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.

Products that are currently available for sale are EN590 10 PPM, D6 Virgin straight run .5 to .7 percent, D2 L02 62 305 82 and Jet A1. All on FOB Rotterdam or CIF any safe world port

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.

Procedures

How We Do

FOB PROCEDURES

  • Step 1. Seller receives from Buyer the Quantities,Product Specifications and Projected Lifting Schedule.
  • Step 2. Seller sends FCO according to Quantities,Product Specifications and Projected Lifting Schedule received from Buyer, and SPA and DLC Draft (via EDT).
  • Step 3. Buyer confirms the FCO and sends to the Seller:
    • i) A Letter of Acceptance of the FCO,
    • ii) A Letter of Authorization for Bank-To-Bank Compliance with full Buyer’s Bank coordinates,
    • iii) The SPA Draft reviewed, and iv) the Buyer’s Draft Bank Documentary Letter of Credit (DLC MT700) (via EDT).
  • Step 4. Seller sends to Buyer:
    • i) Proforma Invoice;
    • ii) Final SPA Draft;
    • iii)Seller’s full banking coordinates;
    • iv) Buyer’s Draft Bank Documentary Letter of Credit (DLC MT700) reviewed by Seller’s Bank (via EDT).
  • Step 5. Buyer signs four (4) hardcopies of the SPA with Official Recognitions from official entities, signs the Proforma Invoice, and issues a signed Letter of Acceptance of the Proforma Invoice, and returns to Seller:
    • i) Four (4) signed hardcopies of the SPA,
    • ii) The signed Proforma Invoice,
    • iii) the signed Letter of Acceptance of the Proforma Invoice,
    • iv) Copy of the Company License and Incorporation, and v) Copy of the Legal Representative Passport via EDT and Secure Mail DHL.
  • Step 6. Seller’s Bank sends to Buyer’s Bank two (2) signed hard copies of the SPA with Official Recognitions from official entities via SWIFT and scanned copies via EDT.
  • Step 7. Buyer’s Bank issues a pre-advice SWIFT MT799 to Seller’s Bank, for the total amount of the Proforma Invoice, against and referenced issuance of the Documentary Letter of Credit (MT700) terms & conditions, complying with the SPA Agreement, with the narrative that on presentation of the Seller’s Commercial Invoice, Q&Q SGS Report, Tank Farm Receipts and Dip Test Authorization to the Buyer’s Bank issues the Documentary Letter of Credit (MT700) and sends it to the Seller’s Bank.
  • Step 8. Seller issues and Seller’s Bank sends to Buyer’s Bank, via SWIFT the following Commercial and POP documents:
    • i.Seller’s Commercial Invoice to Buyer.
    • ii.Q&Q (SGS) Report less than 3 (three) banking days old.
    • iii.Allocation Passport Certificate.
    • iv. Tank Farm Receipts.
    • v.Tank Manifest, Storage Port Agreement.
    • vi.Dip-Test Authorization. (SGS Conducts the Dip-Test and forward the results to the Buyer’s Bank)
  • Step 9. Buyer’s Bank issues and sends to Seller’s Bank (via SWIFT) the DLC as a guarantee immediately after Buyer’s Bank receives the Commercial Invoice and POP Documents from Seller’s Bank, for the full value of the Commercial Invoice issued by Seller, and to be paid within 24 hours after Buyer receives from Seller (via SWIFT) the Dip-Test Q&Q SGS Results, complying with the SPA and Letter of Credit terms & conditions as a guarantee only.
  • Step 10. Within forty-eight hours after Buyer’s Bank issues and sends to Seller’s Bank (via Bank-to-Bank Communication - Swift) the Seller’s Commercial Invoice and POP Documents, the Buyer in case the transfer is:
    • i. Tank-To-Tank: Sends verifiable storage tank coordinates. (Tank Farm Company), Tank Storage Agreement (TSA) not older than 10 days validity from issue date, Seller verifies and approves Buyer’s tank farm coordinates, (TSA) via EDT and Secure Mail DHL.
    • ii.Tank-To-Vessel: Sends verifiable Charter Party coordinates not older than 10 days validity from issue date, Seller verifies and approves Buyer’s Charter Party coordinates via EDT and Secure Mail DHL.
  • Step 11. Within 24 hours after Seller’s Bank sending to Buyer’s Bank the Dip-Test Q&Q SGS Report, the Buyer pays by TT or MT103, or if no payment by Buyer, Seller Bank draws down the Documentary Letter of Credit (DLC MT700) for the Liftable quantity, complying with the SPA and DLC terms & conditions.
  • Step 12. Seller injects/transfers the product into Buyer Tank(s) or Vessel(s).
    • Note 1: All documents will have English as the official language.
    • Note 2: Seller recommends that Buyer Bank and Seller Bank establish RMA Communication within 3 to 5 days after SPA signature, additionally Buyer has Trade Desk Account with Buyer Bank.
    • Note 3: After the SPA Agreement signature all documents will ONLY be exchanged via BANK-to-BANK Secure Communication (SWIFT). 

