WELCOME TO OilRich.net

Who We Are

Oilrich.net “Exploring what’s Possible for You and Your Business”

Welcome to OilRich.net where Buyers and Sellers of petroleum products can connect and promote their offerings in a very transparent manner. This venue creates opportunities for both parties to conduct trade with the eventual goal of having successful transactions, while forging long term business relationships. An initial conference call is facilitated between principals or their representatives so everyone can be in sync, this helps to ensure that the documentation and procedures are as agreeable as possible. This also sets the expectations and is part of our implemented best practices.

OUR SERVICES

What We Offer
Sellers need to provide the following information:
  1. Available product(s) for sale
  2. Pricing of said product(s)
  3. Quantities
  4. Product specifications
  5. Product origination
  6. Procedures
Buyers need to furnish the following information:
  1. Needed product(s)
  2. Company profile
  3. Product(s) specifications
  4. Intended proof of funding i.e. SBLC, bank comfort letter, etc.
  5. Procedures

Each transaction can be unique in nature due to varying circumstances; therefore, some degree of flexibility often needs to be adopted by all parties involved. Below is an example of a procedure that typically works well for most Buyers and Sellers.

SAMPLE PROCEDURE

How We Do
  1. Commercial Term Sheet issued to Buyer for their review and acceptance.
  2. Buyer signs, accepts and returns CTS.
  3. Seller signs CTS and emails closed copy to Buyer
  4. Buyer provides vessel nomination details as per GTC's (p22 section 5.0)
  5. Seller confirms acceptance of vessel nomination and provides initial lay day information for loading schedule
  6. Buyer confirms initial lay days and issues SWIFT MT705 Letter of Credit Pre-Advice, against either; a) verifiable evidence of supply capability b) USD250,000 Performance Guarantee
  7. Seller issues either option a) or option b)
  8. Buyer issues SWIFT MT700/MT760 Letter of Credit to Sellers Bank
  9. Sellers Bank confirms receipt of Credit via SWIFT and confirms Laycan at Port of Loading, supply volume available and specification of product
  10. Upon completion of Loading Seller will provide Buyer with Commercial Invoice/Certificates as per Letter of Credit instructions 11. Buyer will complete payment via SWIFT MT103
  11. Seller will release relevant ownership documentation and provide 'Custody Transfer Certificate'
  12. Vessel will depart from Loading Port and GTC's will apply.

Please also note that at some point in negotiations the Buyer will require the Seller's title or ATS, or other proof of Seller's ability to deliver the first cargo in a volume of not less than 500,000 barrels.

Thanks for visiting OilRich.net, we look forward to facilitating your needs with the options available within our network. Inquiries can be made at [email protected]

CONTACT US

Get in Touch
Send us your queries through the contact form below. Or send us email directly at [email protected]