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

SOFT CORPORATE OFFER (SCO) BITUMEN

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: 30,000 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 – Seller to Buyer
GNGROUP SUPPLIES SDN BHD provides to the Buyer:
a) Full/Soft Corporate Offer (FCO/SCO)
b) ICPO Template Format
c) BCL/CIS Template Format

Step 2 – Buyer to Seller

Buyer provides to GNGROUP SUPPLIES SDN BHD:
a) Official ICPO, addressed to:
To: GNGROUP SUPPLIES SDN BHD
Attn: TBA IN OFFICIAL SCO / FCO
b) Copy of Buyer’s Passport (scanned)
c) Buyer’s Company Profile (PDF)
d) CIS Applicant SBLC

Step 3 – Seller to Buyer

GNGROUP provides to the Buyer:
a) Draft Sales and Purchase Agreement (SPA) for review, completion, or correction.
b) CIS Fiduciary Receiver SBLC / Beneficiary details.

Step 4 – Buyer to Seller
Buyer returns the reviewed Draft SPA to GNGROUP SUPPLIES SDN BHD via email.

Step 5 – Seller to Buyer
GNGROUP SUPPLIES SDN BHD issues a Proforma Invoice.

Step 6 – Bank-to-Bank Process
1. Buyer applies for Draft SWIFT MT760 SBLC from the issuing bank.
2. Issuing bank issues Draft SWIFT MT760 SBLC → Buyer forwards to GNGROUP.
3. GNGROUP forwards Draft to Fiduciary/Beneficiary → then to Receiving Bank.
4. Receiving Bank reviews Draft (may request correction/AMENDMENT OR approve).
5. If approved → GNGROUP instructs Buyer to proceed with Final SWIFT MT760 SBLC.
6. Buyer sends copy of Final SWIFT MT760 SBLC to GNGROUP (review/approval).
7. GNGROUP forwards Final copy to Fiduciary/Beneficiary for follow-up with Receiving Bank.
8. The Receiving Bank conducts compliance and internal approval procedures (including AML/KYC checks). Once cleared, the Receiving Bank will request the Issuing Bank to send the Hard Copy SBLC via secure courier.
9. Once Receiving Bank confirms receipt of Hard Copy → Final SWIFT MT760 SBLC is activated in SWIFT system.

💡 Note:
Many buyers assume that once an SBLC is issued, POP and PB must be released immediately. In reality, the SBLC must first be: Verified by the receiving bank, cleared under Central Bank regulations (AML/KYC), Activated in the SWIFT system only after the Hard Copy is received.
Only then can the seller proceed with PB/POP issuance.

Step 7 – Seller to Buyer
Seller issues Full POP and Shipping Documents, including 2% PB:
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. The customs formalities and test report to buyer/bank.

💡 Note:
POP is only issued once the SBLC has been fully activated in the SWIFT system. This ensures that the seller’s risk is covered.

Step 8 – Shipment

Seller loads the vessel and inspects cargo onboard.
Delivery at agreed safe port → Buyer conducts inspection.
Upon SGS clearance & receipt of all payment documents → Buyer pays 100% within 2 banking days.

💡 Note:
Payment is not triggered by POP alone, but by successful SGS inspection and full compliance of shipping documents.

Step 9 – Transfer of Title

Product and all shipping documents transferred to Buyer. Title passes to Buyer.

Step 10 – Commission Payment

Seller pays commission as follows:
A) 50% Seller’s Side (Closed)
B) 50% Buyer’s Side (Open – Buyer Mandate & Intermediaries)
Commission terms covered by an IMFPA signed prior to SPA issuance.

💡 Note:
IMFPA is necessary to protect all intermediaries and avoid disputes once commission is due.

Step 11 – Subsequent Shipments

Buyer’s Bank issues SBLC/BG valid for 1 Year 1 days.
GNGROUP provides 2% PB covering one month’s shipment (valid until final shipment). Seller continues deliveries as per contract schedule with DTA/ATV/Fresh SGS until 12-month cycle completes.

💡 Note:
It should be clarified whether the SBLC is Revolving or Extendable. This avoids misinterpretation between Buyer and Seller.

PRODUCTS IMAGE

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.