Introduction – The Hidden Truth Behind EN590 TTT/FOB Deals

The global EN590 market is filled with confusion, improvised procedures, recycled SCOs, and high-risk intermediaries.
Most buyers do not understand the real institutional workflow behind a genuine Tank-to-Tank (TTT) FOB transaction.
Most sellers don’t know how to structure their compliance package to avoid unserious buyers.

The result?

❌ Failed deals
❌ Broken chains
❌ Months lost with fake allocations
❌ Buyers expecting POP before compliance
❌ Sellers expecting MT103 before Q&Q

This article fixes all these issues.
It gives you the one and only procedure recognized by:

• Rotterdam terminals

• Fujairah and Khor Fakkan

• Houston / Galveston

• Singapore Jurong Island

By the end, you will have:

• Total clarity

• A compliance-ready workflow

• A real banking-aligned process

• A complete guide from ICPO → SPA → POP → Dip Test → MT103 → Title Transfer

• A structure acceptable by refineries, tank owners, trading houses, and banks

SECTION 1 — Understanding the Real Context in 2025

1.1 The Core Problem in Today’s Fuel Market

The majority of EN590 “offers” online are not real because:

• Sellers have no tank ownership

• Brokers send documents they don’t control

• Buyers demand “full POP” before identifying themselves

• Procedures contradict refinery and terminal policy

• Banking steps are not aligned with SWIFT standards

Real sellers follow strict compliance.
Real buyers must demonstrate capacity before any POP.

1.2 Why TTT + FOB Remains the Safest Transaction Model

TTT FOB (Tank-to-Tank, Free on Board) allows:

• Buyer to inspect the product (Dip Test)

• Seller to show real product inside their tank

• Q&Q (Quantity & Quality) by SGS/Intertek

• Secure payment via MT103 after successful inspection

No upfront fees.
No prepayment risk.
No illusions.

It is the model used by Vitol, Trafigura, Gunvor, Mercuria, and all major houses.

1.3 Key Technical Terms

SECTION 2 — Full Explanation of the Real Procedure (A to Z)

2.1 Step A: Buyer Issues ICPO (with Mandatory Compliance)

A legitimate ICPO must include:

• Company details

• Passport + UBO identification

• Buyer’s banking coordinates (not balances)

• Product specification request

• CIF or FOB

• Destination or tank location

• Payment method (MT103)

• Acceptance of seller procedure

📌 Without a compliant ICPO → No seller can release POP.

2.2 Step B: Seller Issues SCO (Soft Corporate Offer)

The SCO contains:

• Price (Platts minus realistic premium)

• Procedure

• Tank details (redacted)

• Contract conditions

• Product specifications

📌 This is NOT POP.
It is a commercial document only.

2.3 Step C: NCNDA + SCO Signature

Both parties sign:

• NCNDA/IMFPA

• SCO

This protects commissions and confidentiality.

2.4 Step D: Seller Issues Draft SPA

The SPA includes:

• Quantity

• Price

• TTT process

• Terminal regulation

• Inspection procedure

• Payment terms

• Timeline

• Banking compliance clauses

Buyer reviews → signs → returns.

2.5 Step E: Seller Releases POP (Partial Set)

A legitimate seller releases partial POP after KYC approval:

Partial POP package includes:

1. TSR (Tank Storage Receipt)

2. Tank Information (non-redacted)

3. Product Passport

4. Q&Q report (≤72h)

5. Injection report / ATV

6. Authorization to communicate with terminal (if applicable)

Not before.

📌 Terminal confirmation is the strongest proof of product.

2.6 Step F: Buyer Orders Dip Test (DTA)

The seller issues:

• DTA (Dip Test Authorization)

• Tank Entry Schedule

• Terminal Access Code / LOI

The buyer’s inspection team (SGS/intertek/saybolt) enters the tank.

2.7 Step G: Q&Q / Dip Test

The inspector determines:

• Density

• Flash point

• Sulfur level

• Water content

• Contamination

• Quantity

If Q&Q passes → buyer proceeds to payment.

If Q&Q fails → buyer walks away without loss.

2.8 Step H: Buyer Issues MT103

After Q&Q, Buyer makes final payment.

Why MT103?
Because it is the international payment SWIFT used by banks for money transfer.

Seller receives funds → issues:

• Commercial Invoice

• Title Transfer Document

• TSR update (tank release to buyer)

2.9 Step I: TTT Completion (Tank-to-Tank)

Seller transfers product from their tank to buyer’s tank.

