FOB Procedures
All FOB transactions take place at designated ports with clearly defined roles for buyer and seller.
FOB Procedures
FOB – Tank to Tank Procedure
Step-by-Step Process:
- Buyer submits ICPO after receiving Soft Corporate Offer (SCO).
- Seller sends Commercial Invoice (CI), TSA, and NCNDA/IMPFA for signing.
- Seller issues Dip Test Authorization (DTA).
- Seller provides:
- Fresh SGS Report
- Tank Receipt
- Injection Report
- Certificate of Origin
- Buyer conducts dip test (at their expense).
- Upon successful test, Buyer sends tank/vessel details.
- Seller provides full Proof of Product (POP).
- Buyer makes 100% payment via MT103 TT.
- Seller pays intermediary commissions within 24 hours.
FOB Procedures
FOB – Tank to Vessel Procedure
Step-by-Step Process:
- Buyer submits ICPO and signs NCNDA/IMPFA.
- Seller provides CI and Tank Extension Invoice.
- Buyer pays storage and confirms via transfer receipt.
- Seller issues full PPOP including:
- Product Passport
- UDTA
- Company Certificates
- Buyer verifies documents and initiates dip test.
- Buyer provides Q88 and injection authorization.
- Seller injects product and issues Injection Report.
- Buyer pays full amount via MT103 TT.
- Seller transfers title and pays commissions.
FOB Procedures
Important Notes
- Procedure is non-negotiable.
- No proof of product before tank extension payment.
- Buyer must perform due diligence using legal/diplomatic channels.
FOB Pricing
| Product | Gross Price | Net Price | Commission |
|---|---|---|---|
| EN590 10ppm | $450/MT | $440/MT | $5 Buyer / $5 Seller |
| Jet Fuel A1 | $80/BBL | $78/BBL | $1 Buyer / $1 Seller |