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  2. OPET INTERNATIONAL LIMITED reports

OPET INTERNATIONAL LIMITED

Company number: 03155798

Reporting period:
1 July 2021 to 31 December 2021

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

This report was filed on 3 February 2022

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 contractual mutually agreed payment terms with suppliers. Our typical business model involves us purchasing Oil from India and importing this Oil into Turkey. The typical payment term is 5 days after the issuance of the invoice and this payment is secured/guaranteed through first class major European banks. We therefore do not have an option to pay before/after at our discretion.

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

No

Maximum contractual payment period agreed

30 days

Payment terms vary between different cargoes of oil depending on various factors. The payment terms for some deliveries is determined based on when the vessel has loaded. Alternatively payment terms can be from when the vessel arrives at the discharging port or when the vessel completes discharging.

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