Sell BONNY LIGHT CRUDE OIL

BONNY LIGHT CRUDE OIL You May Also Be Interested In: bonny light bonny light crude bonny light crude oil bonny light oil light crude oil
PRODUCT: BONNY LIGHT CRUDE OIL

QUALITY: AS PER STANDARD BONNY SPECIFICATIONS

QUANTITY: 2 MILLION BARRELS PER LIFTING WITH POSSIBILITY OF ROLLOVER.

DELIVERY: F. O. B. BONNY TERMINAL, NIGERIA

PRICE: BRENT PLATT DATED 3 DAYS AVERAGE AROUND BILL OF LADING DATE

DISCOUNT: GROSS US$ 4.00 NET US$ 3.00 PER BBL.

PAYMENT: IRREVOCABLE, CONFIRMED DOCUMENTARY LETTER OF CREDIT PAYABLE 100% AT SIGHT AND ISSUED BY A PRIME BANK.

INSPECTION SGS OR EQUIVALENT SURVEY COMPANY APPROVED BY SELLER AND BUYER.

VALIDITY OF OFFER 15 WORKING DAYS FROM TODAY 22 JULY 2006

PROOF OF PRODUCT- LODGED WITH HSBC DUBAI AND SHALL BE RELEASED ONLY AGAINST BUYERS FINANCIAL INSTRUMENT.



7 BARREL WILL BE SPLIT 50%-50% BETWEEN SELLER AND BUYER SIDE.

7 COMMISSION: USD$ 0. 50 PER BARREL FOR BUYERS SIDE, USD$ 0. 50 PER BARREL FOR SELLERS SIDE



PROCEDURE:

SELLER ISSUE FCO. (THIS OFFER)

BUYER ACCEPTS F. C. O. BY SENDING I. C. P. O. FROM REFINERY

BUYER AND SELLER SIGNS AND SEAL SPA (SALES PURCHASE AGREEMENT)

BUYERS BANK SENDS VIA SWIFT BANK READINESS LETTER TO SELLERS

BANK WHEREBY UPON RECEIPT SELLERS BANK RELEASES PROOF OF

PRODUCT DOCUMENTS. .

SELLERS BANK RELEASES PROOF OF PRODUCT DOCUMENTS. .

BUYER SHALL PROVIDE C. P. A. E. T. A. OF VESSEL TO BONNY TERMINAL, PLUS NON-OPERATIVE L/C TO BE ACTIVATED UPON RECEIPT OF NNPC PROGRAM WHEREBY CARGO AND VESSEL SHALL BE PROGRAMMED UNDER THE NAME OF THE BUYER. .

SELLER SHALL PROGRAM VESSEL AND CARGO OF 2 MILLION UNDER THE NAME OF BUYER.

BUYER AFTER RECEIPT OF SHELL SCREEN PROGRAM SHALL ACTIVATE NON-OPERATIVE L/C.





SELLER AFTER RECEIPT OF L/C SHALL CALL IN VESSEL FOR LOADING AS PER NNPC PROGRAM.

MASTER OF VESSEL SHALL CONFIRM THAT VESSEL HAS BEEN CALLED IN BY NNPC PLATFORM FOR LOADING.

LOADING STARTS.

AFTER Q AND Q AND MASTER OF VESSELS CONFIRMATION, NNPC SHALL ISSUE WARRANTY OF TITLE TO BUYER PLUS ALL SHIPPING/CARGO DOCUMENTS.

ALL ITEMS MENTIONED IN ITEM 10 ABOVE SHALL BE PRESENTED TO BANK FOR PAYMENT.

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7 PERFORMANCE BOND: BANK-to-BANK 2% PB against confirmed, non-operative credit;

7 PROOF OF PRODUCT: BANK-to-BANK POP CAN be confirmed against confirmed, non-operative credit;

TERM OF CONTRACT: up to 12 (Twelve) MONTH from signing of CONTRACT.

CONTRACT DURATION: Twelve (12) months roll over to 36 months.



Payment Procedures: According to the terms of the contract, to be mutually agreed upon by Buyer &

Seller

Transaction Procedures: According to the terms of the contract, to be mutually agreed upon by Buyer &

Seller