Purchasing & Selling of Hydrocarbon Products
OGDC is an Oil & Gas trading and service company. It specializes in marketing of both crude and refined petroleum products, project management; and customized industrial communication and power generation, particularly in remote locations. OGDC has an extensive and dependable global network for the supply and sale of petroleum products and promotes advanced technology such as Micro refining in the energy sector. It also maintains a reputable project management bank that provides staffing for the energy companies, especially those with activities in Africa, including Nigeria, Gabon, Sierra Leon, Angola, and Ivory Coast. The company has its corporate office in the United Kingdom, with operations in Africa, Europe, and the Middle East. OGDC is backed by first class experts and consultants with unique experiences in international trade, project management, and modern technology
Oil & GAS TRADING
Economic globalization has led to an increasingly interdependence in international trade, particularly in the oil and gas industry. This phenomenon also has its fair share of benefits as well as challenges in the areas of countercultures, geopolitics, protocols, and prevailing business practices. OGDC is committed in the efficient trading of oil and gas products. The company is a leading industry mandate and engages reputable professionals and businesses in both the Seller and Buyer countries. The goal is to ensure that all activities and services comply with all international conventions and standards.
Basic Trading Procedures:
OGDC entertains trading offers only from serious Buyers or Sellers. Below are the basic terms of OGDC engagement:
Product/Service Quotation:
Buyer (or Buyer's Agent) requests for a quotation on a product with specifications.
Performance Bond: ALL OGDC transactions must be backed by a 2% performance bond established by seller and to be issued from a Top 25 Prime Bank.
Screening: To ensure product/fund availability and full responsibility, all offers must be screened and verified at the appropriate agencies.
Letter of Intent: Once a quotation is provided, the Buyer presents a letter of intent (LOI) to purchase the product, with full details and specifications, quantity, packing, destination, price range, and other special instructions.
Irrevocable Corporate Purchase Order: The Buyer forwards an irrevocable corporate purchase order (ICPO). This states full details of the order and must contain the buyer's full bank contact information, including name of bank, address, phone, tele-fax, email address, name on the account, account number, name of a bank official, who can verify the funds. The ICPO must also contain a language giving permission for a soft probe of the buyer's account. A standard ICPO should be on the corporate letterhead, signed and stamped.
Soft Probe: The Seller makes inquiries (soft probe) with the Buyer's bank to ensure proof of funds.
Sales Contract: Both parties (Buyer and Seller) sign contracts
Letter of Credit: Buyer provides a Letter of Credit, 100% payable at sight and issued and confirmable by a Top 25 Prime World Bank.
Shipping: Product is shipped with all necessary marine information
Payment: Sellers Bank honors L/C
