PROCEDURE 1:

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The buyer will need to submit an ICPO with a Notice of Readiness (NOR) from their tank farm or ship, along with the relevant documents and forms that will be sent to the Buyer. Once terms represented therein are accepted by the Buyer, pricing discounts will be offered.

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NOTE: No NOR, No deal. This is a very strict policy instituted by the refineries and must be adhered to.

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The procedures are as follows:

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1) Buyer tenders ICPO (with passport & CP) and POF & NOR to Seller

2) Seller responds with Confirmation Letter of fuel availability;

3) Seller issues a Joint Participation Agreement (JPA);

4) Upon receipt of signed JPA, Seller issues CI;

5) Upon receipt of singed CI, Seller issues DTA;

6) Upon Buyer’s receipt of successful SGS report, Seller arranges fuel transfer to Buyer’s tanks;

7) Upon Buyer confirming complete transfer of fuel, Buyer pays for fuel and Seller issues POP & other relative Title docs.

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** PLEASE NOTE: These procedures will adjust slightly based on which seller eventually tenders an offer.

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PROCEDURE 2:

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FOB (ROTTERDAM & HOUSTON)

TERMS AND PROCEDURES / NON NEGOTIABLE

1. Buyer issues ICPO + C/P + POF + Buyer's Passport Copy for Data File (OR) Company License.

2. Seller issues commercial invoice (CI) along with POP documents listed below to the Buyer who returns signed and sealed Commercial Invoice (CI) to the seller.

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A.  TSR (Tank Storage Receipt)

B.  Injection Report

C. Unconditional Dip-Test Authorization

D, Letter of Acknowledgement

E. Dip-Test Inspection Schedule

F. ATV (Authorization to verify)

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3. Buyer Dip-tests in Seller's tank using SGS (or equivalent) and receives fresh Q&Q Report along with ATSC (Authorization To Sell and Collect).

4. Within 72 Hours, Buyer provides TSR or Vessel storage for Injection of product into the Buyers hired tanks or vessel and returns the NCND/IMFPA signed by all parties involved in the buyer's side to the seller.

5. Buyer pays total cost of product via SWIFT MT103.

6. Seller confirms Buyer's payment receipt, completes injection into buyer's storage tanks/vessel, 

7 Both parties release payment to all intermediaries on each side Involved in the transaction.

8. Contract begins with Rolls and Extensions.

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