PROCEDURE FOR TANK TAKE OVER

## TRANSACTION PROCEDURES FOR ALL FREE ON BOARD (FOB PORTS)

### 1. ICPO Submission

The Buyer issues an Irrevocable Corporate Purchase Order (ICPO) on the Buyer’s official company letterhead addressed to the Seller or Refinery Mandate. The ICPO must include:

* Buyer’s full company details
* Buyer’s banking information
* KYC / CIS Document
* Copy of the passport of the authorized company representative
* The latest bank statement (Alternatively, a BCL or a reputable attorney’s funds confirmation letter, duly signed and stamped, confirming sufficient funds to cover the Trial Quantity and one months contract value).

### 2. Commercial Invoice Issuance

Upon receipt and verification of the ICPO, the Seller issues the **Commercial Invoice** to the Buyer. The Buyer reviews, signs, and returns the document to the Seller as confirmation of acceptance.

### 3. Partial Proof of Product (PPOP)

After the signed Commercial Invoice is received, the Seller provides the following Partial Proof of Product (PPOP) documentation:

* Tank Storage Receipt (TSR)
* Authority to Verify (ATV)
* Product Passport Analysis Report

Note:** These documents enable the Buyer to independently verify the product with the storage facility.

### 4. Tank Terminal Clearance Permit (TTCP)

The Buyer contacts the storage facility located in Rotterdam (Netherlands), Houston (USA), or Jurong (Singapore) and obtains a **Tank Terminal Clearance Permit (TTCP)** at the Buyer’s expense.

The TTCP provides authorization for the Buyer’s inspection team to access the tank yard for Quality and Quantity (Q&Q) verification.

### 5. Dip Test Authorization (DTA)

The Seller issues a Dip Test Authorization (DTA) allowing the Buyer to conduct a dip test on the product in the Seller’s leased storage tank.

The dip test inspection shall be carried out at the Buyers expense by an internationally recognized inspection company such as:

* SGS
* Bureau Veritas

### 6. Inspection Report & Vessel Nomination

Upon completion of the inspection:

* The inspection company sends the Quality and Quantity (Q&Q) report directly to the Buyer’s secured email.
* The Buyer provides vessel details and port clearance, or alternatively elects to take over the Seller’s storage tank.

### 7. Tank Takeover Agreement & Payment

Upon signing the Tank Takeover Agreement (TTA), the Buyer must complete payment within **48 hours** for the full value of the product via:

* SWIFT MT103
* TT Wire Transfer

### 8. Title Transfer

Upon confirmation of payment:

* The Seller changes the title ownership of the product to the Buyer’s company name.
* The Seller issues the Title Holder Certificate confirming the transfer of ownership.

### 9. NCNDA/IMFPA & Intermediary Fees

Upon completion of **Clause 4**, the NCNDA/IMFPA (Fee Agreement) shall be issued by the refinery for compliance by the Buyer and all participating intermediaries.

Following the Buyers payment to the Seller via SWIFT wire transfer, all commissions due to intermediaries shall be paid by the refinery strictly in accordance with the terms and conditions of the duly executed NCNDA/IMFPA within **72 hours**.