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Dripping Oil

(WOLF) Dynamics

A word of CAUTION to Buyers & Sellers. 

Business is based on trust, we are acting solely as Brokers and Intermediaries. We are not liable for any errors, omissions or inaccuracies in offers. WOLF - advises all buyers and sellers to carry out their own checks and due diligence. WOLF - does not accept any liability on behalf of sellers or buyers.

 

DISCLAIMER:

WOLF - is a business facilitator(s)/consultant(s)/intermediaries and make no warranties or representations as to the Buyer, Seller or Transaction. All due diligence is the responsibility of the Buyer & Seller.

REFINERY TANK TO VESSEL/DIP & PAY PROCEDURE

  • Buyer issues official ICPO addressed to the refinery or representative.

  • Seller issue Commercial Invoice (CI), buyer signs and returns the signed invoice to the seller.

  • Seller issues to the buyer the partial proof of product documents:

  1. ATSC – Authority to sell and collect.

  2. DTA – Dip Test Authorization

  3. PRODUCT PASSPORT – Product analysis report from a renowned inspection company.

  4. STATEMENT OF PRODUCT AVAILABILITY DULY SIGNED AND NOTARIZED BY THE APPROPRIATE AUTHORITIES.

  5. COMMITMENT LETTER TO SUPPLY

  6. ATV – Authority to verify the existence of product via email or phone call.

  • Buyer sends Dip Test Authorization to the seller’s tank farm for endorsement, extends seller’s tank and receives full GPS coordinates of the tanks, Hub Numbers, terminal access permit and dip test is conducted immediately with the buyer’s team to obtain fresh SGS report.

  • After successful Dip Test in Seller’s tanks, Buyer takes over seller’s tank or Seller injects into buyer’s vessel / Tank and buyer conducts its Dip Test Inspection for Q&Q of the Petroleum Products aboard vessel / Tank.

  • Buyer after a successful Q&Q Dip Test on the product, the buyer makes the payment for the total value of the product injected into the tanks through the means of MT103 – TT.

  • Upon seller receives the payment for the product from the buyer, the seller issues the to the buyer the Title/Ownership of the product and all exporting documents of the Product.

  • The Seller pays all intermediaries involved in the transaction.

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From Non-Sanctioned Countries for JetA1, EN590-10PPM and D6

Transaction Procedure - FOB - CIF / DIP AND PAY:

1. The Buyer Issue ICPO, CP with his international passport copy (Data Page) to the seller.

2. The Seller issues NCNDA/IMFPA and SPA for 13 months with R&E to Review and sign. 

3. The Seller issues a Commercial Invoice (CI) for the available quantity in the Seller's Storage Tank to the Buyer, and the Buyer signs and return the (CI) to the Seller with their signed Tank Storage Agreement (TSA) Seller's Authorization To Verify (ATV) and approve.

4. The Seller issues the POP documents as below and send them to the buyer withing 48 hours. 

A. Fresh SGS (not older than 24 hours. 

B. Unconditional DTA (Dip Test Authorization)

C. Certificate of Origin

D. Tank Storage Receipt (TSR)

E. ATSC Authorization to Sell & Collect

F. Injection Report / NCNDA / IMFPA

H. Commitment to Supply

5. The Buyer conducts Dip Test in the Seller's Reservoir and provides Tank details to the Seller, to commence the injection of the product into the Buyer's Tank.

6. Seller within twenty-four (24) hours, Buyer issues 100% TT Wire Transfer Payment to the Seller. The transfer of the Title Ownership to the Buyer.

7. The Seller pay COMMISSION to all the intermediaries. 

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