15/06/2021
We can provide light crude oil.
1. PRODUCT : BONNY LIGHT CRUDE OIL
2. ORIGIN : NIGERIA
3. QUALITY : NNPC EXPORT STANDARD GRADE 4. SPOT/TRIAL SHIPMENT: 2,000,000 BARRELS X 1MONTH SUBJECT TO RECEIPT OF DLC VIA MT700 FROM BUYER'S BANK FOR US$125M WITH VALIDITY PERIOD OF 90 DAYS, WHILE SELLER'S BANK ISSUE 2% PERFORMANCE BOND, UPON SUCCESSFUL VALIDATION OF DLC. 5. CONTRACT QUANTITY :2,000,000 BARRELS X 12 MONTHS (QUANTITY INCREASE WHEN PERFORMANCE GUARANTEE INCREASE)
6. PRICE: PLATT MINUS $10/5, GROSS $10.00 AND NET $5.00 PER BARREL TO BUYER , BASED ON BRENT BENCHMARK. SELLER PAYS $5.00 COMMISSION/AGENT FEES TO SELLER'S ANGETS, BUYER'S AGENTS AND TRADE CONSULTANTS, SHARED $2.00 TO SELLER'S SIDE (CLOSED), $2.00 TO BUYER'S SIDE (OPEN) AND $1.00 TO TRADE CONSULTANTS.
7. TERMS: CIF CHINA PORTS
8. LOADING PORT : TULJA/BONNY TERMINAL
9. INSPECTION : SGS, CIQ OR EQUIVALENT 10. BUYER’S PERFORMANCE GUARANTEE: BUYER SHALL ISSUE DLC FOR $125M VALID FOR 366 DAYS VIA MT700. 11. SELLER’S PERFORMANCE GUARANTEE: SELLER SHALL ISSUE 2% CASH BACKED PERFORMANCE BOND VALID FOR 366 DAYS.
12. PAYMENT : MT103/CASH WIRE PAID WITHIN 48 HOURS AFTER Q/Q AGAINST CI/BOL/INSPECTION REPORT
13. PROCEDURE :
1. Buyer issue a Letter of Intent (LOI), Seller issues Firm Corporate Offer (FCO), Buyer issue acceptance letter in form
of ICPO, Seller issue SPA, Buyer Sign & Seal the Contract and Exchange the Signed Copy by Electronic Mail.
The Electronic Signed Copy By Both Parties Is Considered Legally Binding. Buyer return signed copy with
International Passport, CIS, Company Certificate, POD/Harbor Agent Details and ETA/NOR Format. Seller also
issues his international passport and company's registration certificate.
2. Within 48 hours of signing the contract, buyer’s prime Bank issues pre-advice via MT705 stating RWA to issue
DLC of $125m valid for 90 days, while seller's receiving bank responds stating RWA to receive the DLC. Then within
48 hours, the Buyer's issuing bank shall issue the DLC via MT700 in the amount of US$125m valid for 90
days, according to seller's approved verbiage on last page of the SPA, for the trial shipment of one vessel
(2,000,000 barrels).
3. Seller’s Bank validates the DLC, if successful issues 2% performance Bond to the Buyer’s Bank.
4. Seller loads or assigns exclusive vessels in Buyer’s name; issues full set of vessel and cargo documents to the
Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port
of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.
