Procedures
Procedure for buyers of REBCO, D2, Jet Fuel and Mazut M -100:
1. The Buyer will issue an Irrevocable Confirmed Purchase Order (ICPO) addressed to the Seller’s Mandate.
2. The Seller’s Mandate will return by issuing Full Corporate Offer (FCO) in the buyer’s company name.
3. The Buyer will act by signing the Full Corporate Offer (FCO) and return it back. After that, the Buyer will send Bank Comfort Letter (BCL) by SWIFT via MT-799 to the bank of the seller citing the ICPO which he issued.
4. The bank of the seller will send SWIFT message to the bank of the buyer of the Seller being ready, willing and able to issue Proof of Product (POP) from Russian Supplier within (6) Banking days and to give Performance Bond (PB) after getting BCL through SWIFT from the Bank of the Buyer.
5. The Seller will give an electronic version of the Contract for the Buyer’s acceptance and signing.
6. The Seller/Buyer lodges the copy of the Contract with their respective Banks.
7. The Bank of the Seller will SWIFT the Full POP documents which will include:
- Copy of License to export issued by the Russian Ministry of Energy.
- Copy of Approval to export issued by the Russian Ministry of Justice.
- Copy of Statement of Availability of the Product.
- Copy of the refinery commitment to produce the product.
- Copy of the Charter Party Agreement(s) to transport the product to discharge ports.
- Copy of the Banking Passport of the Bargain
- Copy of the Contact with AK “Transneft” to transport the product to the port.
9. The Bank of the seller will issue an non-operative financial instrument to the Seller’s Bank.
10. Seller’s Bank issues the 1,5-2% Performance Bond (subject to financial instrument of the Buyer) which shall automatically operate the financial instrument.
11. The first delivery is carried based on the accepted delivery schedule. The two parties concerned, that is the Seller and the Buyer, will agree on the delivery schedule for subsequent month shipment.
12. Within 35 days the Seller makes the first delivery under the present Contract terms and conditions.
Note! We will not accept any documents from any potential buyer which has no legal substantiation.