Through our international contacts European Management Group has arranged for certain oil products and derivatives to be made available to selected companies and individuals. We can currently offer Saudi Light Crude Oil (SLCO) on contract, D2, JP54 and Jet1A on both contract and 'Spot' purchase, please contact us for our available product list. We are also buyers of crude oil, diesel, petroleum and aviation fuel. Please contact the office in your area regarding all other commodities.
Our non-negotiable procedures are listed below and apply to all offers made.
PROCEDURES:
1. Buyer sends fresh LOI with corporate letter-head, signed and sealed EMG responds with a NON-CIRCUMVENTION NON-DISCLOSURE (NCND) to be signed by all parties involved.
2. The Seller European Management Group (EMG) or assigns sends the 'Soft Offer' to the Buyer
3. The Buyers sends fresh ICPO with corporate letter-head in accordance with the procedures in the 'Soft Offer' and POF (Proof of Fund) and/or BCL (Bank Confirmation Letter) from the top 50 prime Western Banks to be endorsed by its two (2) bank officers in favor of the Seller.
4. Seller will verify the authentication of the POF and/or BCL, ICPO and Buyers financial capability within two (2) banking days
5. Seller will send draft Sales and Purchase Agreement (SPA) by e-mail with appropriate signature and corporate seal.
6. Buyer reviews, verifies, checks and highlights any desired changes and then e-mails back the draft Sales Purchase and Agreement complete with L/C Banking information to Seller.
Seller shall final check the SPA and each party lodges the signed SPA to their respective Bank.
7.* Not later than five (5) calendar days from the date of signing the contract, Buyer shall send Bank Guarantee through SWIFT Message MT-760 to Seller Bank
8. At the same time Seller shall send Proof of Product (POP) to Buyers Bank
9. Upon verification of POP, no later than three (3) calendar days Buyer shall issue Non-Operative Letter of Credit in favor of Seller to the Sellers Bank through SWIFT Message MT-700
10. At the same time Seller shall issue 2% of Operative Performance Bond in favor of Buyer to Buyers Bank and this action shall automatically activate the Letter of Credit.
11. Seller commences the shipment as per contract
* (Not required in a 'SPOT' purchase)
