DIP & PAY TRANSACTION PROCEDURES FOB ROTTERDAM/FUJAIRAH

Product: JET FUEL A1

Validity: End of April 2025

AVIATION KEROSENE JET FUEL A1:

Origin: Any Non-Sanctioned country

Trial Order Quantity: Minimum: 1,000,000 BBL Maximum: 4,000,000 BBL

12-Months contract Quantity: Minimum: 12,000,000 BBL

Maximum: 48,000,000 BBL

PRICE FOB Rotterdam: NWE Platt (Platt Code No: PJAAV00) Minus US$7.00 Per BBL

Terms of payment: By MT 103/TT for the first lift and Standby Letter of Credit (SBLC MT 760) or Documentary Letter of Credit (DLC MT 700) for 12 months contract

Inspection: By SGS or equivalent

Specifications: As per Exhibit 1 , attached

 

FOB DIP & PAY TRANSACTION PROCEDURES: ( TANK TO TANK / TANK TO VESSEL )

1.Seller or one of its agents sends Commercial Term Sheet (CTS) to the buyer for buyer’s review. Buyer approves the commercial term sheet, procedure and offer and sends a letter of intent (LOI). LOI has to be on the letterhead of the buyer’s company to include Company name, Address, Registration Number, and the name and contact information (Email address, Phone number, Title) of the person responsible and with complete details of the product requested including exact volume of the first lift and 12 months contract and the price as indicated in our Commercial Term Sheet. LOI has to be sent directly from the corporate email of the end buyer. (LOI sent by intermediaries or via WhatsApp will not be processed)

2. Seller or his agent issues official FCO against buyer’s LOI and send it to the buyer along with the format of ICPO.

3.Buyer signs the FCO, puts ICPO on the letterhead of their company, completes all the company and banking information, signs, stamps and sends both documents along with Company Profile/ CIS, Passport copy of the authorised signor of the company, Certificate of Registration and a valid TSA or CPA. In the ICPO, it must be stipulated that what kind of Proof of Funds the buyer will provide.

4.Seller issues Proforma Invoice (PI) to the buyer if the buyer will issue MT 199/MT 799.

5.Buyer proves its financial capacity to execute the transaction by issuing Proof of Funds (POF) via MT199/MT799 or a valid updated bank statement/BCL/RWA + ATV addressed to the seller’s email. POF issued through a Joint Venture (JV) agreement or third party is not acceptable. Bank statement or BCL/RWA + ATV has to have the contact information of both a bank officer and a bank manager (Phone number and email address) and sent with an ATV to seller’s email. Note: Any other of the following documents provided by the buyer will expedite the process of qualification: -Business License -Import/ Export License -Environmental and Safety Licenses -Transportation Licenses -Financial Licenses -Tax Registration and VAT -A letter from the bank indicating that the buyer has transacted funds for purchase of the petroleum products Other financial information such as audited financials, statement of profit and loss will help to assess the buyer’s financial capacity faster and expedite the process

6.Within no later than 21 days from the date that seller was able to assess the financial capability of the Buyer, Supplier/Title holder (the “Seller”) will bring the product to the designated port, injected in his tank, conduct Dip Test (Q & Q) and issues Commercial Invoice (CI) to the buyer. Buyer signs and stamps the CI and returns a copy back to the seller.

7.All parties sign NCNDA-IMFPA and return to seller for seller’s bank endorsement. 8. Seller sends the below Proof of Product (POP) documents to the buyer for verification:

A- Fresh SGS report not older than 48 hours

B- Unconditional Dip Test Authorisation Letter (UDTA)

C- Injection report

D- Tank Storage Agreement (TSA)

E- Tank Storage Receipt (TSR)

F- Tank Farm Bar-Code information

G- Letter of Commitment to Supply

H- Passport of the Product (Q & Q)

I- Certificate of Origin report

J- Registration Certificate

K-Authorization to Sell and Collect (ATSC)

9. Within no later than 24 hours of receiving the POP documents, the Buyer has the option to conduct Dip Test Inspection in the seller’s tank. Upon conducting Dip Test, or decision not to do so, the Buyer submits TSR from his Tank farm or NOR from his Shipping Company. The buyer shall indicate in his email if a representative will be present in the port (Rotterdam/Fujairah) to handle the unloading, if not, then the buyer should provide a detailed plan for appointing one.

10.Seller injects the product into the Buyer’s Tank or vessel.

11.Within 24 (twenty-four) of completion of injection of the product, the buyer makes 100% payment for the total value of the product via MT103/TT wire transfer, according to Commercial invoice, to the seller’s Bank account.

12. Seller transfers the product title to the Buyer.

13. Seller pays commission to all intermediaries involved in the transaction.

14. Seller issues 12-month delivery contract to be reviewed and signed by the buyer. A revolving IRDLC/MT700 or SBLC/MT760 will be required to be issued for the full term of the Contract.

This Commercial Term Sheet is valid until 30th April 2025. Prices are subject to change until POF is submitted by the buyer.