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  2. OPET INTERNATIONAL LIMITED reports

OPET INTERNATIONAL LIMITED

Company number: 03155798

Reporting period:
1 July 2018 to 31 December 2018

This information is as reported by the business, and responses are in their own words.

This report was filed on 24 January 2019

and approved by TANER KOSE

Payment statistics

Average time taken to pay invoices: 13 days

Invoices paid:

Invoices due but not paid within agreed terms: 0 %

Payment terms

Shortest standard payment period

5 days

Longest standard payment period

30 days

Standard payment terms

We are an oil trading company and have set payment terms with suppliers when payments are due. For example we import oil mainly from India to Turkey. The typical payment term is 5 days after the invoice and is secured through major first class European banks. We don't have an option to pay before or later it will depend on condition from the contracts

Were there any changes to the standard payment terms in the reporting period?

No

Maximum contractual payment period agreed

30 days

All the products and cargoes that are delivered vary on different factors for the payment. For example some will depend on when they load and a set payment term is from that date or some will depend on when they arrive or complete discharging and a fixed payment date is determined.

Any other information about payment terms

Quoted from our main contracts for the terms of the documentation and disputes: THIS LETTER OF INDEMNITY SHALL BE GOVERNED BY AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE ENGLISH LAW. EACH PARTY EXPRESSLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE HIGH COURT SITTING IN LONDON FOR THE RESOLUTION OF ALL DISPUTES ARISING OUT OF THIS AGREEMENT WITHOUT RECOURSE TO ARBITRATION.

Dispute resolution process

Quoted from our main contracts in terms of the documentation and disputes: THIS LETTER OF INDEMNITY SHALL BE GOVERNED BY AND CONSTRUED IN ALL RESPECTS IN ACCORDANCE WITH THE ENGLISH LAW. EACH PARTY EXPRESSLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE HIGH COURT SITTING IN LONDON FOR THE RESOLUTION OF ALL DISPUTES ARISING OUT OF THIS AGREEMENT WITHOUT RECOURSE TO ARBITRATION.

Other payment information

Has this business signed up to a code of conduct or standards on payment practices? If so, which?

For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

Does this business offer e-invoicing in relation to qualifying contracts? This is where suppliers can electronically submit and track invoices. It’s not just allowing suppliers to email them an invoice.

No

Does this business offer supply chain finance? This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.

No

Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?

No

During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?

No