Introduction — Why Most Buyers Ruin the Deal Before Sending an ICPO

In the petroleum industry (EN590, Jet A1, Diesel, LPG, Crude), an ICPO is not a simple “expression of interest.”
It is a legal, binding intent that activates:

• Seller compliance screening

• Refinery due diligence

• Mandate review

• Bank readiness confirmation

• POP eligibility assessment

• Tank/vessel scheduling

And yet, 90% of buyers send ICPOs that instantly expose their lack of knowledge, causing:

• Rejection

• Ghosting

• Loss of credibility

• Blacklisting from refinery groups

• Termination of negotiation

The problem?

Most buyers don’t know what to ask before issuing the ICPO.

This article gives you the 30 critical questions every professional buyer MUST ask to avoid appearing inexperienced or “broker-like.”

These questions are what institutional buyers, airlines, distributors, and refiners ask before submitting an ICPO.

SECTION 1 — Understanding the Context: Why Questions Matter Before ICPO

1.1 The ICPO Is a Binding Intent—Not a Random Paper

An ICPO shows:

• Your capacity

• Your seriousness

• Your understanding of procedure

• Your readiness to perform

An uninformed ICPO = automatic rejection.

1.2 Refineries and Title Holders Can Sense Inexperience Instantly

Refinery compliance rejects buyers who:

• Don’t understand TTT/FOB logic

• Ask for POP before KYC

• Use Gmail/Yahoo emails

• Submit ICPO inconsistent with KYC

• Ask for fake procedures

• Don’t know payment structure

The right questions PREVENT these mistakes.

1.3 Asking Smart Questions = You Look Like an Institutional Buyer

Real buyers always ask:

• Procedure

• POP sequence

• Terminal logic

• SWIFT protocol

• Tank/vessel policies

• Inspection rights

This signals credibility.

SECTION 2 — The 30 Critical Questions Every Buyer Must Ask Before Sending an ICPO

Below are the exact 30 questions you MUST ask to avoid looking ignorant, divided into strategic categories.

A. QUESTIONS ABOUT PROCEDURE (1–8)

1. Which procedure does the seller strictly follow? (FOB, CIF, TTT, TTV)

Never ask the seller to follow YOUR procedure.

2. At what stage is POP released?

It must always be after SPA + POF.

3. Is DTA issued ONLY after POP and MT799?

If seller says “before POP,” walk away.

4. Does the seller allow DIP test at tank before payment?

TTT and TTV only.

5. Does buyer need a tank for TTT?

Yes — always.

6. Does the seller accept MT103 after Q&Q?

If not, ask for payment conditions.

7. Can the seller explain the full SWIFT flow? (MT799/MT760/MT103)

Fake sellers collapse here.

8. Will the seller show a draft SPA before ICPO?

Real sellers won’t until KYC is completed.

B. QUESTIONS ABOUT THE PRODUCT (9–14)

9. What is the exact specification (Euro 5/6, sulfur, density)?

Avoid generic ICPOs.

10. Is the product already injected into tank?

If not, expect delays.

11. What is the tank farm name? (General, not specific tank number)

Terminal confirmation, not POP.

12. Is product under seller’s name?

Critical for refinery allocations.

13. Is the seller a title holder, mandate, or facilitator?

Must match ICPO direction.

14. What is the minimum quantity per lift?

Avoid sending unrealistic quantities.

C. QUESTIONS ABOUT PRICING & PREMIUMS (15–18)

15. What pricing benchmark does seller use (Platts Europe, Platts Asia)?

16. What is the premium/discount structure vs. benchmark?

17. Are there seasonal or regional premiums (Rotterdam vs Jurong)?

18. Is the price final or adjustable after Q&Q?

Usually final after SGS.

D. QUESTIONS ABOUT POP (19–22)

19. What partial POP does the seller provide before DTA?

Expect: TSR (redacted), Q&Q, ATV/CPA.

20. Who issues POP — seller or refinery?

Refinery-backed POP is strongest.

21. How many POP documents will be released?

Legitimate POP = 7 key docs.

22. Is POP watermarked, signed, and traceable?

Fake POP = editable PDFs.

