STANDARD FOB TRADING PROCEDURES
1. Buyer issue ICPO to seller.
2. Seller issues Draft Contract and Commercial Invoice for buyer to countersign upon acceptance of the terms and conditions.
3. Seller sends to buyer, Commitment to Supply and Product Availability in Storage Reservoir, Product Passport , Transneft Contract (to pump product from refinery to loading port), Certificate of Origin and Company Registration Certificate.
4. Buyer endorse the tank storage agreement (TSA) with the hired tank facilitator of the respective port tank farm nominated by buyer or seller. Buyer has right to nominate its own tank farm. Buyer pays the tank fee to the tank farm to enable seller Pump/Inject the product into the tank
5. Seller issue Dip-Test Authorization to buyer. And upon successful diptest conducted by buyer, then buyer will pay to seller through MT103 T/T wire transfer for the total product available and lift their product to their destination port.
6. Seller pays commission to seller side intermediaries involved in the transaction