FIRST TIME BUYERS

First Purchase & Buyer Qualification

For First time Buyers: How to Engage with our Approved Seller before engaging with one of our Refineries Directly.

Approved Seller Procedures:

We are pleased to announce a solution designed to streamline transactions within the petroleum sector for first time buyers with us who want to develop a good reputation with our refineries we represent from the start.

It’s important to note that product pricing will be extremely attractive and buyers who perform with us first will be given the opportunity to engage directly with any of the refineries we represent if they chose to for their second purchase as long as they prove they can meet our refineries’ direct requirements to engage.

It’s also important to note that product pricing will remain the same with the Approved Refinery Seller & our direct Refinery pricing.

First time Buyers must prove their qualification & engage with our Approved Refinery Seller by issuing a Standby Letter of Credit (SBLC) from any bank with license by their jurisdiction Central Bank and member of SWIFT Brussels Group, in some instances issuance could be done via CORRESPONDENT bank with active RMA between them to the Refinery Approved Seller’s designated account at JP Morgan Chase.

The approved verbiage for both the RWA and the SBLC will be provided by the Refinery Approved Seller.

Upon securing the SBLC, the Approved Refinery Seller will obtain the product from one of the refineries and resell it to the designated qualified Buyer keeping in mind that Reselling price & Refinery price will be the same.

After confirming the validity of the MT 760 the Approved Refinery Seller 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 look forward to facilitating your orders with this efficient and reliable method for those who meet the necessary qualifications.

This offer is only available to New or First time Refinery buyer(s) who have the capacity to submit an RWA followed by an MT760 instrument.

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.

FOB BUYER REQUIREMENTS

A Buyer must submit along with their ICPO an RWA in the approved seller provided verbiage to begin the transaction. (this will have to be submitted to comply with the buyer requirements in order for the ICPO to be accepted).

CIF BUYER REQUIREMENTS

In order for a Buyer to engage in a CIF transaction with us an RWA and MT760 has to be presented after signing the SPA from any bank with license by their jurisdiction Central Bank and member of SWIFT Brussels Group (in some instances issuance could be done via CORRESPONDENT bank with active RMA between them). The above mentioned are the buyer requirements and is what is needed to advance.