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Qualified Reseller Option
Qualified Reseller Option:
We are pleased to announce a solution designed to streamline transactions within the petroleum sector for those buyers who can’t meet the requirements necessary to purchase from the refineries directly.
The challenge:
1. Buying entities that face challenges in obtaining real tank storage for (FOB) transactions.
2. Buying entities who struggle with (CIF) SPA refinery terms within five days of contract signing.
3. Buying entities who are unable to issue financial instruments via SWIFT from a top 100 World Bank.
4. Buying entities who require large amounts of products in excess of what one refinery can supply to serve their exit buyers.
The Solution:
This option leverages the reseller’s financial capacity to purchase petroleum products directly from the refineries on behalf of the clients to solve the challenges listed above.
Here is how it works:
- Buyers are required to provide a Standby Letter of Credit (SBLC) from a Top 200 Bank to the reseller’s designated account at JP Morgan Chase via Brussels SWIFT only. The approved verbiage for both the RWA and the SLBC will be provided by the reseller.
- Upon securing the SBLC, the reseller will purchase the product from one of the refineries and resell it to the designated qualified exit buyer.
- After confirming the validity of the MT 760 the reseller will proceed to extend the tanks of the refinery, obtain a full POP including fresh SGS, and provide it to the Buyer for verification and payment of the product.
We encourage buyers who aren’t ready to engage with the refineries directly to take advantage of this optional solution to expedite their transactions. It’s important to note that the product price will remain the same and buyers who meet our refineries’ direct terms can still purchase directly.
We look forward to facilitating your orders with this efficient and reliable optional method for those who meet the necessary qualifications.
This offer is only available for buyers who can submit an MT760 instrument.
RESELLER FOB AND CIF PROCEDURES
These procedures must be followed without changes
