Boston International Group, LLC

Boston Energy Marketing and Contracting Procedures for Transactions are as follows:

Procedure:

Boston Energy Marketing and Contracting  adapts the standard procedures for purchasing Petroleum products worldwide unless otherwise noted.

1.    Buyer issues ICPO or LOI and BCL to Seller. The LOI/ICPO must contain buyer’s bank coordinates and permission for a Soft Probe on Buyer’s bank account by Seller.

2.    Seller issues a Soft FCO to Buyer.

3.    Seller issues draft (CONTRACT) of SPA to Buyer to review and make necessary amendments if needed.  When the contract is accepted by both parties, Buyer and Seller sign and seal the contract. The electronic Signatures shall be deemed valid and enforceable. Seller and Buyer shall lodge the contract into their respective banks.

4.    Within three banking days after contract is signed, Buyer’s bank will swift Pre-Advice of Financial Instrument MT705 to Seller’s bank. After receipt by the Sellers’s bank, Seller’s Bank will respond by issuing Proof of Product (POP) and 2% Performance Bond Guarantee to Buyer’s bank.  The POP document will include the following documents:
•    Statement of availability of the product issued by Refinery’s Bank (with allocation number.
•    Export License, issued by the Russian Ministry of Energy (if product is from Russia)
•    Export Approval, issued by the Russian Ministry of Justice (if applicable)
•    The Charter party agreement to transport the product to  discharge Port.(This agreement will be issued after Seller’s bank received operative payment instrument only)

5.    Buyer’s bank will issue the operative payment instrument to Seller’s bank after buyer has verified the POP.

6.    Shipment will start according to conditions of the contract and according to agreed schedule. (ANNEX B)

7.    Each party hereto will bear its respective banking costs/charges.

Rules and Procedures for Processing Buying Requests
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