26 June 2020
Boony Light Crude Oil (BLCO)
Nigerian Export Specification
2,000,000 barrels (Minimum) to 4,000,000 barrels per month x 12 months
Dated Brent -$10 per bbl / -$6 per bbl; Buyer’s net price is Brent minus USD$6.00 per bbl.
By SGS or equivalent
PROCEDURES OF TRANSACTION
1/ Buyer issues LOI and receives SCO.
2/ Buyer issues ICPO and also issues bank comfort letter (BCL) from top 20 Bank and completed customer information sheet (CIS).
A) The BCL is required is to be issued by the Buyer’s bank and addressed to the Buyer.
B) Customer Information Sheet (CIS) form will be sent to the Buyer to fill and return.
3/ Seller issues Sales Purchase Agreement. (S.P.A), Buyer sign’s and return with port of discharge and NOR detail. Seller will provide partial copy of Authority to Sell, Export Permit for the said oil volume and company registration certification.
4/ Buyer’s bank contacts Seller’s fiduciary bank via pre-advice (SWIFT MT.199) as stated in “ANNEX B” indicating interest to issue an operative, none-transferable Bank Guarantee (BG or SBLC via SWIFT MT760) based on agreed BG verbiage
5/ Seller’s fiduciary bank confirms to the buyers bank via pre-advise that it is ready willing and able (RWA) to issue a 2% Performance Bond of the equivalent of the value of the MT760 after confirmation of Buyer’s BG.
6/ Upon receipt of Seller’s RWA pre-advise, Buyer’s bank will automatically issue the BG to Seller’s fiduciary bank. Seller’s fiduciary bank reciprocates with a 2% Performance Bond.
7/ Seller nominate, Laycan (Programming), loads and commences movement of vessel to buyers discharge Port and avails buyer full set of loading documents.
8/ List of the documents to be provided:
• Clean Ocean Bill of Lading, One (1) Original and three (3) copiers.
• Seller’s Commercial Invoice, One (1) Original and three (3) copies.
• SGS/Saybold Certificate of Quality and Quantity, One(1) Original and three (3) copies
• Certificate of Origin issued by NNPC, One (1) Original and three (3) copies
• Certificate of Authenticity issued by NNPC, One (1) original and three (3) copies.
• Master’s receipt for Samples.
• Master’s receipt for Documents
• Cargo Manifest
• Cleanness report at loading Port and Lines B Charter Party Agreement.
• Authority To Sell (ATS) from NNPC
9/ Seller authorizes vessel captain to give Notice of Readiness (N.O.R/ETA) to buyers discharge Harbor/Tank.
10/ Seller issues Authority to Board (ATB) to enable buyer’s independent inspector’s board for Quality and Quantity (Q&Q) analysis at agreed designated location.
11/ On successful conclusion of Q&Q analysis, all original cargo documents shall be transferred to Buyer’s name.
12/ Transshipment to buyer’s storage tank commences.
13/ Payment for product and commissions is released to seller’s nominated bank; 72 hours after transshipment of product by MT-103 (swift transfer) at out turn barrels upon presentation of the transaction documents at buyer’s bank.
14/ Next shipment commences.
Please note that this offer excludes delivery to EU sanctioned countries or countries engaged in conflict; Iran, Sudan, Syria, Yemen & North Korea.
We trust you will find this offer acceptable and look forward to receiving your ICPO and completed and signed NCND/IMFPA, to commence the purchase process.
Please note that this product is offered on CIF basis ONLY.