ICPO
ICPO must include the following items and documents (for petroleum products):
1 Full name of the buyer’s company
2 Full address of the buyer’s company
3 Company registration number and place of registration
4 Name and title of the authorized signatory
5 Complete contact details (phone, email, website if available)
6 Type of product required (e.g., D2, JP54, Mazut M100, LNG, LPG, Crude Oil, etc.)
7 Required quantity (e.g., 100,000 MT per month for 12 months)
8 Contract duration (spot/short-term/long-term, e.g., 12-month contract with extension)
9 Final destination port (e.g., Port of Fujairah, Karachi, Istanbul, etc.)
10 Target price (if applicable – based on Platts or fixed)
11 Delivery terms (e.g., CIF, FOB, TTO, TTT, etc.)
12 Proposed payment method (e.g., DLC – Documentary Letter of Credit, SBLC – Standby LC, TT)
13 Buyer’s bank details (bank name, country, SWIFT code – no need for full account info)
14 Proof of Funds (POF) – either attached or declared as available
15 Official company logo
16 Date of issuance of ICPO
17 Signature and company stamp of the buyer
Optional closing clause:
“We hereby confirm with full legal and corporate responsibility that we are ready, willing, and able to purchase the above-mentioned product under the specified terms and to issue the necessary financial instrument upon signing of the sales and purchase agreement.”
Supporting documents to strengthen the ICPO and prevent rejection:
1 Proof of Funds (POF)
🔹 Official bank document proving financial capacity to complete the purchase.
🔹 Accepted formats:
◦ RWA (Ready, Willing and Able Letter)
◦ BCL (Bank Comfort Letter)
◦ Recent Bank Statement (typically for the past month)
◦ SWIFT MT199 / MT799 (from buyer’s bank)
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3 Company Profile
🔹 Background information including registration, business activity, past projects, trading history, and company strengths.
4 Certificate of Incorporation
🔹 Legal document showing company registration, number, date, and jurisdiction.
5 Passport Copy of the Authorized Signatory
🔹 Confirms the identity of the person signing the ICPO.
🔹 Should ideally be accompanied by a company resolution or power of attorney.
6 Tax or Business License (optional but helpful)
🔹 Shows the company is legally licensed to operate.
7 Letter of Authorization (if an agent/intermediary is sending the ICPO)
🔹 Official letter from the buyer authorizing a third party to represent them in the deal.
8 Letter of Intent (LOI) – Optional
🔹 Can be submitted together with the ICPO as a formal expression of interest