For handling JET FUEL/DIESEL transactions through the DIP & PAY method, follow these steps to ensure a secure and efficient process:
Step-by-Step JET FUEL/DIESEL DIP & PAY Procedure:
- Issue of ICPO
The Buyer initiates the process by issuing an official Irrevocable Corporate Purchase Order (ICPO) along with the Seller’s working procedures and the Buyer’s company license. - Signing of Commercial Invoice
The Seller provides a commercial invoice for the first lift quantities. The Buyer signs and endorses this invoice, then returns it to the Seller. - Tank Extension Agreement
The Buyer agrees to extend the Seller’s tank, making them responsible for the tank transfer and DIP TEST. This agreement is formalized through an official letter from the Buyer. The Seller then issues an invoice for the tank extension cost, payable within two days. Payment should be made to the tank farm account. - Provision of POP Documents
Upon receipt of the tank extension payment, the Seller sends the following Proof of Product (POP) documents to the Buyer’s secure email:- Tank Storage Receipt
- Product Passport
- Injection Report
- SGS Report
- Unconditional DTA and DIP Test
The Seller issues an unconditional Dip Test Authorization (DTA) to the Buyer. The Buyer then orders SGS to conduct a Dip Test on the product in the Seller’s tank at the Buyer’s expense. After the successful Dip Test, the Buyer takes over the tank. - Payment and Transfer of Title
The Buyer pays for the product via MT103 Telegraphic Transfer (TT). Once payment is received, the title of the product is transferred to the Buyer, along with all exportation documentation related to the petroleum product. - Commission Payment
Within 48 hours of receiving the payment, the Seller pays commissions to all intermediaries as per the signed NCNDA/IMPFA agreements using SWIFT MT103.
Important Notice:
All Transaction Support Agreements (TSAs) submitted by customers will undergo verification for authenticity. Any inauthentic or forged TSAs will be grounds for legal action.