RE  :  TRANSACTION PROCEDURE

1. Buyer issues Letter of Intent (LOI) to seller. Seller issues SCO/FCO to buyer for counter-checks the offer and if  agreeable, buyer shall sign and return the SCO/FCO to seller.

2. Buyer issue ICPO (Irrevocable Confirmed Purchased Order).

3. Seller will issue FCO / SCO to buyer.

4. Buyer fully endorsed & returned seller’s FCO as acceptance.

5. Seller provided Draft SPA (Sales and Purchase Agreement) and verbiage LC for amendments & acceptance.

6. Seller issue the Performa  Invoice for buyer to prepare the DLC / Documentary Letter of Credit

7. Buyer & Seller acceptance sign & seal contract

8. Seller provides Partial Proof of Product (PPOP) immediately on signing contract to be verify by the relevant authorities.

9.Buyer issued the Operative LC, Seller will issued 2% Operative PB, after verified at seller bank, arrangement for viewing oil, deep test and sighted POP will be done.

10.Seller shall provide the POP (Proof of Product / Shore Tank details and actual viewing and inspection of products) to the Buyer.

11Cargo ownership transfer to the Buyer.

12.Buyer may begin to proceed with the collection / loading of oil.

13.Kindly contact us if have any inquiry.

Thank You for your co-operation.