copy back to the Seller.

7. Seller Sends Proof of Product (POP) documents as listed below to the Buyer:

A. Fresh SGS Report not older than 48 hours

B. Unconditional Dip Test Authorization (UDTA)

C. Injection Report

D. Tank Storage Agreement (TSA)

E. Tank Storage Receipt (TSR)

F. Tank Farm Bar-Code Information

G. Letter of Commitment to Supply

H. Passport of the Product (Q & Q)

I. Certificate of Origin Report

J. Registration Certificate

K. Confirming Warrant

L. Authority to Sell & Collect (ATSC)

8. Within no later than 48 hours of receiving the POP documents, the Buyer has the option to conduct Dip Test Inspection in the seller’s tank. Upon conducting Dip Test, the Buyer submits TSR from his Tank farm or NOR from his Shipping Company and Seller injects the product into the Buyer’s Tank or vessel.

9. Within 24 (twenty-four) hours, the buyer makes 100% payment for the total value of the product

via MT103/TT wire transfer, according to Commercial invoice, to the seller’s Bank account.

10. Seller transfers the product title to the buyer.

11. Seller pays commission to all intermediaries involved in the transaction and subsequently monthly shipment continues as per terms and conditions of the Sales and Purchase Agreement between the parties.

12.Buyer issues Irrevocable and Transferable SBLC MT 760 for the remaining 12 months of the transaction.

This Commercial Term Sheet is valid until 31st of January 2024. Prices are subject to change until POF is submitted by the buyer.