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Code:NWD KB BLCO 53015

NOTICE: This is from a reliable source I have known for many years. The source is reliable! A contract is presently in work!

To purchase: “Buyer
provides an LOI quoting these procedures together with a Company Profile. This will be passed immediately to the person who has the arrangement with the Seller who will prepare the formal offer. We are Facilitators!

PROCEDURE

1. The Buyer will receive partial POP with the SPA, as indicated in the table below.

2. Following the lodging of the signed SPA, the Seller will load a ship and provide POP, including, Bill of Lading, Port Cargo Report issued by NNPC, Authority to Sell, etc.

3. Only after receipt/verification of the POP from the loaded ship will the Buyer be required to post an SBLC in the amount of the value of a single shipment.

  • Transaction: CIF BLCO
  • Product: Bonny Light Crude Oil (Specification per provided in an Annex A)
  • Origin: Nigeria
  • Quantity: 2,000,000 to 10,000,000 bbls per month,with option to increase.
  • Delivery: CIF Las Palmas; ASWP to the EU.(No CIF to Asia) 12 months with R&E
  • Payment: MT-103 after Q&Q on delivery
  • Price: $6 net to buyer (contingent on discharge port)
  • Commissions: Seller pays commissions


PARTIAL PROOF OF PRODUCT INFORMATION (PROVIDED IN THE CONTRACT)
Product Bonny Light Crude Oil
Allocation Reference Number To be provided in the SPA.
ID Reference Number HB/PNG/KSH/BLCO/NOV14
Contract Number To be provided in the SPA.
Seller Transaction Code To be provided in the SPA.
Export License Allocation Number To be provided in the SPA.
Export License MPR Reference To be provided in the SPA.
Cargo Authority Number To be provided in the SPA.
Authority to Sell To be provided with POP prior to issuance of SBLC.
Quantity To Lift Monthly Shipment of 2 M bbls to 10 M bbls monthly with option to increase
Provisional Stem Number To be provided in the SPA.
Quantity for this Contract 24M to 120M bbls with option to increase
Vessel To be designated (TBD)
Port of Loading Bonny offshore (Berth “B”)
Contract Delivery Terms CIF to Las Palmas or ASWP EU, 12 months with rolls and extensions. No CIF to Asia.
Bulk Quantity Shipment of 2 M bbls each tanker

PROCEDURES

1. Buyer provides an LOI quoting these procedures together with a Company Profile.

2. Seller issues draft Sales and Purchase Agreement (SPA) for review. Upon receipt of approved draft contract, Seller issues final contract with partial POP for signing by the Buyer.

3. Seller and Buyer lodge the signed and sealed contract in their respective banks.

4. Seller sends POP documents in the name of the seller to Buyer. (POP documents sent will be issued in the name of the Seller: Full POP will include the name of the loaded tanker (with tracking to locate the tanker) along with Bill of Lading, ATS (Authority to Sell), Certificate of Authenticity, Tanker Ullage Report, Documentation Receipt, Certificate of Quality, Port Cargo Report, Master's Receipt for Samples, and Certificate of Origin.

5. Within 48 hours of receipt of POP Documents, Buyers Bank issues SWIFT MT 760 STANDBY LETTER OF CREDIT to Seller's Nominated Fiduciary Bank for Nigerian Bonny Light Crude Oil for current vessel under contract of this agreement. The SWIFT MT 760 STANDBY LETTER OF CREDIT will be sent to the Sellers Nominated Fiduciary Bank on behalf of their client (Buyer) on their bank letter head confirming their client capability to purchase the crude oil and their readiness to pay for the total value of the loaded cargo after successful finial Q&Q inspection result at the discharge port.

6. Seller issues all documents in Buyer's name and submits same to Buyer.

7. Buyer issues Authority to Board format to seller with Harbor/Terminal Master Information and Inspectors details including scanned Passports of the Inspectors and their ID.

8. Sellers vessel captain releases MARINE AUTHORITY TO BOARD in favor of Buyer and his Inspection team.

9. Buyers Inspectors Board vessel and conducts inspections and release Q.Q report to the Seller and Buyer.

10. On confirmation of Q&Q report and all documentations released to Buyer, Buyers Harbor/Terminal Master releases the Tank Numbers for discharge to commence.

11. Vessel Captain and Harbor/Terminal Master sign the Discharge or Delivery Note/Certificate.

12. Within 3 banking days, Payment is released by MT 103 through Seller’s commercial invoice to Seller's Nominated Accounts, after Q&Q is ascertained by Buyer’s Inspection Agent at the Buyer’s discharge port against presentation of the full set of the original shipping documents to the Buyer and discharge is complete. Title is transferred from Seller to Buyer.

Buyer’s bank is ________________ which is domiciled in _________________.

 


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