Condition

Fuel Oil for Sale

 

Iraqi Oil Tankers Company announces the availability of fuel oil shipments for sale loaded to the waiting area/the outer bar in the Iraqi territorial waters or to one of the Arabian Gulf ports (except Al-fujaira and Khor Fakkan where discharging would be STS). The prices are counted according to the monthly rate depending on the global bulletin of prices which the company issues. Those who wish to buy the shipments should kindly submit their offers according to the following conditions:

 

1-    Presenting a check worth (500,000 $ ) as Deposit amount five days before the date of the session which is mentioned in the monthly announcement for delay fines , if there are any delays , and it is given back to the buyer after the completion of the discharging process if there are no fines . The offers which contain no such a cheque are refused and the amount of the cheque is taken by the company if the buyer does not comply with the condition of the company .

2-    A- The buyer is given three days after receiving the accepted offer letter from us to pay the amount of first cargo . Otherwise the amount of ( 500,000 ) USD will be seized and the announcement will be repeated again .

 

B- The buyer should discharge the cargo within three successive days from the date when the master submit the (N.O.R.T.) or the buyer must pay a delaying fine calculated according to the following equation:

 

(The value of the loaded shipment X (10 ))

ÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜÜ                 = (     ) USD

The duration of the assignment ( one month ) x 100

 

3-    We choose the buyer who adds more to the nominated price.

4-    The buyer should load all the quantities within one month. If he does not, we would sell the quantity to another buyer and the first buyer is obliged to pay the fine of changing the buyer.

5-    The buyer must pay an amount to the first three cargo and he should pay also at loading the third shipment. The final settlement is done at the end of the month according to the monthly average, and according to the following equation. The commercial invoice contains estimating numbers for the sake of baking calculations.

 

The final price= monthly bulletin plats rate(IFO 180) + monthly bunker bulletin rate (380)

2

 

6-    The amounts are submit  the banks that deal with the Iraqi trading bank as in the attached list.

7-    When there is a difference in specifications of the shipments, the discount of the price is done according to the following equations:

 

·       High viscosity, more than (180 CST):

 

The average of the monthly price (IFO180)- The average of the monthly price(IFO360) =  the difference in the price

200

 

    between two labs is calculated according to the following equation:

 

The actual viscosity X 0.074 = the amount of viscosity

 

 

·       Differences in the level of sulfur are counted according to the following equation:

 

(0.0.5555 + the value of the actual test) 0.1215 = the value of the difference in the test value of the two labs

 

·       Differences in flash point when it becomes less than (60˚), the following equation is applied, after calculating the permission rate which is (6˚)

 

The result of testing the flash point       REPRODUCIBILITY X 0.4 X the actual                                                                                       

The normal degree                                    value  of the cargo

 

 

·       Concerning the value of sodium, when its average is between (50-300) then it is acceptable.

 

8-    The numbers in the bill of lading are depended on in settling the shipment.

9-    The quality certificate which is issued by Basra refinery is depended on in the discharging ports .

10-                    The buyer can send a representative with the ministerial committee to attend the measurement  sampling process of taking the sample to the lap of South refinery (Al-Shaiba).

11-              Our company is not responsible for any differences in the specifications of the product which are mentioned in the announcement published on our site when the buyer measures the specifications in another testing lab except Basra refinery lab, and the buyer does not have the right to refuse the specifications. Our company is not responsible for any legal or financial consequences due to such differences.

12-                    The offers should be submitted in a closed envelope and they are opened within the meeting of the committee. The offers that are sent by email will be ignored. Also, the tender must include the documents and the achieve of the company (colored copy) as well as the original copy to be kept in the legal department.

13-              The buyer bears the banking charges (commissions) and when such charges are not payed within one week, they would be taken from the amount of the Deposit which is (500.000 $).

14-      The certificate of the establishment of the buyer company should be included in the offer.

15-      In case the buyer does not comply with the above conditions, the necessary valid Iraqi procedure are taken against him.

   16- In case of the non-availability of the tankers belonging to our company to transport the agreed quantity, the buyer will transport the quantity of fuel oil ( bunker ) by hiring an oil tanker by an agreement between the two companies and the quantity and the responsibility is determined by the oil tankers company as following

The buyer responsibilities:

 

1-     The buyer provides a tanker which should be matching the global tankers and it should be acceptable to the specifications of the Iraqi ports company, this tanker transport the fuel oil ( bunker ) products from the loading port of Khor Alzubiar to the discharging port of the Arab Gulf ports.

2-     The buyer will be responsible for the tanker technically, administratively, commercially and legally.

3-     The buyer shall be responsible for the tanker and its cargo after leaving the loading ports.

4-     The buyer provides a full details about the offer to buy the cargos, included the amount of wages shipping in dollars for per tone and it offers on the committee of the assignable cargo sale. At the time of the meeting  .

5-     the buyer should accept the calculation of the hired cargo tanker on the basis of pipe lines company meter and it's considered as an approved amount by the Iraqi oil tankers company and the buyer not allowed to object on it.

6-     The payment of the shipment should be paid before the start of loading.

 

The responsibility of the oil tankers company:

 

1-     The oil tankers company prepares the corgo which should be loaded after receiving the required official documents from the buyer.

2-     The oil tankers company is responsible for all the procedures relating to fees and tanker carrying wages and benefits for ports, customs and shipping fees for the loaded tanker.

3-     The responsibility of the oil tankers company ends when the tanker leaves the loading port.

4-     The amount of the shipping wages will be deducted from the sale price of the tanker loaded shipment according to its quantity.

5-    In case of disagreement between the two parties on the wages of the transporting which provided by the buyer, the oil tankers company will hire another tanker for loading instead of the nominated taker which has been provided by the buyer