PURCHASE OF CRUDE OIL IN CHINA TANK FARM DETAILS.
My Seller has 12 m barrels of crude in Zhousan Ningbo. Price $10 gross $5 net to the buyer. as quickly as you contact me I will send the POP and procedure.
12. CHINA ONSHORE TANK FRAM TRANSACTION PROCEDURE:
1. Buyer and Seller sign and seal the Sales and Purchase Agreement including full Banking co-ordinates. Buyer returns signed SPA. Buyer Send Confirmable Bank Statement from Bank Account Officer to NNPC official email address provided and copy the Seller Mandate.
2. Seller send full POP for Buyer verification. POP includes: TSR, STORAGE CERTIFICATE, DISCHARGE CERTIFICATE, CHINA CUSTOM CLEARANCE, ATS and other related documents.
3. Upon Verification of full POP with Tank Farm Manager, Seller through NNPC Domain Server send an invoice to Buyer for payment for the WARRANTY OF TITLE.
4. The Warranty of Title to the cargo is issued to the Buyer upon confirmation of payment.
5. Warranty of Title and Re-assigned documents are sent to the Tank Farm Manager, and upon verification of the documents and Warranty of Title by Tank Farm Manager, Dip Test Authorization is issued to Buyer.
6. Dip Test is carried out by Buyers nominated inspection team.
7. Buyer’s Bank shall swift Operative Bank Guarantee –MT103 covering the entire cargo immediately upon receipt of Q&Q Report from the Inspection Agency.
8. Buyer’s Bank shall effect payment immediately via Swift transfer.
9. Seller's bank confirms payment and Seller pays all commissions to all agents/facilitators as stipulated in the NCNDA/IMFPA.