Petroleum derivatives | International market | Physically backed operations
PROCEDURE
◆ Buyer submits formal purchase requirement
◆ Benedetis Oil connects with the authorized refinery mandate
◆ Official Soft Corporate Offer (SCO) is issued
◆ Buyer accepts the terms and issues an ICPO
◆ Documentation flows directly between refinery and buyer
GLOBAL PRESENCE
Our strategic allies operate in the world's major energy hubs, enabling fast and secure operations:
WHY BENEDETIS OIL
◆ Access to refineries through verified mandates
◆ No advance payments required
◆ Full transparent documentation
◆ Operations in major global ports
◆ Based in Barcelona, Spain
◆ Service in Spanish and English
◆ Transaction proceeds under international standards
◆ Houston, USA — North America's largest energy hub
◆ Fujairah, Middle East — Strategic hub of the Persian Gulf
◆ Jurong, Asia — Southeast Asia's main energy hub
◆ Rotterdam, Europe — Europe's main oil hub
PROCEDURES - POLAND ORIGIN PRODUCT
TRANSACTION PROCEDURE FOB DIP AND PAY TANK-TO-TANK
1. Buyer issues official Irrevocable corporate purchase order (ICPO) and Corporate Profile.
2. Seller issues Commercial invoice, and corporate profile | CIS, and Buyer signs and returns signed Commercial invoice along with the Buyer's tank storage agreement.
3. The Seller issues the following PPOP to the buyer for evaluation:
• Copy of Statement of Availability of Product.
• Copy of the Refinery Commitment to supply the Product.
• Tank In Situ agreement
4. Upon receipt of the signed Tank, in situ agreement between the buyers and their storage company confirming readiness to receive the product and engage the injection from Sellers' ex-tank to the Buyer's Tank, in situ (Stock Transfer). Seller issues a copy of the SGS analysis Report and Unconditional Dip Test Authorization letter to Buyer, Buyer orders SGS, CIQ, or equivalent inspection to conduct a Dip Test of the product (Optional) In the Seller's Tank on Buyer’s expense upon successful Dip Test.
5 Buyer provides their Notice of Readiness to receive the product to the buyer’s tank, Seller, and buyer coordinates with the injection firm to initiate the injection from the Seller's Ex tank to the Buyer's Tank, in situ (Stock Transfer), Seller issues to the Buyer the Title holder transfer agreement, and NCNDA/IMFPA between all intermediaries involved for commission payment to be signed by The buyer and seller before the Injection.
6. Upon completion of the injection into the buyer’s tank, the Buyer makes payment by MT103 TT wire transfer for the total product. Upon confirmation of the product payment, the seller issues to the buyer the following documents
• ATCS
• COO
• Certificate of Origin
• Copy of Approval to Export,
• Copy of License/Permit to Export
• Copy of Vessel Questionnaire 88.
• Refinery Certificate of Product Ownership.
• Copy of Bill of Lading. • Copy of the Port Storage Agreement.
• Copy of the Charter Party Agreement(S) To Transport the Product to Discharge Port.
7. Seller will release commission payments to the intermediaries involved within three (03) working days of receiving the Payment for the product from the Buyer’s bank.
8. Seller issues draft Sales and Purchase Agreement to the buyer to review for twelve (12) monthly contract deliveries with role and extension.
9. Buyer reviews and approves the Sales and purchase agreement and issues a Letter of credit, Standby letter of credit, or Documentary letter of credit (non-transferable) auto auto-revolving for 12 months' shipment value, for the length of the contract, and for each lift per schedule.
10. The subsequent delivery shall commence according to the terms and conditions of the contract; Seller pays commissions to all intermediaries as per IMFPA/NCNDA within three (03) working days after receiving the product payment from the buyer.
TRANSACTION PROCEDURE CIF
1. Buyer issues Irrevocable corporate purchase order (ICPO) and Corporate Profile.
2. Seller issues to buyer Sales and Purchase Agreement and Corporate Profile Buyer sign with initials and return to Seller signed Sales and Purchase Agreement
3. Seller send to Buyer the below Partial POP documents via Fax/Email:
a. Copy of Authorization to Sell and Collect (ATSC)
b. Copy of the Refinery Commitment to supply the Product.
c. Copy of Statement of Availability of Product.
4. . In the event that the Buyer uses his Partner’s Account or a Fiduciary Financial Company Account to issue the SBLC, the Buyer must provide the full Client Information Sheet (CIS) of the issuer to the Seller for submission to the Seller’s SBLC Receiving Bank
5. Seller issues Pro-forma Invoice Within ten (10) banking-day validity period of the Pro-forma Invoice, the Buyer's Bank must issue an Irrevocable, Cash-backed, Standby Letter of Credit (SBLC) via SWIFT MT760 for 100% of the pro-forma invoice value, in accordance with the verbiage set forth in the SPA. A scanned copy must be sent to the Seller for confirmation.
6. Alternatively, the Buyer shall make a Security Guarantee Deposit equivalent to 5% of the total product cost, via SWIFT MT103 / TT wire transfer or USDT cryptocurrency transfer, to the Seller’s bank account, as performance security to ensure product allocation and Shipment cost. This amount will be deducted from the total product cost after delivery at the Buyer’s designated delivery port. Phase 3: Shipment, Delivery & Payment
7. Following the confirmation of the Payment Guarantee: (Swift MT760 SBLC or 5% Deposit), loading and shipment shall commence and the Seller issues NCNDA/IMFPA and the full Proof of Product (POP) documents to the Buyer, including but not limited to:
. Upon arrival at the discharge port, the cargo will be subject to CIQ/SGS inspection at the buyer’s expense. Upon completion of CIQ/SGS inspection buyer makes payment via MT103- T/T wire transfer within ten (10) Working Days from issuance of CIQ/SG certificate at discharge port to the commencement of offloading
9. Upon confirmation of the final payment, the Seller is obligated to affect the full allocation title transfer into the Buyer’s name
10. The Seller shall pay all agreed commissions to the designated consultants/mandates within 24 hours of payment confirmation, in accordance with the signed NCNDA/IMFPA.
Contract Execution & Shipment Process CIF - ASWP Phase 1: Initial Offer & Contract Finalization:
Phase 2: Buyer's Acknowledgment & Payment Guarantee:
• Bill of Lading (BOL).
.• Full set of 3 original plus 4 copies of clean on-board Bill of Lading (B/L) signed by the Master and certified by stamp of the vessel, marked “Clean on Board”.
• Cargo Manifest & Ullage Report.
• Notice of Readiness (NOR).
• Conditional Title Transfer Affidavit.
• Vessel Q88 and Ship Certificates.
• Package list (1 original and 2 copies).
• Non-Radiation / Certificate issued by agency approved by the Local Authority.
• Material Safety Data Sheet/Supplier’s Questionnaire/Product Label copy.
• Marine Insurance certificate as per CIF terms issued by Lloyds’s (1 original and 2 copies).
• Certificate of Origin in 1 original and 2 copies.
• Certificate of Quality and Quantity issued at loading port by SGS inspection in 1 original and 2 copy. .
Phase 3: Shipment, Delivery & Payment
Phase 4: Cargo Arrival, Inspection, and Final Payment:
Phase 5: Post-Payment Settlement & Contract Management
11. This end-to-end procedure shall be repeated monthly for subsequent shipments as stipulated in the signed contract (SPA) and shall continue until the termination of the agreement
Note:
A. The payment guarantee instruments must strictly be in accordance with the verbiage format in SPA.
B. All Bank-to-Bank communications must be via swift messages only
Get in touch
armando@benedetisoil.com
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