Products Facilitated
PAG Oil & Gas Facilitation may assist qualified parties in relation to a broad range of petroleum, refined fuel and hydrocarbon products. All products remain subject to availability, verification, compliance review, sanctions clearance, refinery acceptance, banking acceptance and mutually agreed transaction terms.
LNG / LPG
EN590 10ppm Euro 5 Diesel
Jet Fuel A1 / JP54
LNG and LPG transactions involve specialised logistics, storage, shipping, regasification or terminal arrangements. These transactions generally require more advanced operational capability and must be carefully structured around vessel suitability, terminal access, contract duration, delivery schedule and receiving infrastructure.
EN590 10ppm Euro 5 diesel is one of the most frequently requested refined petroleum products in international trade. It is also one of the most commonly abused products in fraudulent commodity offers. Proper verification should include refinery confirmation, product specification, origin, quantity, delivery basis, pricing reference, inspection method, tank or vessel evidence, and payment procedure.
Jet fuel transactions require heightened quality, documentation and logistics discipline because aviation fuel must meet strict product specifications and handling standards. Buyers and sellers should be prepared to verify product quality, origin, loading method, storage or vessel status, inspection arrangements and payment triggers.
Crude Oil
Gasoline / Mogas
Petrochemical Feedstock
Crude oil transactions may involve benchmark-linked supply structures, refinery allocations, NOC allocations, title-holder arrangements or trading house structures. Crude oil requires careful attention to origin, grade, sulphur content, API gravity, loading port, export authorisation, sanctions exposure, vessel nomination, quality and quantity inspection, title transfer and payment mechanics.
Petrochemical feedstock may include condensates, naphtha, reformate, propane, butane and related intermediates. These products require specific quality documentation, industrial buyer suitability, logistics planning and commercial structuring based on the intended processing or industrial application.
Fuel oil, marine gas oil and bunker-related products require careful handling of sulphur standards, maritime regulations, port procedures and shipping documentation. Buyers should ensure that product specifications and delivery arrangements are compatible with the intended use and jurisdiction.
Fuel Oil / Marine Fuel
Gasoline or Mogas transactions may involve regional product grades, octane requirements, destinationspecific specifications and regulatory requirements. Proper transaction structuring should ensure that product specifications match the buyer’s market and that documentation supports origin, quality and delivery terms.
OIL & GAS TRADE FACILITATION PROTOCOL (OGTFP)
How the Protocol Works
The OGTFP begins with opportunity receipt through PAiC. PAiC conducts preliminary commercial screening and organises the opportunity. If the opportunity appears suitable, ZMA conducts due diligence, sanctions screening, financial review, document review and fraud probability analysis. ZMA then assigns a risk grade and may issue written transaction escalation authorisation where appropriate.
No SPA, contract, financial instrument or buyer/seller escalation should proceed without written ZMA clearance. This does not guarantee success, but it ensures that the opportunity has met PAG’s internal governance standard before further action.
Purpose of the Protocol
The Oil & Gas Trade Facilitation Protocol (OGTFP) establishes the structured framework used by PAG, PAiC and ZMA for identifying, evaluating, verifying and facilitating physical petroleum and refined energy product transactions.
The protocol exists because oil and gas transactions carry heightened exposure to sanctions, AML and counter-terrorism financing risks, export control issues, shipping liability, banking restrictions, documentation fraud and geopolitical enforcement risk. Without a formal protocol, parties can easily become exposed to transactions that are commercially attractive but legally or operationally unsafe.
Protocol Objectives
Eliminate speculative or fraudulent proposals.
Ensure sanctions-sensitive review before transaction escalation.
Verify refinery, NOC, title-holder or allocation-holder authenticity.
Prevent ghost cargo and paper-barrel scams.
Protect PAG, PAiC and ZMA from reputational and regulatory exposure.
Protect qualified buyers and sellers from uncontrolled document circulation.
Create a disciplined pathway for legitimate opportunities to proceed.
12-PHASE TRANSACTION FRAMEWORK
Phase Four
Phase Two
Phase Three
The seller provides applicable documents such as allocation confirmation, SGS or Intertek report, Q88, NOR, CPA, tank receipt, injection report, bill of lading, certificate of origin and shipping documents. Independent inspection may be conducted by recognised inspectors.
The 12-Phase Transaction Framework is the practical transaction pathway used as a rule-of-thumb guide for qualified oil and gas opportunities. The framework does not replace refinery procedures, NOC requirements, banking rules, legal advice or the final Sale and Purchase Agreement. Instead, it provides a governance-led structure to help parties understand how serious transactions should progress.
PAiC may identify or engage a refinery, NOC allocation holder, mandated title holder or approved supplier, subject to seller KYC, allocation verification, export authority confirmation and product availability confirmation.
Phase One
Phase Six
The buyer submits an LOI or ICPO, corporate KYC, incorporation documents, UBO disclosure, director identification, banking capability evidence, target product specifications, required quantity, contract duration, preferred Incoterm and destination port. This phase determines whether the buyer is real, authorised, capable and commercially qualified.
The seller issues an SCO that identifies product details, quantity, origin, pricing formula, delivery basis, payment structure, required buyer documentation and validity period. Anonymous or blank-template SCOs should not be treated as transaction-ready.
