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Razi refinery

  1. Razi oil refinery
  2. Commercial Procedure

Commercial Procedure

                                                                                                                  

Commercial procedure IRDLC/BG/SBLC (FOB or CIF)

  1. Buyer issues LOI.
  2. Seller issues SCO.
  3. Buyer sends ICPO and soft offer with full banking information allowing for soft probe to the seller.
  4. Seller provides draft contract and NCNDA/IMFPA to buyer to revise and confirm by initial.
  5. Buyer and seller sign contract and NCNDA/IMFPA via electronic mail, which shall be deemed legally binding and enforceable, each lodge contracts with their respective banks.
  6. Seller issues Commercial Invoice or Proforma Invoice and Buyer responds by issuing irrevocable, auto Revolving IRDLC – SBLC – BG revolving for per shipments.
  7. Seller responds by issuing 2% PB.
  8. Seller sends to buyer the cargo documents.
  9. Amount of L/C releases to Seller by submitting documents to Buyer’s bank or buyer makes payment for each shipment via T/T MT103 within 5 banking days.
  10.  Commissions will be released to intermediaries in seller sides and buyer sides within 24 hours of buyer’s payment confirmation according to and based on the NCNDA/IMFPA and its paymaster.

                                                                                                  

Commercial and operational Procedure payment in advance

  1. Buyer issues LOI.
  2. Seller issues SCO.
  3. Buyer sends ICPO and soft offer with full banking information allowing for soft probe to the seller.
  4. Buyer issues Commercial invoice or Performa invoice and NCNDA/IMFPA.
  5. Buyer pays to seller an agreed amount as a payment in advance.
  6. Seller sends to buyer the cargo documents.
  7. After delivering the cargo documents by the seller to the buyer, the remaining PI will be paid to the seller's account.
  8. Commissions will be released to intermediaries in seller sides and buyer sides within 24 hours of buyer’s payment confirmation according to and based on the NCNDA/IMFPA and its paymaster.

                                                                                       

LOI acceptance requirements:

  1. LOI should come with the letterhead of the final buyer and it must be official.
  2. The LOI should be in the name of Razi Refinery Company and the name of the brokers must be mentioned in it.
  3. The signature of the company's director and copy of the passport and copy of the work permit of the applicant company must be attached.
  4. The LOI must include a requested analysis of the destination port and the requested procedure by the buyer.
  5. All non-complete LOI requests will be returned by the company.
  6. All the requests should only be sent via the official email of the buyer to the official email addresses of the refinery's sales section.

                                                                                                                                                                            

Common Procedures of Ship To Ship:

1- Seller issue PI to Buyer, buyer sign and return it back.

2- Buyer will pay the prepayment which is mentioned in PI in seller’s account as an advance.

3- Seller will send Q88 to buyer side.

4- Buyer will send Q88 to seller side along with captain number phone to coordinating.

5- Seller ship will move to the destination area which is notified by buyer.

6- Buyer’s representative will make dip test on seller's ship, after successful dip/test result, seller send the Invoice to buyer and buyer will settle the cost of Invoice to the seller account.

7- STS operation will be started by the buyer.

*NOTES:

*In all procedures signs and official stamps via email are accepted by both parties.

* All LOI should be end buyer from the ultimate buyer, otherwise it will be returned.

*All the requests should only be sent via the official email of the buyer to the official email addresses of the refinery's sales section.
*LC – SBLC – BG draft should be announced by the seller and also be approved.