E. QUESTIONS ABOUT LOGISTICS (23–26)

23. For TTT: Does buyer need an ATV/CPA linked to tank?

24. For FOB/TTV: What is vessel nomination procedure?

25. Who pays terminal injection fees?

26. Does terminal require pre-scheduling of DIP test?

F. QUESTIONS ABOUT FINANCE & SWIFT (27–30)

27. What POF is required — RWA, BCL, MT799, SBLC?

28. Does seller accept POF from fintech banks?

Most refineries reject.

29. Does seller require bank officer-to-officer confirmation?

30. What is the timeline for sending MT799 after SPA?

Typical: 3–5 banking days.

SECTION 3 — NNRV Expert Analysis: Why These Questions Matter

3.1 Buyers who ask NO questions = brokers

Real buyers clarify everything upfront.

3.2 These questions filter out fake sellers instantly

Most fake sellers cannot answer:

• MT799 logic

• DTA protocol

• Partial POP structure

• Terminal security rules

3.3 Sellers respect informed buyers

Institutional sellers prefer buyers who act like:

• Corporates

• Banks

• Distributors

• Refineries

• Aviation companies

SECTION 4 — Step-by-Step: How to Ask These Questions Professionally (Template)

Step 1 — Request seller’s official procedure summary

Short, professional email.

Step 2 — Confirm logistics

Tank or vessel requirements.

Step 3 — Clarify POP sequence

Avoid asking for early POP.

Step 4 — Confirm required POF

Avoid surprises after SPA.

Step 5 — Align ICPO with seller’s procedure

Never send a blind ICPO.

Step 6 — Submit full KYC package

Corporate + financial readiness.

Step 7 — Submit ICPO

Now the process is safe and professional.

SECTION 5 — Buyer & Seller Questions (20 Total)

10 Buyer Questions

1. When should I ask about POP?

2. Do I need a tank for TTT?

3. Why must my ICPO match my KYC?

4. What if seller asks for upfront fee? (Walk away)

5. Can I request draft SPA before KYC?

6. Which procedure is safest? (TTT)

7. Why does seller require MT799?

8. How to avoid looking inexperienced?

9. Can I negotiate seller’s procedure? (No)

10. Can NNRV prepare my ICPO? (Yes)

10 Seller Questions

1. Should I reply to buyers who ask for POP early? (No)

2. What if buyer refuses MT799?

3. Should I accept ICPO with no KYC?

4. How to detect fake buyers?

5. Should I share tank info early? (Never)

6. How do I protect my allocation?

7. Should I follow buyer’s procedure?

8. What is a valid buyer question?

9. How do I filter unserious buyers?

10. Can NNRV filter buyers for me? (Yes)

SECTION 6 — Institutional Proof & Compliance Standards

These standards align with:

• ICC Incoterms 2020

• FATF AML & CFT

• Basel III banking compliance

• OFAC/EU sanctions rules

• SGS/Intertek Q&Q protocols

• Refinery KYC & due diligence standards

• Vopak / Oiltanking / VTTI terminal rules

Used by:

• Vitol

• Trafigura

• Gunvor

• Glencore

• Mercuria

• Shell Trading

• TotalEnergies

SECTION 7 — Professional Call to Action (CTA)

📌 Need Help Preparing a Perfect ICPO That Sellers Will Accept?

NNRV Trade Partners offers:

• ICPO drafting

• Buyer profiling

• Compliance-ready KYC preparation

• POF structuring (RWA/BCL/MT799)

• SPA negotiation support

• Seller verification

• End-to-end buyer advisory

📩 info@nnrvtradepartners.com
🌐 www.nnrvtradepartners.com

Mini FAQ (5 Key Questions)

1. Can NNRV draft a refinery-ready ICPO?
   Yes — professional format.

2. Can I send ICPO without KYC?
   No — automatic rejection.

3. What destroys buyer credibility?
   Asking for POP early.

4. How many questions should I ask before ICPO?
   At least 15–20.

5. Should I send ICPO without POF readiness?
   Never.

Why Choose NNRV Trade Partners?

• Institutional petroleum expertise

• ICPO/KYC preparation specialists

• Complete refinery compliance mastery

• Buyer & seller protection

• Zero-fraud operational structure

• Trusted globally