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Registration Procedure For Petroleum Products Buyers

Extracts from NIOC`s board of directors resolution regarding registration of petroleum products buyers :

1-  Articles of association as well as company's registration certificates.

2-  Names and particulars of the main shareholders of the company.

3-  Full particulars of applicant and its activities in petroleum products business for last four years (e.g. brochures, catalogues, etc.)

4-  Financial statements (balance sheet and profit and loss statement) for last four years, audited and approved by an internationally reputable auditing firm.

5-  Financial and credit references at least from three prime European banks acceptable to NIOC and their readiness to open L\C for the applicant in favor of NIOC *.

6-  References at least from three major and reputable oil companies acceptable to NIOC, regarding their experiences in oil transactions with the applicant.

       Sale of petroleum products to the occupied regime of Palestine (so called Israel) is prohibited. Applicant undertakes not to sell and/or process the purchased petroleum products to/in the said occupied regime.

FootNote:

* In case of special circumstances such as current banking limitation, NIOC disregards above item (5) and accepts to cooperate with the advance (Down) payment and/or reputable & acceptable bank garanttee.

 

 
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