OPET INTERNATIONAL LIMITED
Company number: 03155798
Reporting period:
1 January 2024 to 30 June 2024
Report filed on:
29 July 2024
Approved by:
TANER KOSE
Payment statistics
Average time taken to pay invoices: 22 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
22 days
Longest standard payment period
Answer not provided
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 22 days after the vessel completes loading 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
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
22 days
N/A
Any other information about payment terms
N/A
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