As the authorized sales representative of the world's top 500 Russian company Lukoil in China, Astor Energy (Hainan)** now has the origin in Russia and the loading port is Novorossiysk (Black Sea), Primorsk (Gulf of Finland), Vladivostok (Vladivostok) Lukoil petroleum products CIF standard trading process is explained as follows:
1. The buyer issues an irrevocable company purchase order (ICPO) to the seller's refinery along with the company profile and the buyer's passport.
2. The seller issues a draft sale and purchase agreement for the buyer to review and sign.
3. The seller legalizes and registers the contract with the insurance company, and notarizes it with the relevant departments of the Ministry of Energy, and provides the following PPOP documents.
a. Product quality passport quality certificate.
b. Certificate of origin of the product.
c. Product availability.
d. Letter of commitment from the Ministry of Energy for product **.
e、[ atsc ]
4. The buyer's bank shall issue the SBLC DLC to the seller's bank within 6 working days according to the seller's wording to guarantee that the seller will start loading the products with the shipping company. The seller completes the loading within 6 working days. However, if the buyer fails to issue the SBLC DLC within 6 business days, as an alternative term, the buyer pays $250,000 directly to the shipping company via MT103 as security for the transaction, which will be deducted from the product's invoice value at the destination port.
5. After confirmation by the seller's bank, the seller charters the ship with the shipping and logistics company at its own expense, and reminds the buyer of the shipment order plan schedule, and submits the specified vessel details to the buyer. The seller signs the NCNDA IMFPA between all intermediaries and sends a notarized copy to the seller's bank.
6. The Seller's Bank shall respond to the Buyer's Bank within 72 hours of the Seller's Bank's confirmation of the Buyer's Instrument with the contractually specified 2% PB (and activate the non-operational SBLC) and all POPs.
a. A copy of the port storage agreement.
b. A copy of the CPA of transporting the product to the port of discharge.
C, ship Q88
d. Original bill of lading (full set).
E. Copy of SGS report
7. After the products reported by SGS CIQ are successfully confirmed at the port of destination, the buyer pays through MT103.
8. The seller and the buyer pay the commission to the intermediary agency involved in the transaction within 72 hours.
Note: If there is any inconsistency in the understanding of the above Chinese process, the English version of the SPA contract shall prevail.