Russian Export Blended Crude oil REBCO
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Russian Export Blend Crude Oil that shall be lifted from Russia equity agent's share, having the contractual minimum guaranteed specifications.
ORIGIN OF THE GOODS: RUSSIA
DETAILED SPECIFICATION: RUSSIAN ORIGIN CRUDE OIL REBCO GOST 9965 - 75
QUANTITY OF THE GOODS AND UNIT OF MEASUREMENT:
The Seller has sold and the buyer has bought on FOB Novorossiysk basis, Quantity of 40,000,000 BLS ( Forty Million Four Hundred Thousand ) , Barrels per month +/-5% / or about 5.400.000 (Five Million Four hundred thousand) Metric Tons per month, +/- 5 % (five percent) with roll over and extensions, of Russian Export Blend Crude Oil per month for a period of one year, with possible rolls and extensions for total 60 months.
QUALITY OF THE GOODS: For the first delivery and subsequent full duration of this contract the seller guarantees that the quality of the product sold will conform to the guaranteed specifications as reported in Annexure 1, which constitutes an integral part of agreement TC/XXX/REBCO/40MBBL0505, SELLER'S CODE: TC/ARS/REBCO/40MBBL/0405
NUMBER OF SHIPMENTS OF THE GOODS AND SIZE OF SHIPMENT (min, max) :
The commodity shall be available at the port of Novorossiysk within the period from June 2005, or earlier by agreement, until Completion of the contract, in possible equal monthly lots of about 40,000,000 BLS ( Forty Million) , Barrels per month +/-5% / or 5.400.000 (Five Million Four Hundred Thousand) Metric Tons per month, +/- 5 % (five percent) with rollover and extensions, more or less at sellers option during the whole term of the contract.
Each monthly lot can be loaded with partial shipment (batch) not less than 50.000 (fifty thousand) Metric Tons and not more than 40,000,000 BLS (Forty Million) , Barrels per month +/-5% / or 5.400.000 (Five Million Four Hundred Thousand) Metric Tons per month, +/- 5 % (five percent) with rollover and extensions, or as otherwise mutually agreed upon, as Buyers shipping contract.
The date of cargo assessment at the load port, as reported in the Bill of loading, is considered as date of delivery.
The first shipment shall be loaded within 30 international banking days from the date of acceptance of the Buyer's financial instrument. Subsequent deliveries to be agreed upon by the parties and in accordance with the delivery schedule, which will be confirmed by the loading terminal(s) .
CURRENCY OF TRANSACTION AND PRICE OF THE GOODS:
PRICE The price shall be determined by reference to the average of the three (3) days around the B/L date (the day before, the day of Bill of Lading and the day after) . Rates to be referred to the average quotation as reported by PLATT'S :Platt's Europe Market's can wire publication
with the heading Cargoes F. O. B. MED Genova/Lavera against Crude Oil REBCO
Discounts: +GROSS; Discount US$ 4.00 Per Barrel ( Four, United States Dollar per barrel) , and +NET; Discount US$ 3.00 Per Barrel (Three , United States Dollar per barrel) Commission total US$ 1.00 Per Barrel, ( One, United States Dollar per barrel) divided equal 50/50%, US$ 0.50 Per Barrel (Zero Fifty United States Dollar per Barrel ) to Seller's side and US$ 0.50 Per Barrel (Zero Fifty United States Dollar per Barrel ) to Buyer's Side .
PERFORMANCE BOND: The Seller's bank, in accordance with the provisions set out in clause 8.2, will post into the beneficiary's bank account nominated by the Buyer an irrevocable operative Performance Bond to cover the two percent (2%) of the face value of each monthly quantity, revolving for the entire contract period.
DATES OF DELIVERY: TOTAL QUANTITY : 40.000.000 +/- 5% BLS, PER MONTH, ( FOURTY MILLION BARRELS, PER MONTH, PLUSS OR MINUS FIVE PERCENT) , WITH ROLLOWER, & EXENSIONS , DELIVERY FROM DATE : 01, JULY, 2005. - UNTILL, 01 - JUNE , 2010, PERIOD OF 60 - ( SIXTY ) MONTHS, (5-YEARS ) UNTILL COMPLETION OF CONTRACTED QUANTITY, WITH ROLLOWER , & EXTENSIONS
NOTIFICATION OF DELIVERY: ACCORDING TO CONTRACT
TERMS OF PAYMENT AND PENALTIES: After Seller, and Buyer signed, sealed, Hard Copy Contracts, within 48 - (Fourty eight ) hours, Seller's Bank, and Buyer's Bank do the SOFT PROBE Bank to Bank via SWIFT Transfer Proof of Product / Proof of Funds, simultaneously.
Upon successfully said SOFT PROBE Seller's Bank, within 48 (Fourty eight ) hours, shall to issues Proof of Product, to the Buyer's Bank, via SWIFT transfer .
Buyer's Bank upon received Proof of Product and verified, within 48 (Forty eight ) hours, shall to issues an, Pre - Advise By 100% Confirmed, Irrevocable, Divisible, Revolving, Documentary, Letter of Credit (DLC) to be issued or confirmed by a TOP Prime World Bank. The Buyer's DL/C, will be opened for initial, 40,000,000 BLS ( Forty Million Barrels ) or first month, and 40,000,000 BLS ( Forty Million Barrels ) subsequent 60 (sixty) months, with rollover and extensions. The Buyer's' DL/C covered of monthly delivery value, shall be revolving, and automatically re - issued for next monthly shipment until the completion of the contracted quantity.
The Seller's Bank/Seller within 48 (Forty eight) hours, after received the Buyer's Pre - advise DL/C, shall to issues, 2% Operative Performance Bond, to the Buyer's Bank , which automatically activate the Buyer's DL/C. Seller (PB) shall be issued for the equivalent of one month's shipment, and shall be revolving, and automatically re - issued for next month shipment, until the completion of the contracted quantity.
PROCEDURE OF TRANSACTION: According to agreement of the Sides
SPECIAL CONDITION OF TRANSACTION: According to agreement of the Sides
Abdoul Aziz NDOYE