GKP is working directly with the Refinery sellers' mandates for petroleum products. In addition, we have also teamed up with the legal mandates of the Middle East petroleum suppliers. There is no chain of brokers involved. We are willing, ready and able to close within 10 to 14 business days. We are seeking to work with Mandates for Buyers and/or End Buyers and are looking to transact a minimum of 100,000 metric tons per month for 12 months up to 60 months contract.
Serious buyer and buyer's mandate are welcome to contact us for more information and business negotiation. We do not entertain long chain brokers as to save each others precious time.
Seller sends quotation including quantity, quality, prices and delivery lead time.
Buyer replies with confirmation.
The two parties sign sale-and-purchase contract.
The bank of the seller issues a 2% Performance Bond (PB) as well as Proof-of Product (POP) documents to the bank of the buyer within 10 working days after the contract signed. The Performance Bond is subject to activation later.
The bank of the buyer, after verifying the Performance Bond and POP documents, issues the Standby Letter of Credit (SBLC) within 5 working days. At the same time it activates the seller's 2% Performance Bond.
Within 15 days after the issuance of the DLC, the seller loads for shipment and provides the seller with documents including the shipping order, charter agreement, bill of lading, SGS certificates, certificate of registry and insurance.
The ship goes through CIQ inspection upon arrival in the designated port. The buyer pays full amount within 7 working days upon receipt of full set of documents.