Global oil demand continues to expand its shares across major markets. So, the Oil and Gas Dealer in Libya decided to expand its production to meet emerging demand in the near future. To stand ahead of the competition, a Libyan trader decided to procure the drilling rig from reliable exporters. Bronze Wing Trading assisted the trader with BCL Bank that proves their fiscal worth to purchase oil rigs.
Since the Libyan trader decided to purchase drilling rig to meet their oil demand, they started searching for rig exporters. And they found the one from the US. The US exporter demanded the trader to prove their fiscal worth before signing the contract. But, the trader was unable to avail MT799 from their bank, due to a few financial constraints. So, they started searching for trade finance providers to avail Letter of Comfort on their behalf.
The Libyan buyer contacted many sources, but, almost all providers demanded cash margin from them. While searching on Google to find the ways to avail MT799 without cash margin, they came across with a Bank Comfort Letter Ad posted by us. They got the email address from the Ad and sent their request to us stating their deal.
Our team did a careful study on their deal to find out whether they met our term to process further or not. Since they were qualified, we signed the service contract with them and asked them to pay the admin charges. Further, our bank structured the Letter of Comfort draft as per the trader’s rig deal & sent it to us. Then, we sent the BCL draft for the client’s approval.
The buyer conveyed their draft approval to us and also paid the issuance fee. After receipt of draft approval and charges, we sent a Letter of Comfort request to our bank to issue the BCL on behalf of the Libyan buyer. As per the request, the bank notified the seller via the Swift Code MT799. And this affirmed the rig seller; that the buyer has enough cash funds available to proceed with the import of drilling rigs.
Since the buyer proved that they have the funds in their account; both the buyer and the seller signed the contract. A few days later, the buyer contacted us with their SBLC MT760 request to conclude their import of drilling rigs.
Being SBLC Providers, we did our best to conclude their deal by providing Standby LC on behalf of the buyer; and in favor of their rigs exporter.
This allowed the client to conclude their deal faster, whilst also growing their business. If you’re in need of a Letter of Comfort, get in touch with us on +971 45519699 or Apply online now!