Petroleum Oils Supply: BITUMEN 40/50/60/70/80/100 (PETROLEUM ASPHALT) CIF ONLY

SOFT CORPORATE OFFER (SCO)

Gngroup Supplies Sdn. Bhd. in collaboration with our refinery, manufactory, factory, supplier or seller, with full legal responsibility, hereby issue this Soft corporate Offer with given terms and conditions as stated in this offer to confirm our readiness to execute a sales and purchase agreement with the ability to supply the following commodity according to the terms and conditions stipulated in this soft corporate offer.

Commodity: Bitumen 40/50/60/70/80/100 (Petroleum Asphalt)
Loading Port: Rotterdam or Seller Option
Incoterms: CIF ASWP Only
Packing: Bulk Tanker / Seller’s Option
Minimum Order: 25,000 MT
Maximum Order: 200,000 MT
Commission: USD$ 10.00 Per MT
Shipment Guaranteed: 2% PB (Performance Bond)
Cargo Insurance: 110% by seller

INSPECTION:
For CIF
a) Inspection at loading port (seller port) by SGS for quality, quantity, fully at seller’s expense.
b) Final inspection at port of discharge (buyer port) by SGS for quality, quantity, fully at buyer’s expense.

BUYER’S COMMITMENT:
a) CIS (Customer Sheet Information)
b) ICPO + Scan Passport + Company Profile + BCL or POF

{BANKING PROCEDURES FOR CIF AWSP}

GUARANTEE PAYMENT IS REQUIRED FROM BUYERS:

SWIFT MT760 VIA SBLC

STEP 1

Gngroup provides to buyers:

a) Full / Soft Corporate Offer (FCO / SCO)

b) Template ICPO Format

c) Template BCL Format

STEP 2

Buyer provides to Gngroup:

a) Official ICPO Address ICPO to: Gngroup Supplies Sdn Bhd, Attn to: MR. SYAPOL MA’AROF MOHD.

b) Copy of Buyer Scan Passport

c) Buyer’s Company Profile in PDF file

d) Latest BCL or POF to Gngroup Supplies Sdn Bhd

STEP 3

Gngroup issues Draft SPA (Sales Purchases Agreement) and Proforma Invoice for buyer to sign and return to seller.

STEP 4

Buyer bank within 10 days issues SWIFT MT760 via SBLC to Seller Fiduciary Company nominated bank and sends SWIFT copy to seller. Final Payment, buyer release payment to seller bank after inspection at port / the coordinate point ship to ship, 100% payable for each shipment within 2 banking days upon the cargo passed SGS and receipt of all the relevant payment documents.

STEP 5

Seller issue Full POP and Shipping Documents, 2% PB Including:

A. Dip test Authorization and SGS report.

B. Certificate of Origin

C. Statement of Product Availability of Product.

D. Allocation Transaction Passport Code Certificate [ATPCC]

E. Q&Q done by indigenous lab.

F. Commitment to supply

G. Charter Party Agreement to Transport the Product to Discharge Port

H. Vessel Questionnaire 88

I. Bill of Lading.

J. The customs formalities and test report to buyer/bank.

STEP 6

The seller loads and inspects the product on board the vessel, delivering it to an agreed safe port. Upon arrival at the delivery port, the buyer conducts their own inspection to verify the quantity and quality of the product.

Subsequently, at the destination port, an inspection of the goods is carried out, and the buyer releases payment to the seller's bank within 2 banking days after inspection. This payment is 100% payable for each shipment once the cargo passes SGS and upon receipt of all necessary payment documents.

STEP 7

Product is transferred to buyer’s vessel /tank with All Shipping Documentation and Title is transferred to buyer.

STEP 8

Seller pays Commission to Seller Side and Buyer side commissions:

A. 50%: Seller Side: (50% Closed to Seller Side)

B. 50%: Buyer side: (50% Open to Buyer Mandate & Intermediaries)

C. The agreed commission will be included within an Irrevocable

Master Fee, Protection Agreement (IMFPA) to be signed between the buyer and the seller, group of each party prior to issuance of the Sales and Purchase Agreement (SPA).

STEP 9

For monthly buyer’s bank will issue New SBLC or BG expansion for 12 months for subsequent shipping and seller opens 2% PB to buyer bank for 12 months sales of products. The seller move the product to buyer’s port according to the contract schedule and issue DTA/ATV/ Fresh SGS and continue till the 12 months delivery is completed.

ABOUT BITUMEN (PETROLEUM ASPHALT)

What is bitumen?
Bitumen is a substance that can be in solid, semi-solid or liquid form with a color ranging from dark brown to black, with a hydrocarbon composition obtained by natural precipitation of crude oil or by distillation in refineries. In short, bitumen is derived from crude oil. Bitumen can also be found in the form of natural sediment produced by the petroleum refining process, or as a compound of naturally occurring asphalt with the minerals in it.

Due to its basic resistance, waterproofing and natural adhesion properties, it is used in many fields such as road construction, roofing, foundation insulation, flooring, mastic, paint production. Before using bitumen, it must be separated, purified, mixed, and sometimes chemically or physically altered. With proper handling of bitumen, bitumen can be reheated or stored for a long time at high temperatures without losing its properties.

However, improper handling of bitumen by overheating or taking advantage of conditions that can cause oxidation can affect its properties and the long-term performance of materials made from it.

Therefore, bitumen should always be stored and processed at the optimum possible temperature. For mixing and pumping liquid bitumen under normal operating conditions, it is recommended to set the minimum pumping temperature from 10°C to 50°C above. However, the temperature of 230°C should not be exceeded to prevent spontaneous ignition of the bitumen.

They are produced in 4 types: bitumen penetration type, oxidized, hard bitumen and cutback and they differ from each other in the combination of penetration, viscosity and softening point. Most penetration bitumen is used in road construction. Oxidized bitumen is used in roofing, flooring, mastication and coating works. Solid bitumen is used for industrial purposes, such as coal briquetting, paint production. Until recently, cutback bitumen was very often used, as it was economical and did not require high processing temperatures. However, its use has started to decrease day by day.

The performance of a structure depends on many factors, including design, application, and the quality of the materials used. Although it occupies a small place in the bituminous mixture by volume, it plays a very important role in mixtures due to its resistance and viscoelasticity with respect to the bituminous mixture. Basically, good performance characteristics of bitumen on the road are ensured by monitoring its rheological, cohesive, adhesive and strength properties.