Procedure

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Procedure for Purchase of Crude oil and Oil derivate materials from Oman, UAE, and Iraq,

1- The Buyer issues LOI, Company Profile and a scanned copy of the Buyer’s Passport and
sends to the seller.

2- Seller issues SCO and sends it to the Buyer.

3- on acceptance of the SCO terms and conditions also the Price, the Buyer signs and seals
the SCO and resends back to the seller include of ICPO within 48 Hours.

4- The seller issues PI and sends it to the Buyer.

5- The seller arranges TBT meeting for signing the NCND, presenting the POP by the seller,
and POF by the Buyer. Acknowledgment of the POF will be inquire from issuing Bank.

POP – Proof of Product (set of documents that serve as a Seller’s proof that the product is real)

a. Partial Proof Of Product (PPOP) Documents typically consist of:

  • SGS Inspection Report or equivalent (SGS)
  • Dip Test Analysis Report (DTAR)
  • Certificate of Origin (COO)

6- for CIF delivery, Tank Storage Receipt (TSR), to be presented by the Buyer
And for Tank to tank delivery (TSR) to be presented by both parties.

7- The documents will be exchange. S&P agreement will be issued and signed by both parties,

8- The Buyer issues LC and MT103 in favor of the seller and presents documents to the
seller.

9- After positive Dip Test, Buyer will release MT103 and on Receipt of Buyer MT103,
permission issues for the buyer.

10- Buyer pays for the lifting from the MT103.

11- Shipment Commences.

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