REFERENCE CODE: MUN/GP/2025/VTT/01
ORIGIN: KAZAKHSTAN
LOADING PORT: HOUSTON/ROTTERDAM/FUJAIRAH / JURONG/ZHOUSHAN PORT/QINGDAO PORT
PROCEDURE: FOB TRANSACTION VTT (VESSEL TO TANK)
1.Buyer Submission
Buyer submits the following documents to the Seller upon receipt of Seller's Soft Corporate Offer (SCO):
• Full Irrevocable Corporate Purchase Order (ICPO)
• Company profile
• Valid Tank Storage Agreement (TSA)
• Company registration certificate
• Buyer’s international passport copy
2.Seller Issues Commercial Invoice (CI)
Seller issues the Commercial Invoice for the product route to Jurong Port. Buyer signs and returns the CI.
3.Seller Issues Verification Documents
Seller provides the following documents to allow Buyer to verify the vessel and confirm product availability:
• Bill of Lading
• Loading Port Injection Report
• Authorization to Verify
• Authority to Sell and Collect (ATSC)
• Statement of Product Availability
• Certificate of Origin
• Export License
• Injection Program Agreement (IPA) To be sign by buyer and buyer storage company.
• Charter Party Agreement (CPA)
4.Buyer Confirms Tank Readiness
Upon successful verification, Buyer provides:
• Tank Storage Receipt (TSR)
• Signed Injection Schedule
• Notice of Readiness (NOR) to receive the product in the leased ex-shore tanks.
5.Injection Commences
Product injection into Buyer’s tanks begins. Buyer’s representatives invite SGS (or equivalent) for sample collection and testing.
5A.Seller Presents Final Documentation
Seller submits the following to complete the transaction:
• Certificate of Quantity and Quality (Q&Q)
• Change of Ownership Certificate
• Titleholder Certificate
• Cargo Manifest
6.Buyer Makes Payment
Buyer transfers 100% payment via MT103 or T/T wire transfer. Refinery releases commission to all intermediaries involved within 72 business banking hours of payment confirmation.
7.SPA Draft Issuance
Refinery issues a draft Sales and Purchase Agreement (SPA) for Buyer review regarding rollover and monthly delivery extension for one year.
8.Subsequent Deliveries & Commission Payouts
Monthly deliveries proceed as per the SPA terms, and all intermediaries receive commission accordingly.
