Letter of Credit LC MT700 Issued for a Liquefied Petroleum Gas Deal
The demand for petroleum products has increased by 1.3% in early 2019. The Japanese importer thought that it was the right time to import LPG Gas from the Gulf countries. Further, they also planned that by importing LPG gas and supplying it in the local market, they can earn good profit. Accordingly, they decided to avail LC MT700 to secure their deal with the supplier.
The Problem: The Buyer Needs LC MT700
The buyer started searching for reliable exporters of LPG and finally, they picked one of the suppliers from Qatar. They both had a discussion via phone and decided to conclude the deal as per the agreed price. Since, both the parties have trust issues, they mutually agreed to choose LC at Sight, as their payment terms.
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The Challenge: Find LC Providers
To avail Letter of Credit, the buyer contacted their bank with an LC application. The bank took more than a week to analyze the details. At last, they declined the request, as they had a low credit score. The buyer staggered, as they don’t know what to do the next.
But the thing that strikes in their mind is – Get help from LC providers. At once, they started Googling and found Bronze Wing, the letter of credit providers in Dubai.
The Solution:BWT Helped the Buyer to Avail LC MT700
Immediately, the buyer sent their requirement to us along with the sales contract. We reviewed all documents clearly and instantly, approved the buyer’s request.
We signed the service agreement with the buyer. Once, they paid the admin charges, we initiate an MT700 transaction with our bank on their behalf.
Since the buyer based in Japan, most of the communication done via emails and phone calls. Our team has performed a proper follow up with the buyer to make sure that their deal should be closed on time.
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Final Result: LC MT700 Transaction Concluded Successfully
After the receipt of charges & documents, we requested our bank to issue the LC at Sight in favor of their supplier. Further, we closely monitor the transaction with our bank until the MT700 relayed to the exporter’s bank account.
This is how we helped the Japanese importer to conclude their deal in an easier and smoother way. As per the contract signed, the exporter started exporting LPG to the importer’s destination port. The importer supplies the LPG to the local market and earned a handsome profit!
The Client’s feedback, “A few months ago, we have contacted Bronze Wing regarding our Letter of Credit need to import LPG from Qatar. The entire team of BWT is skilled, knowledgeable, and importantly, expertise in what they’re doing. We are truly astonished, as they have provided the LC MT700 within a day as promised. We loved the way they work and it’s really such a great experience for us.”
How to Get Letter of Credit from Us?
To get LC MT700 on behalf of your company, you can contact us today! We can extend our own Bank Facilities available with European Banks & will get the LC issued in 2 Banking days.
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