1. Subject: TCP Korea Development: August 2011 Allocations
Glenn,
Attached is the August allocation from Korea TCP Development , which is the seller,
for JP54 5,000,000 bbl x12 month- Production contract - CIF or FOB , Rotterdam. ( see
attachment) These SCO are dated August
There is no D2 offer available for August.
All Buyers LOI have to be lodged by August 8 2011
The buyer should issue a LOI on his letterhead, addressed to Korea TCP Developments,
stating that they agree with the procedures, and attache this SCO. If the buyer wants to
shortcut the process , he can issue an ICPO straight away stating that he agrees with
sellers procedures, and seller will follow up with draft contract.
The seller will respond with a SCO on their company letterhead, signed and sealed.
Buyer follows up with an ICPO.
Past performance:
The seller can give proof of past performance, but not over the Internet. The seller
mandate is located in New York and will show buyer past charter party agreements from
other buyers.
Procedures: Please note the following:
Commission Seller/ buyer side split 50/50. ( $1.50/$1.50) The sellers mandate receives
another 50% from the buyers side ( $0.75 and the rest is open ($0.75) So on a 5,000,000
per month $3,750,000 is available for commission -buyers mandate and intermediaries
Comments on procedures:
All the papers will be issued from the Russian refinery directly. Since this is a
Production contract, Full POP can only be produced once the refinery start producing the
order for the buyer. In order to start production the refinery has to see POF first, and then
will issue partial POP. as outlined in procedures.