IMPORTANT FOR TRADING PETROLEUM,
PETROCHEMICALS & GAS ON THE PLATFORM
Silverstone Energy takes immense pride in assuring end-sellers and end-buyers that all traders transacting through this platform have undergone thorough and extensive background check and are capable of transacting successfully. The platform directly engages in every aspect of the transaction process to ensure the smoothest experience in implementation of the sale and delivery of refined products.
To be a Qualified Buyer on this trading platform, the following are mandatory :
A proven multi-year track record in oil(gas) & commodity trading.
A proven ability to receive and transport the product upon delivery.
Sufficient available capital, or credit line, to purchase the product.
Banking at a reputable bank.
Storage and Shipping Arrangement must be in place
Holding import or trading licenses to receive or transport the product in/through/to any country or territory where this might be required.
Not selling the product to any party residing in, liaised with, or transporting to a location in, a country or territory under trade embargo by the United States of America, European Union, Hong Kong S.A.R. or the United Nations.
To be a Qualified Seller on this trading platform, the following are mandatory :
Seller must be the Title Holder and must unconditionally provide proof of title holding/allocation
Seller must submit their Corporate and Tax registration details
Seller must submit his Transaction Terms beforehand.
Seller must submit verified Technical Specification of the product(s) it intends to sell. Verification agency must be a neutral inspection agency of International repute
Seller must have an official website detailing Corporate information and activities. Email addresses with public domain servers are not accepted.
Seller must provide sufficient proof of successful past transaction(s) in the petroleum, petrochemicals and gas sector
In order to become a Qualified Buyer or Qualified Seller, the applicant needs to undergo a due diligence carried out by our internal compliance team on the buyer or seller and his company The financials of the companies, trading track records and current ability to purchase, store, and transport fuel are thoroughly scrutinized.
Buyer & Seller Due Diligence:
The procedure to become a registered Qualified Buyer or Qualified Seller:
Our compliance team will review the information submitted and might request for further information relating to the Buyer's / Seller's company details, financial status, trading history and product requirements.
Upon a positive review of the application, one of our sourcing managers will contact the Buyer/ Seller directly to discuss purchase requirements, product availability and transaction procedures.
Once all parameters are satisfactorily met, the company will be registered as a Qualified Buyer / Seller and will receive our regular product offers via email.
The below points are important:
Only experienced Buyers and Sellers can apply to become a Qualified Buyer/ Seller. We do not accept applications from Brokers or Intermediaries.
Only authorized directors or senior officers of the buying/ selling company can submit an application for registration. We do not accept applications by unauthorized persons.
Every Buyer/ Seller will have to meet our Prescribed Standard prior being able to trade on this platform.
TERM OF ENGAGEMENT WITH INTERMEDIARIES/BROKERS
Silverstone Energy has its own exhaustive due diligence process in place and we expect the same from all brokers and facilitators who wish to work with the platform. Brokers who are not direct to either the end buyers or the end sellers should avoid trying to contact us and waste valuable time.
Please read the following carefully as this will decide if Silverstone Energy can work with you or not:
NCNDA / IMFPA
The first thing any amateur broker will pop up is that we have to sign the NCNDA (Non Circumvention Non Disclosure Agreement) and IMFPA (Intermediary Master Fee Protection Agreement). First of all, almost all the NCNDAs and IMFPAs floating in the market are either fake or invalid and are not endorsed by ICC. Brokers ought to understand that our platform managers do not have any problem signing the NCNDA. However, it has to be genuine. We only utilize the genuine ICC publication 769 E ( ICC Model Contract ) that can be purchased here.
Any other NCNDA draft generally available with the ICC logo and mostly titled ICC 400/500/600 is useless and invalid. Read the official warning from ICC here. Many so called brokers claim to be mandates and then ask for an NCNDA; beware of these individuals and companies. Real mandates never fear circumvention as they are protected by the company who extended the mandate to them.
Secondly, Silverstone Energy cannot just sign the NCNDA with every individual and company that comes along claiming to be direct with their principal. Brokers who wish to work with Silverstone Energy, must be ready with detailed information about their company, website, corporate profile, registered office address, working phone numbers to begin with. Not all but most emails from public dmain servers (gmail, yahoo, hotmail etc) will be purged.
We do not work with long chains of brokers. This means if and when a broker approaches Silverstone Energy, he/she should be direct with his/her principal (end buyer or end seller). There can be NO exceptions to this fundamental rule what so ever. Being new in business is not bad but we expect the broker to do his/her homework before reaching out to us. We receive tons of emails where individuals claim to be "close" to the seller/buyer, but being "close" is not being direct. We are not here to teach business to every individual that emails us, do your homework. It is always difficult to work when there is no transparency.
We expect you to do proper due diligence before forwarding us any document or inquiry. As brokers, facilitators and traders, we feel that it is our corporate responsibility to do proper homework before forwarding anything to our principals.
In a nutshell, we can work with you if:
1. You have knowledge of the commodity.
2. You are direct with the end buyer/seller.
3. You are willing to exchange principal's details.
4. You have performed proper due diligence.