REFUND POLICY

This Refund Policy governs the refund terms applicable to all Tank Storage Agreements (“TSA”) entered into between the LESSOR and the LESSEE.

Eligibility for Refund

If, for any reason, the storage tanks are not utilized during the agreed storage period, or the supplier is unable to perform its obligations under the agreement, the LESSEE shall be entitled to a refund of the amount paid, subject to the terms and deductions outlined in this policy.

Alternatively, upon mutual agreement, the LESSOR may hold the funds while the LESSEE arranges a new seller or supplier.

Refund Terms

  1. Refund Processing

    Approved refunds shall be transferred to the LESSEE’s designated bank account upon confirmation of the refund request.

    The following deductions shall apply:

    • Applicable VAT charges;
    • A 2.11% processing fee; and
    • A minimum operational charge of 8% of the total invoice amount, plus any applicable commission fees.

  2. Cancellation Notice Requirement

    To qualify for a refund under this policy, the LESSEE must cancel the Tank Storage Agreement (TSA) no later than forty-eight (48) hours before the issuance of the Notice of Readiness (NOR) for product injection.

    If the cancellation notice is submitted after the 48-hour period but not less than twenty-four (24) hours before the NOR issuance, any refund shall be subject to the LESSOR’s sole discretion. The LESSOR’s decision in such cases shall be final and binding.

  3. Expiration of Storage Period

    3.1 Removal of Product

    Upon expiration of the agreed storage period, the owner of the product shall be responsible for the immediate removal of the product from the storage facility.

    3.2 Failure to Remove Product

    If the owner fails or refuses to remove the product after the expiration of the storage period, the keeper/storage operator reserves the right, following written notice to the owner, to sell the product through auction or other lawful means.

    3.3 Distribution of Sale Proceeds

    Any proceeds derived from the sale of the product shall be remitted to the owner after deduction of:

    • Outstanding storage fees;
    • Operational and administrative charges; and
    • Any expenses incurred in connection with the sale of the product.