Each Seller has their own SOP’s for: Dip & Pay, PITT, PITV, TTT, TTV, VTV

 

Below you will find general procedures, for Dip & Pay, TTT and TTV. 

Please keep in mind that we represent multiple title holders, and twelve refineries globally each with distinct operational processes. Upon receiving a Buyer’s KYC, along with their Letter of Intent (LOI) on official letterhead, that includes the following: 

• Product specifications

• Required quantity 

• Contract terms 

• FOB/ CIF

• Final Destination​

The seller will provide the buyer with their procedures for the specific fuel being purchased, and will be sent to the buyer after the LOI, and KYC have been reviewed. (please keep in mind that the buyers procedures maybe different than the procedures outlined on our website) Once reviewed then we will set up and facilitate a direct call between the Seller and the Buyer. After the conference call, the Seller will provide the SCO, along with their procedures for the specific product to the Buyer, if satisfactory, the buyer signs back the SCO, and Initials the Procedures. At that point the Buyer will have the sellers information, so that the buyer can do their due diligence on the seller. Usually within 48 hours the seller responds with their ICPO, and any other requisite documentation.​

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​If the buyer is interested in more than one product please write a separate Letter of Intent (LOI) for each product as it may have a different seller.

 

​Dip & Pay Procedures

                                                                             

Phase 1:

1. Buyer issues official Irrevocable Corporate Purchase Order (ICPO) with full banking information and Company profile. Along with a completed Know Your Customer (KYC) Form:

From the requesting entity, which must include:

• A valid copy of the company’s legal license

• A copy of the authorized signatory’s passport

• Complete banking details of the bank that will be used for payment

• Required corporate documents

• All standard compliance information as required

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Phase 2​

1. Buyer issues official Irrevocable Corporate Purchase Order (ICPO) with full banking information and Company profile.

2. Seller issues Commercial Invoice to buyer, Buyer countersigns within 24 hours and returns

to seller. Seller provides their Tank Farm Company details for buyer to finalize the number of days buyer wants to extend the tank and pay after verifying PPOP.

3. Seller issues the following PPOP document to Buyer:

• Authorization to Verify (ATV)

• Passport Product Analysis Authorization to Sell/Collect (ATSC) 

• Notice of Readiness to inject ( NOR)

• Certificate of Origin Tank Storage Agreement (TSA)Tank,

• Storage Receipt (TSR) with GPS Coordinates DTA authorization to dip test.

4. Within 48 hours of receiving PPOP buyer pays extension cost direct to Seller's Tank Farm Company, Buyer conducts Dip-Test/SGS at sellers tanks.

5. Buyer provides Seller/Refinery with Buyer's Vessel information.

6. Seller commences injection immediately into Buyer's Vessel within maximum 48 hours,

buyer pays via MT 103 /TT and issues all export documents.

7. Both parties sign a one year contract.

8. Seller pays commissions to mandates and intermediaries within 24 hrs after confirmation

of the buyers’ payment.

 

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TANK TO TANK TRANSACTION PROCEDURES

(FOB ROTTERDAM - DELIVERY IN BUYER'S TANK)

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​Phase 1: Client on boarding and Preliminary Verification:

1. Letter of Interest (LOI): Ensure that this document is fully completed and specifies the exact product requested.

2. Company Profile: The product requester must provide a company profile to help the seller assess its background, operations, and compliance. It should include company registration, ownership, key management, business activities, and relevant certifications.

3. A completed Know Your Customer (KYC) Form: From the requesting entity, which must include:

• A valid copy of the company’s legal license

• A copy of the authorized signatory’s passport

• Complete banking details of the bank that will be used for payment

• Required corporate documents

• All standard compliance information as required ​

4. Tank Storage Agreement (TSA): A copy of the Tank Storage Agreement (TSA) issued in favor of the buyer’s company is required. Even if Tier 1 logistics providers such as Vopak, VTTI, or others are involved, this request remains unchanged. The buyer’s appointed tank farm company must be VERIFIED, APPROVED, and ACCEPTED by the seller before the execution of the transaction for the following reasons:

• The seller must verify the buyer’s appointed tank farm company (TSA) to ensure it meets our standards and has a clean record with authorities and the law, in order to avoid any risks related to product quality or quantity during injection, and to prevent contamination of our product.

• Not all tank farm companies have the proper pipeline routing map to inject fuel from all regions in the Netherlands to tank facilities.

• Not all tank farm companies have port approval or a secure transloading network from the tank facility to the loading port/vessel.

5. Bank Details: Full information related to the banking institutions that will manage the transaction is required. During the initial acceptance phase of a new client a Proof of Funds (POF) from the bank that will be used to finalize the payment is necessary.             

