Crude Oil (Buyers) Published date: January 13, 2018
Modified date: January 19, 2018

I am working with a buyer looking for 2,000,000 to 5,000,000 barrels per month on a 12 month contract, with option for extension. Our buyer is tasked with finding and arranging delivery of BLCO for one of China's leading petrochemical companies. Their refinery is equipped to process up to 7 million metric tons of crude per annum and the buyer is constantly in search of consistent, quality suppliers. Our issue is that the buyer is not comfortable signing an SPA without recent Q&Q documents from an international company. He is willing to send his CP, but must have Q&Q documents to move forward. You can find the buyers procedures below.

Edit: We are being bombarded with "sign our SPA and we will send the documents" messages. Our buyer will not accept that. Here are the procedures he is comfortable with. Please let us know if you are interested in these procedures.

1. Buyer sends Corporate Profile.
2. In return the seller releases his most recent Quality & Quantity report and a draft SPA. Only a recent report by a reputable intl. company will be acceptable. (SGS, Saybolt, Intertek, etc.)
3. After the Q&Q report is received and verified, the SPA will be finalized and signed.
4. Buyer's bank sends pre-advice to Seller's bank on SBLC.
5. Seller’s bank sends a 2% performance bond to Buyer’s bank to activate SBLC.
6. Seller nominates, programmes vessel for loading within 3 working days.
7. Seller’s loaded vessel issues NOR/ETA to Buyer's port of discharge.
8. Buyer acknowledges NOR, Seller's loaded vessel sails to buyer's POD.
9. Seller sends soft copy cargo document to Buyer, copying Buyer's bank.
10. On arrival at buyer's POD, Seller's loaded vessel makes announcement to buyer's Harbour / Port Master.
11. Buyer's shipping agent clears vessel to Buyer's Q&Q inspection point.
12. Seller's vessel gives ATB - Buyer’s inspector boards the vessel.
13. Upon successful Q&Q, Seller issues commercial invoice based on Q&Q result.
14. Buyer's bank effects payment to all stakeholders.
15. Discharge commences immediately.
16. Original hard copy Shipping documents sent to Buyer via courier services.

• Company Name: HXP
• Country: China

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