CIF PROCEDURES

  • Step 1. Seller receives from Buyer the Quantities,Product Specifications and Projected Lifting Schedule.
  • Step 2. Seller sends FCO according to Quantities, Product Specifications and Projected Lifting Schedule received from Buyer, and SPA and DLC Draft (via EDT).
  • Step 3. Buyer confirms the FCO by sending to the Seller:
    • i) ICPO,
    • ii) Letter of Acceptance of the FCO,
    • iii) Letter of Authorization for Bank-To-Bank Compliance with full Buyer’s Bank coordinates,
    • iv) Copy of the Company License and Incorporation, and
    • v) Copy of the Legal Representative Passport; vi) the SPA Draft reviewed; and vii) Buyer’s Draft Bank Documentary Letter of Credit (DLC MT700) (via EDT).
  • Step 4. Seller sends to Buyer:
    • i) Proforma Invoice;
    • ii) Final SPA Draft;
    • iii) Seller’s full banking coordinates;
    • iv) Buyer’s Draft Bank Documentary Letter of Credit (DLC MT700) reviewed by Seller’s Bank (via EDT).
  • Step 5. Buyer signs four (4) hardcopies of the SPA with Official Recognitions from official entities, signs the Proforma Invoice, and issues a signed Letter of Acceptance of the Proforma Invoice, and returns to Seller:
    • i) Four (4) signed hardcopies of the SPA,
    • ii) The signed Proforma Invoice,
    • iii) the signed Letter of Acceptance of the Proforma Invoice,
    • iv) Copy of the Company License and Incorporation, and
    • v) Copy of the Legal Representative Passport via EDT and Secure Mail DHL.
  • Step 6. Seller’s Bank sends to Buyer’s Bank two (2) signed hard copies of the SPA with Official Recognitions from official entities via SWIFT and scanned copies via EDT.
  • Step 7. Buyer’s Bank issues a pre-advice SWIFT MT799 to Seller’s Bank, for the total amount of the Proforma Invoice, against and referenced issuance of the Documentary Letter of Credit (MT700) terms & conditions, complying with the SPA Agreement, with the narrative that on presentation of the Loading Q&Q SGS Report, Charter Party, Bill of Lading, and Certificate of Origin, to the Buyer’s Bank issues the Documentary Letter of Credit (MT700) and sends it to the Seller’s Bank.
  • Step 8. Seller issues and Seller’s Bank sends to Buyer’s Bank, via Bank-to-Bank Communication (Swift) the following PPOP documents:
    • i. Allocation Transaction Certificate in favor of Buyer.
    • ii.Certificate of Attestation issued to Refinery.
    • iii. Membership Certificate issued to Refinery.
    • iv. Statement of Product Availability issue to Buyer.
    • v. Attestation of Allocation of product issued to Buyer.
    • vi. Certificate of origin of the Product.
    • vii. Copy of Refinery License to Export.
    • viii. Copy of Refinery License to Transport.
    • ix. Copy of Certificate of Incorporation.
    • x. Transaction / Deal Passport of Product.
    • xi. Tank Receipts and copy of the Storage Agreement.
  • Step 9. Seller prepares shipment, Vessel is loaded and sends to Buyer the following information0:
    • i. Commercial Invoice.
    • ii. Original 'clean on board' bills of lading plus non-negotiable copies each issued or endorsed to the Buyers: 'freight payable as per charter party’.
    • iii. Certificate of quality analysis and quantity issued by SGS on loading.
    • iv. Certificate of Origin.
  • Step 10. Buyer’s Bank issues and sends to Seller’s Bank (via SWIFT) the DLC (MT700) as a guarantee immediately after Buyer’s Bank receives the Loading Q&Q SGS Report, Charter Party, Bill of Lading, and Certificate of Origin from Seller’s Bank, for the full amount of the Proforma Invoice issued by Seller, and to be paid within 24 hours after Buyer receives from Seller (via SWIFT) the SGS Report for discharge and corresponding shipping documents complying with the Letter of Credit terms & conditions, Commercial Invoice and a copy of Notice of Readiness (NOR) issued by shipmaster or shipping agent.
  • Step 11. Vessel travels and arrives at its destination to start unloading procedures.
  • Step 12. The payment is executed to the designated Seller Bank account mentioned by Seller in the Commercial Invoice via SWIFT MT103 or TT wire by TT for the final value of the Goods after the SGS Report for discharge shipping documents complying with the Letter of Credit terms & conditions & Notice of Readiness (NOR) issued by shipmaster or shipping agent, within 24 hours after NOR.
  • Step 13. Successful and completed delivery of theGoods and successful and completed reception of the funds at Seller Bank account.
    • Note 1: All documents will have English as the official language.
    • Note 2: Seller recommends that Buyer Bank and Seller Bank establish RMA Communication within 3 to 5 days after SPA signature, additionally Buyer has Trade Desk Account with Buyer Bank.
    • Note 3: After SPA Agreement signature all documents transaction will be ONLY done via BANK-to-BANK Secure Communication (SWIFT).

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

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