 

 

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Phase 2: Core Transaction Execution​

1. Buyer issues ICPO along the following documents, Buyer's Company Certificate of Registration or Company's Profile in accordance to Seller's delivery transaction terms.

2. Seller issue to buyer Commercial Invoice, Buyer sign with initials and return back to Seller along Buyer Logistics Documents for Reception of the Product which Include (Tank Storage Agreement with the Buyer Tank Farm/Tank Lessor/Tank Operator for Seller Confirmation & Approval / Acceptance).   

Note: Buyer's TSA must not exceed at most, 14 days from date of issuance.

3. Seller provides the following PPOP documents to Buyer.

a) Product Quality Passport.

b) Export License.

c) Statement of Product Availability.

d) Letter of Commitment to Supply.

e) Certificate of Origin.

f) Tank Storage Receipt.

g) Authorization to Verify (ATV) Within 5 days upon the receipt of the above PPOP documents, Buyer Provide its Tank Receipt/ Coordinate for Reception of product at Delivery Port.

4. NCNDA/IMFPA to be signed by all parties for commission payment awareness.

5. Upon Seller Receipt and Confirmation of Buyer Reception / Storage Facility Tank Receipt/ Coordinate, Seller Commence the Delivery / Injection to Buyer Reception Facility at Delivery Port and Issue to Buyer the Delivery / Injection Report Documents along with DTA in other for Buyer to conduct Dip-Test inspection at buyer's reserved Storage Facility.

6. Upon satisfactory Dip-Test Inspection carried out by the Buyer, Buyer makes payment via 

 MT103-TT to Seller’s Beneficiary Account for the total cost of product delivered into its Reception Facility at Deliver Port and lift the Product with Title Ownership and all exportation documents are handed over to the Buyer. 

7. Seller pays Commission to all Intermediaries Involved in the Transaction as Per NCNDA/IMFPA Signed and Submitted by Intermediaries to Seller for Approval and Final Endorsement. Please note: the procedures outlined in both phases are non-negotiable, and progression to Phase 2 will only be permitted upon the successful completion of Phase 1, after the potential client has passed the preliminary due diligence.

 

 

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TANK TO VESSEL TRANSACTION PROCEDURES 

( FOB ROTTERDAM DELIVERY IN SELLER’S TANK )

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Phase 1: Client On boarding and Preliminary Verification:

1. Letter of Interest (LOI): Ensure that this document is fully completed and specifies the exact product requested.

2. Company Profile: The product requester must provide a company profile to help the seller assess its background, operations, and compliance. It should include company registration, ownership, key management, business activities, and relevant certifications.

3. Know Your Customer (KYC) Form: A completed KYC form of the requesting entity, which must include a valid copy of the company’s legal license, a copy of the authorized signatory’s passport, complete banking details of the bank that will be used for payment, required corporate documents, and all standard compliance information as required.

4. Charter Party Agreement (CPA): This agreement must be issued in favor of the requesting company (the Buyer). The Buyer is required to provide CPA from a Dutch Shipping Logistics with appropriate permissions and license to operate within the waters and territory of the Netherlands. The buyer’s appointed logistics company must be VERIFIED, APPROVED, and ACCEPTED by the seller before the execution of the transaction.

5. Bank Details: Full information related to the banking institutions that will manage the transaction is required. During the initial acceptance phase of a new client a Proof of Funds (POF) from the bank that will be used to finalize the payment is necessary.

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​Phase 2: Core Transaction Execution​

1. Buyer issues ICPO along the following documents. Buyer's Company Certificate of Registration or Company's Profile with Buyer's CPA in accordance to Seller's delivery transaction terms.

2. Seller issues Commercial Invoice and Tank to Vessel Injection Agreement to be countersign by the Buyer and its Logistics Shipping Company, Buyer Provide its nominated Vessel Q88 alongside with Safety Management Certificate of the Ship.

3. Seller provides the following documents for Buyer to verify the product in Seller's Tank.

a) Fresh SGS Report.

b) Tank Storage Receipt.

c) Authorization to Verify.

d) Dip-test Authorization Letter.

e) Authorization to Sell & Collect.

f) NCNDA/IMFPA.

g) Statement of Product Availability.

4. Buyer conducts Dip-test Inspection of the Product in Seller's Tank at Buyer's own expense and upon satisfactory Dip Test Inspection carried out by the buyer. Buyer Makes Payments via MT103-T/T within 48-72 hours to Seller's Beneficiary Account for the Total Cost of Product and lifting commences with Title Ownership Certificate and any other Exportation Documents is handed Over to Buyer.

5. Seller within 48 hours pays Commission to all Intermediaries Involved in the Transaction as Per signed NCNDA/IMFPA.

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