Commodity: Liquefied Natural Gas (LNG) Specification
Country of Origin: Russia Federation
First lift/Trial: 50,000 Metric Tons
Contract Quantity: 100,000 MT PER MONTH (12 months – R/E)
Product Price: Gross US$ 270 per MT / Net 260 per MT
Payment: IDLC via SWIFT MT 700 / BG or SBLC via MT 760 as buyer POF (proof of fund). And final payment via T/T or MT 103 after successful DIP TEST and TITLE PASSES to the buyer.
Performance Bond: 2% Performance Bonds after receiving POF issued by Buyer’s Bank.
Loading Port: RUSSIA PORT ( VLADIVOSTOK / KOZMINO)
Destination Port: CIF ASWP
CIF BANKING PROCEDURES (NON-NEGOTIABLE)
1. Buyer confirms soft offer and issues ICPO, Company Profile, Incorporation Certificate and Authorised Scanned passport of the buyer
2. After buyer documents verified and vett by refinery, SELLER will issues FCO to Buyer’s Irrevocable Corporate Purchase Order (ICPO). Buyer signs and returns FCO to the seller.
3. The seller issues draft contract to the buyer, Buyer endorses the Contract and return to seller.
4. Seller registers and legalizes the contract officially with the appropriate authorities to facilitate booking of allocation.
5. Seller sends to Buyer via government secured courier service, copy of Contract along with the Partial POP. The Partial POP includes :
Certificate of Origin of the Product,
Statement of Product Availability,
Product Quality Passport (Dip Test Analysis),
Refinery Commitment to supply the Product,
Title Holder Certificate (Copy),
Tank Receipt (at loading port)
6. Both Parties Lodge the Final Contract with their Respective Banks.
7. Buyer bank within Seven (7) banking days, send via Swift an IDLC via MT 700 / BG or SBLC via MT 760 to Seller nominated bank account.
8. Seller Bank issue via swift to buyer’s bank the full Proof of Product (POP). 2% PB (Performance Bond) to activate the POF (IDLC via MT 700 / BG or SBLC via MT 760)
9. Shipment commences as per signed contract delivery schedule.
10. Upon arrival of the cargo at the discharge port, payment will be made for the product by the buyer via T/T Wire transfer after CIQ/SGS Inspection at discharge port and Seller releases payment to all intermediaries involve as per the signed NCNDA/IMFPA within three banking days.