BONNY LIGHT CRUDE OIL
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BONNY LIGHT CRUDE OIL
The Seller hereby confirms having sold and the Buyer hereby confirms having purchased:
Nigerian Bonny Light Crude Oil, API: 35-37 deg. , Sulphur: less than 0.149% wt. , Specific Gravity: 0.8398-9.8498, Pour Point: below 40:(F) , Water Content: 0.2% Vol. max. BS&W: 0.65% Vol. max. , REIB Vapour Pressure: 6.25PSIGN, Carbon Residue wt 1.0% Approx, Salt ib 10000bb : 12 Approx.
1. The Total quantity to be delivered shall be Ten Million Barrels (10,000,000 BBLS) in Five (5) Months.
2. Monthly Deliverred Quantity shall be Two Million Barrels (2,000,000 BBLS) Per Month
3. Both parties accept a tolerance/variation in quantity of +/-10% on each delivery.
Tanker-To-Tanker Transfer (TTT)
Selling Price (Brent) , 3 days average of the date of the Invoice, the day before and the day after.
Gross USD $9.00/bbl to the Buyer & Net USD $6.00/bbl to the Buyer
USD $3.00 per net OUT-TURN Barrels to be paid by the BUYER as Follows.
USD $1.00 per Barrel to Seller Agents
USD $1.00 per Barrel to Buyer Agents
USD $1.00 FOR SELLERS AND BUYERS FACILITATORS.
The tankers carrying the consignment of Two Million Barrels (2,000,000 BBL) are ready to deliver.
Tanker To Tanker Transfer (TTT Transfer) . Quantity & Quality to be ascertained by an independent inspector appointed by the Buyer at the discharge point. His certificate of quality and quantity should be judged as the final quantity and quality of the oil delivered in to the buyers tanker and the payment will be issued according to it.
1) Sellers Pro-forma Invoice.
2) SGS Certificate of Origin, Quality and Quantity.
Payment to be made in United States Dollars By telegraphic wire transfer within 48 hours after full delivery
1. The Buyer and the Seller sign the contract.
2. The Seller Post US$ 100,000 (One Hundred Thousand United States Dollars) Cash Bond To Buyer Nominated Account for excess demurrage and to ensure seller vessel arrive for TTT .
3. The Seller provides the Buyer with the call sign, captains name and other relevant coordinates of his feeder tanker with proven certification for the cargo verified by buyer.
4. The buyer instructs his bank to open the documentary confirmed irrevocable transferable Documentary letter of credit (DLC) in favor of seller this DLC will contain feeder vessel name, call sign and captains name.
5. Buyer provides the Seller with the Buyer Vessel Name Call Sign, Captains name and other related coordinate of the Buyers Vessel
6. Seller Vessel establishes direct contact with Buyers vessel and sends NOR to the Buyers vessel and is guided to a safe & secure discharge point
7. The Buyers vessel is at the discharge point and meets the feeder tankers.
8. The tanker-to-tanker transfer would take place.
An independent SGS inspector appointed by the Buyer monitors the transfer of cargo, ascertains the quality and quantity and reports back the same to the Buyer and the Seller. Crude oil as per Q&Q report will be paid in full by swift wire transfer within 72 hours of the transfer of the cargo into the Buyer vessel. Within 72 hours, Buyers Bank releases the funds by KTT to pay for the product (Bonny Light Crude Oil) and the commissions simultaneously upon completion of the confirmation, verification and approval of all the documents provided by the Seller to the Captain of the Buyers vessel