Phase Five
The buyer issues its ICPO, banking capability confirmation, passport copy, TSA if required and company profile. The ICPO must be consistent with the SCO and signed by an authorised representative.
PAG and ZMA conduct corporate verification, sanctions screening, AML and PEP review, commercial logic assessment and fraud probability assessment. Transactions may be rejected if documentation is incomplete, buyer capability is doubtful, sanctions exposure exists or the transaction economics are unrealistic.
Phase Twelve
Phase Eight
Phase Nine
Phase Seven
Phase Ten
Phase Eleven
Initial Buyer Engagement
Initial Compliance Screening
Seller / Refinery Identification
Commercial Terms Negotiation
Soft Corporate Offer Review
Buyer ICPO / Acceptance
SPA Negotiation & Execution
Financial Instrument / Payment Security
Product Verification & Logistics
The parties negotiate product specification, quantity, contract duration, pricing formula, discount or premium, delivery schedule, Incoterms and payment terms. Pricing should be linked to recognised benchmarks such as Brent, Platts, Argus or Dubai/Oman where applicable.
Depending on the structure, the buyer may provide DLC, LC, SBLC, MT799 RWA or bank guarantee. All instruments must be bank-verifiable and subject to compliance and sanctions review.
Lifting / Delivery
Payment & Title Transfer
Post-Transaction Compliance
The parties negotiate the controlling SPA, including quantity tolerance, laycan, Q&Q procedure, payment terms, force majeure, sanctions clauses, title transfer, arbitration and governing law.
Under FOB, the buyer nominates the vessel and the seller loads cargo with Q&Q inspection at loading port. Under CIF, the seller arranges freight, insurance and shipping logistics to the buyer’s destination port.
Payment is triggered according to the SPA. Common structures include MT103 against shipping documents, LC presentation, escrow release or payment after discharge verification. Title transfer should be tied to the agreed payment event.
BUYER ONBOARDING REQUIREMENTS
Why Buyers Must Be Screened
Serious sellers, refineries, NOCs and title holders do not want to waste time with unqualified buyers. Buyer screening protects the supplier side from speculative ICPOs, fake POF, unverifiable bank screenshots, unrealistic price demands, non-existent tank storage, anonymous buyer representatives and parties unable to perform under a serious SPA.
Buyer Conduct Expectations
Buyers engaging PAG Oil & Gas Facilitation are expected to communicate transparently, provide complete documents, avoid unrealistic demands, respect compliance requirements, avoid bypassing intermediaries and understand that no supplier will be seriously engaged without credible evidence of buyer capability.
Buyer Documentation Requirements
Letter of Intent or Irrevocable Corporate Purchase Order.
Certificate of Incorporation or company registry extract.
Corporate profile.
UBO disclosure.
Director identification and authorised signatory identification.
Board resolution or corporate authority, where applicable.
Banking capability evidence.
Proof of Funds, Bank Comfort Letter, RWA letter, LC capability confirmation or equivalent acceptable evidence.
Target product specification.
Quantity, duration and delivery schedule.
Destination port and preferred delivery structure.
Sanctions and compliance declaration, where required.
Who Is a Qualified Buyer?
A qualified buyer is a legally established entity with clear beneficial ownership, authorised decision-makers, realistic product requirements, credible banking capability and willingness to undergo compliance review. A buyer should be able to explain what product it requires, the quantity, delivery destination, preferred Incoterm, contract duration, target pricing framework and payment capability.
SELLER, SUPPLIER, REFINERY AND NOC ONBOARDING
NOC and Refinery Engagement
NOC refers to National Oil Company. These are state-owned or state-controlled petroleum companies responsible for exploration, production, export allocation, refining, state petroleum trading and energy resource management. Where a transaction claims NOC involvement, allocation authority or state-backed supply, the relevant documentation must be verifiable.
Refinery-level engagement requires professional conduct. Refineries generally expect serious buyers to provide proper documentation and banking capability. They also expect sellers, mandates and intermediaries to present clear authority, realistic procedures and compliance-sensitive structures.
Why Supply-Side Verification Is Essential
Supply-side fraud is common in oil and gas transactions. Fake refinery mandates, fabricated allocation letters, false POP, stolen BLs, unverifiable tank receipts and non-existent cargo claims can cause severe reputational and financial damage. PAG therefore requires supply-side verification before exposing qualified buyers to any offer.
Seller Documentation Requirements
Certificate of Incorporation or registry extract.
Shareholding structure and UBO disclosure.
Director identification and authorised signatory details.
Tax registration or business licence where applicable.
Product specification sheet.
Refinery statement or allocation evidence.
NOC or refinery allocation letter, where applicable.
Export permit or export authority, where applicable.
Certificate of Origin, where applicable.
Recent Bill of Lading or past performance evidence, where available.
Inspection reports such as SGS, Intertek, Bureau Veritas or Saybolt, where applicable.
Tank storage evidence, injection report or vessel documentation depending on transaction structure.
Pricing formula and commercial terms.
Sanctions and compliance declaration.
Who May Be Considered on the Supply Side?
The supply side may include refineries, national oil companies, NOC allocation holders, authorised allocation holders, title holders, approved suppliers, trading houses and mandated representatives with verifiable authority. PAG Oil & Gas Facilitation does not accept anonymous supply claims or unsupported verbal assurances as sufficient basis for buyer escalation.