OPET INTERNATIONAL LIMITED
Company number: 03155798
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
19 September 2019
Approved by:
Taner Kose
Payment statistics
Average time taken to pay invoices: 13 days
Invoices paid:
- within 30 days: 100%
- in 31 to 60 days: 0%
- in 61 days or more: 0%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £0
- payments due in the reporting period which have not been paid within the agreed period: 0%
Payment terms
Shortest standard payment periods
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
Were suppliers notified or consulted about these changes before they were made?
N/A
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 Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
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