JP54 Sellers Published date: November 11, 2014

JET FUEL JP54
QTY/DST: 500,000 – 1,000,000 bbl. PER Month
PRICE: US$80.00 CIFASWP

OPERATIONAL PROCEDURES
1. BUYER sends ICPO+ NCNDA/IMFPA to the SELLER .
2. SELLER sends FCO to the BUYER.
3. BUYER sign and return the FCO.
4. SELLER issue a draft contract opens for amendment.
5. BUYER sign and return the contract.
6. BUYER issues proof of fund Bank to Bank to SELLER.
7. SELLER upon confirmation issues to BUYER the following Partial Proof of Product (PPOP) below:
A. Certificate of origin
B. Certificate of quality
C. Certificate of analysis
D. Commercial invoice
E. Refinery affidavit letter. Via email open for BUYER verification.
8. SELLER issues original contract for final signatory, both parties exchange hard copies of contract via Courier
within five days of signing electronic version. Both parties lodge contracts in respective banks.
9. Buyer’s bank will issue SBLC (Standby Letter of Credit) or BG (Bank Guarantee) MT 760 to a designated account
by the seller that will cover one-month or trial shipment.
10. SELLER issues 2% Performance Bond face value of the SBLC or BG MT760 to buyer’s bank to activate buyer’s
financial instrument.
11. Seller and Buyer finalize shipment schedules with the shipping company.
12. SELLER shall issues to Buyer's bank the proof of product (POP) as followings:
a. Copy of the tank receipt issued by the storage facilitator.
b. Copy of license to export, issued by the ministry of energy.
c. Copy of approval to export, issued by the ministry of justice.
d. Copy of statement of availability of the product.
e. Copy of the refinery commitment to produce the product.
f. Copy of Transneft contract to transport the Product to the Port.
g. Copy of the Port Storage agreement.
h. Copy of the charter party agreement(s) to transport the product to the discharge port.
i. Copy of tank storage receipts.
j. Copy of dip test authorization/Assignment of ownership document.
13. The SGS inspection will be borne by the Seller at the loading seaport and Buyer at the unloading seaport.
14. Shipment commences as per contract.
15. BUYER's bank releases payment within 10 banking days via MT103/TT to SELLER's bank after SGS inspection,
discharge of cargo and receipt of all relevant shipping documents for immediate
negotiation at BUYER’s CIF destination sea port.

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