Description
DIP & PAY – TANK TO TANK (TTT) PROCEDURE (ROTTERDAM/FUJAIRAH)
1. Buyer issues ICPO together with Tank Storage Agreement (TSA) upon acceptance of Seller’s offer.
2. Seller issues commercial invoice (CI) for the available quantities on the ground to be sold to Buyer.
3. Buyer signs and returns the commercial invoice with NCNDA/IMFPA signed by all Buyer groups with commission structures.
4. End Seller issues Injection Programming Agreement (IPA) for End Seller, Seller, Buyer and Buyer’s Logistics company to endorse.
5. After successful signing and sealing of IPA by all four parties, the End Seller issues the following documents for the Buyer:
a) Three (3) days unconditional Dip Test Authorization (DTA)
b) Fresh uncut SGS report (not less than 24 hours)
c) Reservoir storage receipt with GPS coordinates
d) Authorization to Verify (ATV)
e) Injection Report
f) Certificate of Origin
g) Authorization to Sell and Collect (ATSC)
6. Upon Buyer’s verification and confirmation of the product and PPOP documents, Buyer order SGS to conduct dip test in the End Seller’s reservoir at Buyer’s expense.
7. Upon successful dip test, End Seller commences injection into the Buyer’s tank and Buyer makes payment by MT103 wire transfer to Seller’s nominated bank account and the End Seller transfers title of ownership into the Buyer’s name and issues Buyer title of ownership certificate.
Characteristics
Other company ads
