As of the recent study, Japan makes its presence in the Middle East as the largest importer of Bitumen High Grade. As well, for this, they depend on Middle East Countries for their Bitumen imports. To cover the Bitumen consumption of the country; a petroleum trader in Japan decided to import Bitumen High Grade from UAE. And for that, they required LC Payable at Sight. Accordingly, Bronze Wing Trading, the Letter of Credit Providers in Dubai facilitated LC at Sight – Import LC to cover their Bitumen import.
The buyer from Japan owns a huge storage capacity of Bitumen High Grades 40/50, 50/70, 60/70, 80/100, and 85/100 to supply in the domestic market. Further, to expand their sales and to cover the demands of the country; they decided to import Bitumen from Middle East Countries. Also, while searching for a reliable supplier of Bitumen; they found a vendor from Dubai, UAE. Further, the Supplier and the Buyer mutually agreed to import Bitumen of different grades on the basis of LC at Sight.
In the first place, the Client doesn’t want to block 100% cash margin to get the LCs from their bank. So, they decided to get help from LC Providers to avail LCs without a cash margin. Further to help the buyer, the UAE Seller advised them to get help from Trade Finance Companies in UAE. Accordingly, the buyer searched on Google. Further, they finalized 2 -3 trade finance providers to Open a Letter of Credit. Then, they sent their Letters of Credit request to all and looked for the best option to proceed further.
Once we received the email from the client regarding their Bitumen import deal; we studied their deal carefully. Then, we provided the best workable solution for them; to get Letters of Credit on their behalf. Since the client felt comfortable and trusted us; they signed the service agreement. Also, they paid the charges required. Further, we structured their deal; and sent the Import LC draft for their review. After reviewing the Import LC draft, they approved the Import LC verbiage. Instantly, we instructed our bank to make use of our available facilities to issue the required Letter of Credit MT700 on behalf of the Japanese buyer and in favor of the UAE vendor.
The vendor received the LC at Sight and started the shipment of various grades of Bitumen in barrels via ocean freight. Also, the Japanese trader conveyed their thanks to us. Further, we also felt satisfied for working with such a good client by supporting them with their Letters of Credit needs.
Are you looking to import Bitumen or other petroleum products from overseas? Submit your LC at Sight requirements to us!
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