Transactions Terms
- Tank to Tank
FOBTank-to-Tank (TTT) transfer in the oil industry is a secure Free on Board (FOB) procedure where petroleum products are moved directly from a seller’s storage tank to a buyer’s tank within the same terminal or port. This method avoids maritime transport, requiring a Tank Storage Receipt (TSR), Dip Test Authorization (DTA), and inspection (SGS) to verify product quality/quantity before payment, usually via MT103. - Tank to Vessel
FOBTank to Vessel (TTV) procedure in the oil industry involves transferring petroleum products from a seller’s land-based storage tank to a buyer’s vessel at a port. Key steps include submitting a Purchase Order (ICPO), verifying products via SGS inspection in the tank, signing an injection agreement, injecting product, and final payment via MT103. -
CIF
CIF (Cost, Insurance, and Freight) procedure in the oil industry involves the seller managing transportation, insurance, and costs to deliver products to the buyer's port. The process generally entails an ICPO, contract signing (SPA), financial instrument issuance (SBLC/DLC), partial Proof of Product (PPOP) submission,, shipment, and final payment after inspection at the discharge port. - TTOTanker Take Over (TTO) in the oil industry is a procedure where a buyer purchases product already loaded on a vessel. It involves a secure transfer of documents (Bill of Lading, quality analysis report, quantity report, vessel details) and prepayment, often starting with a minimum 10% deposit and final payment (MT103) upon product verification at the discharge port.
