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.

Procedures

How We Do

DIP and PAY PROCEDURES

  1. Seller issues SCO and then, Buyer issues an official ICPO.
  2. Seller issues a commercial invoice (CI) for the available quantity in the storage tank for buyer signing.
  3.   Buyer signs and returns the commercial invoice and NCNDA/IMFPA signed by all buyer groups.
  4.  Seller issues to buyer the listed below POP documents:
  5. • Fresh SGS report inspection (less than 48 hours in Rotterdam) or SGS compliant Unconditional DTA
    • Injection report
    •  Certificate of Origin
    •  Product passport (analysis test report)
    •  Notarized and endorse NCNDA/IMFPA
    • Authorization to sell & collect (ATSC)
    •  Tank storage receipt (TSR)

  6.  Buyer verifies the POP documents and pays for the total product value and seller immediately transfer the title of product ownership to buyer with all export documents.
  7. Seller immediately commences injection of the product into buyer's tanks or chartered vessel.
  8.  Seller pays all intermediary involve in the transaction within 72 hours.

FOB PROCEDURES

  1. Buyer issues an LOI after a conference call with Seller or Seller’s Mandate, and a framework to proceed is understood by both parties.
  2. The Contractual Seller of Record will accept (or amend and accept) the same by initialing this document acceptance for the Seller where provided for below.
  3. Buyer (with attorney) will engage in direct telephone dialogue with Contractual Seller of Record to formalize all commercial values, procedures, and terms.
  4. A formal contract will then be drafted and signed by both the Buyer and the Seller.
  5. Trial Shipment will commence and complete.
  6. With a successful trial shipment completed, then the term portion of the contract will commence.
We anticipate putting up a LC for a 1-year term in the value of one-month cargoes. This same LC will be reinstated for all and any R & E. In addition, we anticipate paying with an MT-103 for each cargo loaded on to the Buyers vessels throughout the full term of the contract.

The MT-103 to be paid upon a complete Q&Q / SGS report on the Buyer’s loaded vessel at the Sellers load port. The Q&Q will be completed by an International Surveyor, at the cost of the Buyer & Seller shared 50/50. This report will be binding on both the Buyer & Seller.

The LC as referenced herein will be issued as non-operative, to be operative with/by a 2% PB.

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]