Products Grade: Russian Export Grade.
Loading Port: Primorsk.
Origin: Russian Federation.
Commission structure: 50% Buyer side (open); 50% Seller side (closed).
Contract Term: 12 months minimum (with R & E).
Payment Terms: MT103, TT wire transfer.
POP: Provided as per documents list stated in the Procedures.
Inspection by: SGS or equivalent.
Currency: All in U.S.A. Currency.
THE COMMISSIONS OF THE BUYER SIDE WILL BE PAID BY THE SELLER WITH THE FOLLOWING DISTRIBUTION: Full 100% of Buyer side commission — Buyer Mandate / Intermediaries. PRODUCT & PRICE:
COMMODITY D6 VIRGIN FUEL OIL LOW SULFUR
Form of Packing Bulk
Quantity: 200,000,000 Gallons first lift then 800,000,000 Gallons per week for 52 weeks
Shipping Terms FOB: PORT PRIMORSK
FOB Fixed Price: USD 0.66/0.61 per Gallon
Inspection: SGS or Equivalent
Shipment will be advised
Commission is 5 US Cents; Seller side 2.5 US Cents per Gallon (closed) and 2.5 US Cents for Buyer side (open).
CI DIP & PAY SPOT FOB ACCEPTED PROCEDURES: (PORT PRIMORSK)
1) Buyer issues ICPO with full banking details and CP.
2) Seller issues Commercial Invoice (CI) to Buyer.
3) Buyer signs back the CI and returns to Seller with an acceptance letter to proceed with the transaction.
4) Seller issues Partial Proof of Product (PPOP) to Buyer:
A. Product passport;
B. Commitment letter to supply, and;
C. Statement of availability of the product in storage Reservoir to Buyer, and;
— Seller and Buyer endorse and sign the NCNDA/IMFFPA in favor of all Intermediaries/parties involved in the transaction.
5) Buyer and Seller endorse the tank storage agreement (TSA) with the hired tank facilitators of the respective port tank farm. If Buyer already has tanks, Buyer shallprovide Seller with bar coded Shore Tank Storage Facility Co-ordinates (TSA) along with the Tank Storage Receipt (TSR) for Seller’s confirmation.
6) Seller transports/injects the product into the hired tank and furnishes the Buyer with TSA, SGS, and DTA to conduct the dip test.
7) Upon successful dip test, Buyer makes payment by MT103 or TT wire transfer for the total product available to be lifted.
8) Buyer lifts the product and Seller pays all Intermediaries/parties involved in the transaction as per NCNDA/IMFPA.