29/05/2025
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*2025 FOB working Process*
*Ports:* Fujairah / Houston / Rotterdam / Jurong
Fujairah 70.000 MT
Rotterdan 100.000 MT
Houston 70.000 MT
*FOB Prices:*
- EN590 10ppm: 520+10 USD
- JET A1: 79+3 USD
- D6: 0.92+ 0.2 USD
*Transaction Procedure:*
*1. Issuance of ICPO and Supporting Documents:*
The buyer issues an Irrevocable Corporate Purchase Order (ICPO) in line with the seller’s transaction procedures, along with a copy of the company representative’s passport. The buyer also provides a Tank Storage Agreement (TSA) to the seller.
*2. Commercial Invoice (CI):*
The seller issues the Commercial Invoice (CI), which the buyer signs and returns to the seller for confirmation.
*3. Injection Programming Agreement (IPA):*
The seller provides the Injection Programming Agreement (IPA) for the buyer’s confirmation, enabling the scheduling of product injection into the buyer’s tank storage facility. Buyer and Buyer’s tank farm should sign and endorse the P**A
*4. On-Site Verification & Documentation Exchange:*
After successful programming, representatives from the seller, the buyer, and the SGS team meet at the seller’s tank storage for tank and pipeline verification. The seller delivers hard copies of the Proof of Product (POP) documents directly to the buyer's representatives. These documents include:
- Quantity and Quality Certificate (SGS) – issued within 48 hours.
- Tank Storage Receipt (TSR).
- Product Passport (Dip Test Result).
- Statement of Product Availability.
- Refinery Commitment to Supply.
- Authorization to Sell/Collect (ATSC).
- Authorization Letter to Verify Product with the Tank Farm.
- Company Registration Certificate.
*5. Document and SGS Verification:*
The buyer’s team verifies the provided documents and SGS report. If necessary, the buyer may conduct a dip test in the seller’s tank for further confirmation.
*6. Product Injection and Agreement Signing:*
Upon confirmation of product quality and quantity (Q&Q), the seller initiates the injection process into the buyer’s tank storage. All parties sign the NCNDA/IMFPA agreement.
*7. Payment:*
The buyer makes payment for the total product via MT103 or TT wire transfer.
*8. Title Transfer and Lifting:*
Once payment is confirmed, the seller transfers ownership of the product to the buyer and settles all intermediary fees per the NCNDA/IMFPA agreement. Monthly deliveries commence, and the buyer lifts the product.
