My source sent me the following inquiry.
They Must have a Real FCO from the Signatory Seller/Owner that is on the Seller's
Letterhead, and that is Signed and Sealed by the Signatory Seller/Owner in order
to move forward. The Buyer is Very RWA and Capable of paying for the petroleum.
This is a Buyer who has been in business for many years, and who buys Very Large
Quantities and usually looks for Long Term Contracts. The Seller could have a Very
Profitable relationship in the future with this Buyer if we can get a Real FCO. Also, the
Buyer's Rep. works with 2 other RWA Major World Oil Buyer's that usually need fuel.
The Buyer does NOT allow their L/C to be Divisible, Assignable, or Transferable
because this means that the person making the offer does Not own the product.
If there are 1 or 2 Broker's between Mr. Small and the Seller, we will Gladly share our
commission with you, but you MUST get this info to the Seller and then step aside.
Thank you for any help you can give us with this very Real Request. If you can send
a Real FCO then Douglas can send it Direct to my contact, and that will be fine.
" This Buyer states that we are to MAKE ABSOLUTELY SURE
that the Supplier can prove there is a Holder of Record."
Here is a copy of our Buyers latest requirements and procedures:
QUOTE:
WE WILL BUY D2 AND JET FUEL, (A) & (1A). UP TO 10 MILLION METRIC TONS OF D2 MONTHLY FOR 24 MONTHS HAVING ROLLS & EXTENSIONS; A FIXED MONTHLY DISCOUNT OF $100 BELOW ROTTERDAM PLATTE; CIF ROTTERDAM IS PREFERRED.
JET FUEL FOR BOTH GRADES EACH: UP TO 10 MILLION BARRELS MONTHLY FOR 24 MONTHS. THE BALANCE TO BE NEGOTIATED WITH THE BUYER DUE TO ON GOING CONTRACTS IN VARIOUS PARTS OF THE WORLD.
UPON RECEIVING A BRIEF OFFER TO SELL, HAVING THE CAPABILITY TO SHOW PROOF OF PRODUCT AS HOLDER OF RECORD; BUYER AND SELLER WILL CONFERENCE ON THE PHONE FOR CONTRACTUAL VERBAL AGREEMENT.
BUYER SENDS DRAFT CONTRACT INCLUDING ALL APPENDICES.
SELLER SIGNS DRAFT CONTRACT INCLUDING ANY CHANGES OR AMENDMENTS FOR BUYER'S APPROVAL.
SELLER SENDS FULL VERIFIABLE PROOF OF PRODUCT INCLUDING OWNERSHIP AND LEGAL AUTHORITY TO SELL.
AFTER BUYER'S VERIFICATION OF DOCUMENTS, BUYER SHALL INSTRUCT THEIR BANK TO ISSUE PRE ADVISE TO THE LETTER OF CREDIT IN FAVOR OF THE SELLER IN THE AMOUNT SUFFICIENT TO COVER THE MONTHLY SHIPMENT.
SELLER ISSUES 2% PERFORMANCE BOND WHICH ACTIVATES THE LC.
SHIPMENT BEGINS WITHIN 21 DAYS.
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