Overview:
Experience a seamless oil trading process with our Tank to Vessel transaction procedure. Designed for efficiency and transparency, this procedure ensures secure and reliable transactions between buyers and sellers.
Transaction Procedure:
- Initiation: The buyer issues an irrevocable purchase order along with the Know Your Customer (KYC) and Customer Information Sheet (CIS) for seller verification.
- Commercial Invoice: The seller provides a commercial invoice for the immediately liftable commodity to the buyer.
- Counter-signature: The buyer countersigns the commercial invoice and returns it to the seller as confirmation.
- Charter Party Agreement: Both parties sign a Charter Party Agreement (CPA) with a verifiable shipping company based in Rotterdam.
- Proof of Product (PPOP): The seller supplies the following PPOP documents to the buyer:
- Tank storage reservoir receipt
- Product passport report
- Title Transfer Affidavit
- Certificate of Origin
- Vessel Information: The buyer provides the vessel’s Q88 form to enable the seller to schedule a dip test in the seller’s tank.
- Dip Test: The buyer schedules the dip test at the seller’s tank storage to conduct a quality and quantity inspection. Upon a satisfactory report, the buyer pays the total cost of production.
- Title Transfer and Injection: The seller transfers title to the buyer and injects the product into the buyer’s reservoir or vessel. Necessary documents, including the Irrevocable Paymaster Agreement (IPA) or Tank to Vessel Injection Agreement (TTVIA), are signed before pumping.
- Commission Payments: The seller pays commissions to all intermediaries within 48 hours of receiving payment from the buyer.
- Refinery Handling: The refinery in Poland is managed by an authorized company in England, ensuring compliance and reliability.
Call to Action:
For more information about our Tank to Vessel transaction procedure or to initiate a transaction, please contact us today. Partner with us for a secure and efficient oil trading experience!