Sell REBCO

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Commodity: RUSSIAN EXPORT BLEND CRUDE OIL (REBCO)

Origin: Russian Federation or as advised
Total quantity: 5.3 (FIVE POINT THREE) Million Metric Ton (38.69 Million Barrels ) per Month, For period 36 month with the extension and rollovers for up to 5 years (60 Months)
Discount: $4.00 gross/ $3.50 net per barrel, to Buyer.
Commission: $0.50 (FIFTY cents) divided 50/50% between buyers and Sellers sides.
Buyer is responsible to pay commission for both sides.

Total Quantity: 1,392,840,000 BARRELS FOR 36 MONTHS,
with the extension and rollovers for up to 5 years (60 Months)
WHICH SHALL BE DELIVERED IN MONTHLY QUANTITIES OF 38,690,000.

The commodity shall be available and shall be delivered on CIF basis to ANY SAFE WORLD PORT nominated by the buyer within the period from November 2004, or earlier by agreement, until Completion of the contract, in possible equal monthly lots of about 5.300.000 (Five Million and Three Hundred Thousand) Metric Tons +/- 5 % (five percent) more or less at sellers option during the whole term of the contract.

The price on CIF ASWP is dated Platt's McGraw Hill Market wire publication with the heading UNDER HEADING CARGOES CIF NWE / BASIS ARA as an mean average for 3 (three) days (one (1) day preceding date of delivery, one (1) day of delivery, one (1) day after a delivery date) Less a discount of gross USD $4.00 and net $3.50 per barrel

Buyers Bank shall open an unconditional Bank Guarantee/SBLC covering the value of TWO months delivery to guarantee the payments. ( these instruments need to be transferable ) . BG or SBLC will not be used as long as the monthly transactions proceed successfully. The BG or SBLC are guaranteed by Deutsche Bank to be returned in full after 12 months and 1 day, assuming all payments have been made. The first lifting shall commence not later than 25 banking days after verifying the operative Bank Guarantee

Seller agree to pay by SWIFT wire transfer 100% of value of SBL/C or BANK GUARANTEE offered as security, as received and accept, plus 2% penalty, totalling 102%, as full settlement by sellers banker and seller, in the event of non delivery for any reason whatsoever

The Sellers bank, in accordance with the provisions set out in clause will post into the beneficiarys bank account nominated by the Buyer an irrevocable non-operative Performance Bond to cover the two percent (2%) of the face value of each monthly quantity, revolving for the entire contract period. The PB becomes operative, after receiving of the SBL/C/BG and Documentary L/C

QUALITY CERTIFICATE

URALS CRUDE OIL


ITEM NORM ACTUAL
Density at 20 C kg/m. cub 851-885 856.1
Water content, %, no more 0.5 0.12
Salt content, mg/l, no more 100 44
Sediments, %, no more 0.05 0.0048
Sulphur Content, % 0.61 - 1.80 1.23
Saturated Steam Pressure, kPa, no more 66.7 44.3
Terms of Payment
BG/SBLC
Terms of Sale
CIF ASWP