oil trade is one of most appreciated business after Cryptocurrency( bitcoin trade).
lots of traders and specially newbie looks to enter this field regarding the income that can gain by closing any deal.
tody we decided to chair one of best working procedure regarding our view.this can be taken as guide to do not waste seller /buyer time and credibility.being familiar with the working procedure can safe traders from scammers and help select which deal can be accomplished.
1. Buyer issues ICPO along with Buyer’s company certificate of registration.
2. Seller issues Commercial Invoice with Statement of Product Availability to Buyer. Buyer signs and returns along with Buyer’s appointed storage tank (TSA)
3. Seller provides to Buyer the below Documents via email:
. Product Passport Q&Q (Analytical Report in Seller’s Tank by Tank Farm Laboratory).
. Tank Storage Receipt (T.S.R in Rotterdam).
. Dip Test Authorization (D.T.A with Tank Coordinate in Rotterdam).
4. Buyer contacts the Tank Farm Company in Rotterdam for verification and also finalize Dip Test Authorization which will enable Buyer/Buyer representative and SGS team visit the Tank Farm Facility in Rotterdam and conduct dip test for lift-able quantity.
5. Buyer Dip Test in the Seller’s tank and Seller injects the product into Buyer’s tank/Vessel and furnish Buyer with the Change of Ownership transfer.
6. Buyer pay for products and all Commissions & SPA.
theirs a lots of procedure in trade.we listed one of them .procedure can differ and depend on terms of purchase (FOB,CIF…..) payment (LC,BG,TT…).Procedure can be agreed between seller and buyer.