Terminal releases final documents:

• SGS Final Report

• Out-Turn Report

• Bill of Loading (if FOB vessel loading)

• Q88 / MSDS if shipping

SECTION 3 — NNRV Professional Analysis (Industry-Level)

3.1 Common Buyer Errors

• Asking for POP before ICPO

• Refusing to show POF or RWA

• Unrealistic expectations (e.g., “$200 below Platts”)

• Working with intermediaries who have no mandate

• Not ready with tank availability

3.2 Common Seller Errors

• Taking buyers without financial capacity

• Using outdated POP

• Allowing too many brokers

• Misaligned procedures

• Terminal documents not verifiable

3.3 Institutional Risks

3.4 NNRV Compliance System

NNRV uses:

• FATF AML guidelines

• OFAC screening

• EU sanctions rules

• Basel III banking alignment

We verify:

• Buyer identity

• Seller identity

• Bank capability

• Terminal validity

• Product availability

SECTION 4 — The Official 30-Day TTT FOB Procedure (Step-by-Step)

DAY 1–3: Initial Documentation

1. Buyer sends ICPO + KYC + CP

2. Seller verifies documents

3. Seller issues SCO

4. Both sign NCNDA/IMFPA

DAY 4–7: Contract Phase

5. Seller issues Draft SPA

6. Buyer signs SPA

7. Seller countersigns

8. Seller issues Partial POP

DAY 8–12: Terminal Coordination

9. Seller issues DTA

10. Buyer appoints SGS

11. Terminal issues access schedule

DAY 13–18: Inspection

12. Dip Test performed

13. Q&Q report generated

14. Buyer accepts or rejects

DAY 19–20: Payment Phase

15. Buyer issues MT103

16. Seller confirms receipt

17. Title Transfer executed

DAY 21–30: Final Execution

18. TTT transfer

19. Updated TSR issued

20. Buyer lifts product / loads vessel (FOB)

SECTION 5 — Buyer & Seller Questions (20 Total)

10 Buyer Questions (with answers)

1. Can I get full POP before ICPO?
   No. Compliance laws prohibit it.

2. How do I know tank documents are real?
   Terminal verification + SGS Q&Q.

3. Is Dip Test mandatory?
   Yes for TTT. Not always for CIF.

4. Do I need a tank before ICPO?
   Yes for TTT ROTTERDAM.

5. Is MT103 safe?
   Yes. It is the final settlement instrument.

6. Can I use an escrow?
   Yes with Lloyds, HSBC UK, UOB Singapore.

7. What if Q&Q fails?
   You walk away without loss.

8. Why does seller require NCNDA?
   To protect the chain and commissions.

9. Can price be very low?
   Realistic discounts only. Deep discounts = fraud.

10. Can multiple buyers use the same tank?
    Yes through volume allocation.

10 Seller Questions (with answers)

1. How do I verify buyer capability?
   RWA/POF + KYC.

2. Is it normal to release partial POP first?
   Yes.

3. Do I need a performance bond?
   Not for TTT. Optional for CIF.

4. Can I reject buyers without tank?
   Yes.

5. How do I protect my tank data?
   Release only after ICPO.

6. What if buyer fails to pay after Q&Q?
   SPA protects the seller.

7. Can intermediaries be paid properly?
   Yes through IMFPA.

8. Should I issue SPA before ICPO?
   No.

9. Why is terminal confirmation so important?
   It is the strongest form of POP.

10. When does Title Transfer occur?
    After MT103 is received.

SECTION 6 — Proofs & Credibility

The procedure described matches the operational reality used by:

• Vitol

• Trafigura

• Glencore

• Gunvor

• TotalEnergies Trading

• Shell Trading

And major terminals:

• Vopak (Rotterdam, Fujairah)

• Oiltanking (Houston, Amsterdam)

• VTTI (Rotterdam, Singapore)

• Koole Terminal

This is the only valid, enforceable, international procedure.

SECTION 7 — Professional CTA (Conversion-Optimized)

📌 Get a Free Institutional EN590 Verification & Deal Assessment

NNRV Trade Partners helps you:

• Verify real sellers

• Structure real TTT/FOB deals

• Review your SPA/SCO

• Confirm terminal authenticity

• Align your transaction with SWIFT and compliance standards

➡️ Send your ICPO + KYC to:
compliance@nnrvtradepartners.com

➡️ Visit:
www.nnrvtradepartners.com

Mini FAQ (5 Questions)

1. Can NNRV handle large monthly allocations (50k–500k MT)?
   Yes.

2. Do you accept buyers from Africa, Asia, EU, USA?
   Yes, globally.

3. What is the fastest TTT deal you’ve closed?
   7–12 days after ICPO.

4. Can NNRV verify storage tanks?
   Yes through terminal operator.

5. Can you help me find a tank?
   Yes in Rotterdam, Houston, and Fujairah.

Why Choose NNRV Trade Partners?

• International compliance

• Institutional-grade due diligence

• Real refinery/alocation access

• Protection against fraud

• Banking alignment

• Fast execution

• Strict confidentiality

• Professional communication