CURRENT WORKING PROCEDURES FOR PROCUREMENT OF PETROLEUM PRODUCTS
- Maurig Petroleum Inc sends full corporate-offer (FCO)/Proforma Offer to Buyer after receiving buyer’s intent to purchase product.
- The buyer, accepts the FCO/Proforma Offer by sending acceptance letter using official letter head.
- Maurig sends draft SPA to be completed and mutually agreed by buyer and Maurig.
- Buyer issues irrevocable, documentary, transferable, letter of credit covering value of product.
- Maurig’s bank confirms acceptance of the above payment instrument issued by buyer’s bank.
- Within 24 hours of LC confirmation, Maurig makes finalises request delivery plan with refinery.
- Product is insured and paid for by either Maurig directly or by end Buyer (depends on agreement with end buyer) upon confirmation of all shipment process.
- Vessel arrives at buyer’s designated port of discharge and Q and Q is confirmed.
- Final payment is drawn from the LC by Maurig in accordance to final invoice after buyer has taken delivery of product.
Please note that offers are subject to the execution of the contract agreement setting out further terms and conditions.