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ENERGY GLOBAL SOLUTIONS

We Offer Revolution Of Industrial Engineering
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PROCEDURES

FOB TRANSACTION PROCEDURE

  1. Buyer issues ICPO incorporating the transaction procedure from Seller with banking details along with Company Registration Certificate and a BCL.
  2. Seller issues draft SPA (contract) to buyer, buyer signs SPA and return it to the seller within 48 hours for final endorsement.
  3. Seller executes contract and forward copy to Buyer along with Commercial Invoice.
  4. Buyer’s bank within 7 working days issues SBLC (MT760), DLC (MT700), and BLOCK FUND (MT799) (Funds Blocked at Buyers bank) as per Verbiage to be provided, to Seller’s Fiduciary Bank. Upon confirmation of Buyer Instrument, Seller brings fuel to shore tank to load to inject to buyer vessel and issues the following POP documents. Seller issues 2% PB. (PB issued for contract only).
  • Fresh Inspection report at loading port 
  • Buyer may conduct dip test in Seller tank or in Buyers vessel at loading port
  • Certificate of Origin
  • TSR/DTA
  1. Upon successful Q&Q fuel injected into buyer vessel.
  2. Buyer release 100% payment for the full quantity of the product  via MT103/TT within 24 hours.
  1. Seller transfer title of the product to Buyer.
  2. Contract shipment continues as per agreed terms and conditions.

CIF IPL PROCEDURE

  1. The Buyer issues ICPO upon receipt in acceptance of Sellers FCO.
  2. The Seller issues a DRAFT CONTRACT for the Buyers to modify,sign and return back for Sellers confirmation.
  1. Seller registers and legalizes the signed Sales and Purchase Agreement contract.
  2. Sellers sends legalized contract and below PPOP Documents to buyer via email as listed below:
  • Certificate of Origin.
  • Commitment to Supply.
  • Product Passport.
  • Statement of Availability of the product.
  • Export license.
  1. The buyer issues their Financial Guarantee (SBLC MT760 or DLC MT700) to cover the first shipment to the seller’s bank account in 7-10 working days.
  2. The Buyer fails to issue SBLC or DLC in 7-10 working days, in alternative buyer shall make guarantee deposit of 3% wire from total value of the Contract to seller’s fiduciary bank account as performance to secure the allocation which will be deducted from the first shipment.
  3. Upon confirmation of buyers SBLC/DLC or guarantee deposit for TT Wire to sellers bank, sellers will issue 2% Performance Bond, Full POP and Shipping Documents via SWIFT bank to bank as shown below:
    Product Allocation Export Permit.
    Allocation Title Ownership Certificate.
    Transnet Contract to transport the product to the loading port.
    Port storage agreement.
    Charter party Agreement to transport the product to discharge port
    Tank Storage Receipt.
    SGS Quantity and Quality Certificate SGS.
    Bill of Lading.
    8. Shipment commences and upon arrival of the vessel tankers at the discharge port, buyer conducts SGS Inspiration and make operative      SBLC/DLC or make payments for the full shipment via TT wire or MT103. The Buyer issue Documented Letter of Credit MT700 (DLC).  Shipping commerce as per Contract, will DLC MT700 as Guarantee payment for contract duration and Sellers bank responds by issuing the 2% Performance Bond (PB) to the DLC Issuer bank.
    9. The Seller will support the Buyer and SGS team to carry out DIP test inspection or equivalent inspection to ascertain quality & quantity at buyer’s expense. (The seller will also prepare the final POP documents.
    10. The Seller will inject the product into the buyer’s vessel with all export documents and invoice of all products value after the Buyer confirms the original Inspection report with SGS report.
    11. The succeeding shipment will continue by both parties.
     P.S FYR first, not the final