Abramovichneftgaz And Oil Agency

Abramovichneftgaz and Oil Agency was founded in ***8 as a Certified privately owned company held by Mr Abramovich Mikhail and who set up the company with a focus on supply of oil and gas equipments, supply maintenance, repair, and operating supplies, offering the same quality service and expertise, but expanded its area of concentration to commodities trading to better capitalize on their many contacts in this field and particularly in the area of oil and gas. In ***6 Abramovichneftgaz and Oil Agency became a legal associate representatives and mandate to highly graded oil and gas companies in Russian Federation with the aim of bringing potential buyers and sellers into long term transaction by supplying petroleum products. SELLER BANKING PROCEDURES 1. Seller issues a Soft Corporate Offer in response to the Buyers Letter of Intent. 2. The Buyers issues an Irrevocable Corporate Purchase Order (ICPO) with the sellers procedure. 3. Seller issue FCO to buyer, buyer countersign FCO and sends to seller. 4. Seller issues Draft Contract with initials, signs & seals to the Buyer along with sanitized past records as partial proof of product ( Bill of lading, certificate of origin, commitment to supply )with initials, signs & seals (electronic signatures shall be deemed valid and enforceable). Buyer signs and returns contract to seller for final endorsement with the Russian ministry of energy. 5.Seller obtains Allocation Code, Legalization, and Export Clearance Affidavit (ECA) / Transaction passport document from the Russian ministry of energy. This defines the buyers intention and competence, and it is duly documented to that effect. This process permits the seller to lodge contract with its bank and also initiate a bank to bank communication. 6. Seller and buyer Finalize shipping schedule with the appointed shipping company to transport the product to the destination port. 7. Buyer bank Swift Pre-advice of Financial instrument to the Sellers Bank, and Upon Confirmation of the Pre-advice of Financial Instrument by the Sellers Bank, Sellers Bank will respond by issuing Full Proof of Product (POP) and 2% performance Bond guarantee to Buyers Bank, should the Seller fail to supply the cargo of the product, this 2% (PB) will be paid to Buyer and intermediaries as compensation. The Full POP shall consist of the following documents; (1. Registered and Notarized contract, 2. Export Clearance Affidavit, Transaction Passport, 3. Certificate of origin issued by the chamber of commerce, 4. Export license, 5. Registration certificate, 6. Certificate of ownership, 7. Verification certificate at the loading port SGS or similar, 8. Tank receipt/ Vessel Details, 9. Bill of Lading) 8. Buyers Bank will issue Operative Payment Instrument to Sellers Bank. Within Five (5) Banking Days after receipt and confirmation of the POP at the Buyers Bank. 9. Shipping of the product will commence as agreed by buyer and seller within Seven (7) to Fifteen (*5) days from date of Seller receipt of the acceptable Operative Payment Instrument.
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