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      You are in ::  Home > Crude > Read
Crude Oil Read
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Count : 387
ESCROW China ONSHORE Tank Farm procedure only 2020-09-24
 
Seeking a CAPABLE seller of BLCO who actually understands and can work with escrow.
Please.....we are not interested in mandates, sellers or agents who do not understand how escrow works. You will get caught out early if you intend to lie about your understanding, we have experienced this many times.
A capable seller will understand the security of escrow, particularly when it will be held with Citibank NY, a top ten bank.
Buyer wants to verify product before payment, but will escrow 1 million dollars as a penalty if they do not proceed after the dip test.
Vessel must be in China waters near Qingdao port for buyer to send team to dip test
Tank farm needs to be onshore only.. Procedure as follows:
1. Seller issues Contract for buyer signing,buyer signed SPA and returned with CIS/CP with passport copy both party lodge contract into buyers and sellers bank respectively.

2. Buyer and Seller finalize escrow agreement and lodge with Citibank New York. Buyer deposit ($1,000,000.00) ONE MILLION US DOLLARS into Citibank New York Escrow account. (See step 5).

3. Upon confirmation of Escrow with seller via bank secured emails from bank domain, seller issue buyer with the following:

a. DTA (Dip Test Authority)
b. Tank farm facility physical location
c. Tank farm manager contact details and authority to meet.

4. Buyers inspection team meets with farm manger and complete dip test to verify commodity.

5. (a) Upon satisfaction of the dip test, seller issues invoice for the full cargo and buyers bank issues MT103/72 or DLC (MT 700) to NNPC/ seller within 5 days of the completion of dip test. NNPC/ seller proceed to discharge into the buyers nominated storage.

(b) If buyer fails to issue MT 103/72 or DLC (MT 700) within 5 days after completion dip test, the full amount of ONE MILLION US DOLLARS ($1,000,000.00) held in Citibank New York Escrow account, will transferred to sellers account.

6. Following confirmation of discharge of the product into buyers tank MT 103/72 immediately converted to cash for final payment to sellers account or payment to be made via MT103 TT (in the case buyer issues MT700 as payment guarantee) and all intermediaries involved in the contract agreement.

 
 Contact Information
Name   Mr. Dean Longworth 
Company   Member : DNL Commerce Pty. Ltd. 
Email   Log In to See Email 
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Tel   0424483395 
Fax   6787867867 
Mobile   0424564564 
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IP   101.114.169.187 

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