CÔNG TY TNHH Offshore and Industrial services (23/gp- bv -Est. 2002)

                  Offshore and Industrial services limited

“Quality Isn’t Expensive It’s Priceless”

 Petroleum Trade Consortium International INTRODUCTION procedures fORMAT

Petroleum Trade Consortium (International procedures) operating on a "No Upfront Monies" and "Dip & Pay" basis to protect buyers from upfront financial risk by ensuring that no payments or financial instruments (like DLC/SBLC) are activated until the fuel is verified via a Fresh SGS/Saybolt Quality and Quantity (Q&Q) report.

Intermediary Protection: Ensure a NCNDA/IMFPA (Non-Circumvention, Non-Disclosure Agreement / Irrevocable Master Fee Protection Agreement) is signed in the initial stages of the contract proceeding’s, to guarantee the Buyer's Side commissions from the seller's side.

Below are the standard, industry-recognized definitions and transaction procedures for TTV, TTT, STS, VTT, and CIF structures under these terms.

 

Key Definitions & Acronyms

· Dip & Pay: The buyer pays only after a successful Dip Test (SGS inspection) validates the product in the tanks or vessel.

· TTV (Tank-to-Vessel): Product is pumped from the seller’s shore tank into the buyer’s chartered vessel.

· TTT (Tank-to-Tank): Product is transferred from the seller’s shore tank to the buyer’s leased shore tank within the same tank farm.

· STS (Ship-to-Ship): Product is transferred from the seller's vessel to the buyer's vessel at a designated open-sea coordination point.

· VTT (Vessel-to-Tank): Product is discharged from the seller's vessel into the buyer's shore tank.

CIF (Cost, Insurance, and Freight): The seller pays for the cargo transport to the buyer's destination port; risk transfers once loaded, but "Dip & Pay                  CIF" delays payment until destination arrival and inspection.