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Supply Conditions

Lavan Oil Refining Company (LORC) as one of the nine oil refining companies in Iran and the biggest private supplier of oil refinery products in the Iranian Energy Exchange (IEE) is very proud to collaborate with all professional and talented companies which are active in the field of oil refinery products trading in the international markets.

Our products are listed for auction in the International Ring of IEE. Terms and conditions of the official contract are available for public at least 3 days before opening the tender in the IEE official websites (www.tsetmc.ir and www.irenex.ir).

Please visit www.irenex.ir for IEE information

 

 

TERMS & CONDITIONS:

1. In order to participate in the tenders of Lavan oil refining products all buyers must be registered in IEE. The registration process is carried out free of charge through any IEE approved broker (please visit www.irenex.ir for the brokers information). It has to be mentioned that the IEE account will be active approximately 10 working days after all the necessary documents are delivered to the IEE.

 

2. The products sold by Lavan Oil Refining Company (LORC) can be shipped to the international markets (note: since the products are auctioned in the International Ring of IEE they are only available for export and they cannot be resold and/or used in Iran).

 

3. Our Heavy Sour Naphtha and Liquefied Petroleum Gas (LPG) volume available for auction are 30000 and 5000 metric tons plus/minus 10 percent respectively.

 

4. The price for the Naphtha is based on the average of 4th, 5th& 6thPLATTS magazine APAG, NAPHTHA of Persian Gulf, published the day after the bill of lading minus/plus the discount/premium which is agreed on tender's date. For the LPG, the price is based on Saudi Contract Price (CP Aramco) published in PLATTS Magazine on the bill of lading's date, minus/plus the discount/premium agreed on tender's date.

 

5. The buyer is required to pay approximately 10% of the total value of the products sold, in advance, in the form of cash or in the form of Bank Guarantee (BG) issued by any of the Iranian trustworthy banks as a form of guarantee of purchase before the auction in the IEE. This amount can be deposited directly to LORC or to the IEE.

 

6. The advance payment of the sold products, the currency exchange rate as well as the total price of the products is settled after issuing the BL (Bill of Lading).

 

7. Our Naphtha can be delivered through an MR size vessel with maximum draft of 10.36 m, minimum and maximum length of 168 m and 259 m respectively and with a capacity of 25000 to 35000 metric tons. The LPG, Sulfur and Solvent 402 can be delivered in a vessel with maximum draft of 6.5 m, minimum and maximum length of 78 m and 130 m respectively and with a capacity of 1500 to 5000 metric tons

 

8. The consignments handed over to the buyer are on FOB condition in Lavan Island jetty and the handling charges and port dues are in the liability of the supplier.

 

9. The issue of the “cargo release documents” is conditioned by the payment of the total value of the cargo in the form of cash (Iranian Rials) to the LORC bank account number or a bank guarantee should be delivered to LORC (according to the issued PI). If the buyer decides to use a BG, the payment must be completed no later than 20 days after the date of Bill of Lading (BL).

 

 

10. The detailed official terms and conditions would be in accordance to the official contract given in the supply statement (supply statement sample).

 

IEE: Iran Energy Exchange

LORC: Lavan Oil Refining Company

BG: Bank Guarantee

BL: Bill of Lading

PI: Performa Invoice

 

Sample Bank Guarantees (BG) which are issued by a trustworthy Iranian bank are given below:

Sample BG for participating in the tender

Sample BG of fulfillment of obligations

 

All the governing terms and conditions in the Islamic Republic of Iran and the IEE regarding the selling of our products should be obeyed.

 

 


 


 

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