STANDARD CIF TRADING PROCEDURES
2. Seller issues Draft Contract and Commercial Invoice for buyer to countersign upon
acceptance of the terms and conditions.
3. Seller sends to buyer, Commitment to Supply and Product Availability in Storage
Reservoir, Product Passport , Transneft Contract (to pump product from refinery to
loading port), Certificate of Origin, Company Registration Certificate.
4. Buyer endorse the tank storage agreement (TSA) with the hired tank facilitator of the
respective port tank farm nominated by buyer or seller. Buyer has right to nominate its
own tank farm. Buyer pays the tank fee to the tank farm to enable seller Pump/Inject
the product into the tank
5. Seller issue Dip-Test Authorization to buyer.
6. Upon successful dip test vessel departs to buyers destination port (shipping cost paid
7. Upon successful arrival to buyer’s discharge port, buyer performs Q&Q and makes
payment by MT103 T/T wire transfer for the total product available.
8. Seller pays commission to seller side intermediaries involved in the transaction