NB: Due to the large amount of fraud in the secondary market with regard to "major" buyers and sellers, we require the following information prior to any engagement.
1. Name and contact information of the company
2. Name and contact information for the person authorized to transact on their behalf
3. If the person named is NOT an employee of the company, then we require the written authorization empowering this person to act on their behalf.
The following is required for major oil and gas deals:
PROCEDURES:
A) Pay Order is initiated by Facilitator to Seller, Seller signs and seals Pay Order and returns to Buyer’s Facilitator
B) When Major receives signed copy of Pay Order, Major will release Purchase Order to Seller via. Seller Mandate
C) Seller sends Commercial Invoice with Tank receipts, SGS reports, and Dip Test authorization
D) Majors do Dip Test
E) Once Dip Test is complete and approved, payment will be released to Seller
PLATT ?
COMMS $?
TIPS of a typical procedure.
Major Procedures
Major Corporate Letterhead Purchase Order, signed by the Official Signatory of the Major in lieu of the mandatory ICPO, referred to the Basic Major's Procedures.
Purchase Order/letter of Authorization (LOA)/Letter of Intent (LOI)/or Trade Desk Authorization from Major's Original Letterhead and signed by an Authorized Offical. It must include the following:
- Product Type (JP54 / D2 / Jet A1. etc)
- Quanitity required.
- Origin.
- Monthly Volume if applicable.
- Delivery Terms (FOB / CIF).
- Buyer / Authorized Buyer Contact Details (Name, Title, Tel, Fax, E-Mail).
3 LOI or Buyer's Name (In case of Major is well known).
4 The Seller will send the COMMERCIAL INVOICE TO THE END BUYER to be singed and returned to the Seller.
5 The Seller will send PROOF OF PRODUCT and will allow TANKS TO BE DIPPED or VESSEL TO BE CHECKED.
6 The Buyer issues the PAYMENT INSTRUMENT and Transaction closed.
Documentation Guidelines.
The submitted documents MUST be on ORIGINAL LETTERHEADS with ORIGINAL PRINTED LOGOS (Some Sellers will not except electronic images of Logos and Signatures).
If a Major representative firm is submitting the Order, a letter of authorization from the Major, signed by one of the Major's authorized officials is required.
The Purchase order or Letter MUST be addressed to: (to be provided according to buyer's Profile and Requirement).
WARNING! This is a very important message to any person or entity involved in the commodities industry on the measures we have adopted with respect to buyers and sellers of oil transactions. If any documents, or communications, (including by post, facsimile, email, skype, and mobile phone texts) are issued to us which prove to be fake, be they from buyers or sellers, we will inform the relevant authorities including, but not limited to, the Financial Crime Unit, The Serious Fraud Office, INTERPOL, I.C.C. DMCC and the FBI.CIA, RCMP, etc..