SAUDI LIGHT CRUDE OIL (SLCO) API 33-34
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Product : SAUDI LIGHT CRUDE OIL (SLCO) API 33-34
Monthly Delivery : 50,000,000 BBL per month, (+/- 5%) X 60 Mos. (5 Years)
Contract Quantity : 3,000,000,000 (Three Billion Barrels)
Specification : SAUDI LIGHT CRUDE OIL (Standard Export Quality) API 33-34
Origin : Saudi/ME or at Seller's option
Duration : 60 months, with rollover, and extensions
Delivery : CIF ASWP
Payment Terms : Irrevocable, One time Transferable, Divisible, Revolving Documentary
Letter of Credit or BG issued by Top 25 World Bank, payable
100% at sight at Sellers Bank against Full Set of Shipping
Documents and Certificate of Inspection for Quality and Quantity
issued by SGS and/or Equivalent
Pricing : Dubai Plats
Discount : Gross USD 6.0/BBL, Net USD 3.0 /BBL
Net to Buyer USD $3.00 per barrel
ORGANIZER4S SIDE USD $1.00 per barrel
SELLERS SIDE USD $1.00 per barrel
BUYERS SIDE USD $1.00 per barrel
Delivery Guarantee : The delivery of the Product is guaranteed by SELLER and the ARAMCO
Inspection : Quality & Quantity by SGS or Equivalent at Seller s cost at Port of Loading
Performance Bond : The ARAMCO in conjunction with SELLER guarantees the delivery of the product, and accordingly No.
Performance Bond shall be applicable
Proof of product : In the form of ARAMCO Allocation Numbers and Details, thereof
SAUDI LIGHT CRUDE OIL (Standard Export Quality) API 33-34
Terms of Payment and Contract procedure:
Payment for the goods to be delivered under this Contract shall be effected as follows:
1. Seller' issues FCO in favour of Buyer;
2. Buyer accept FCO, confirmed by signed and seal on the FCO, then reply with an Irrevocable Corporate Purchase Order (ICPO) , Refinery details, ARAMCO Registration Numbers, if Applicable for the Refineries, Letter of Authority to Represent the Refinery to ARAMCO, Refinery Location, Refinery Capacity;
3. Buyer furnishes POF (Proof of Funds covering 2 months of shipment) to Seller's bank via Bank Swift;
4. Seller will issue Contract/and Schedule of Shipments as per terms of the FCO to Buyer;
5. Buyer sign and return, and pre advise L/C to Seller;
6. Seller approves L/C and provides POP (ARAMCO Allocation Numbers and Details) ;
7. Buyer opens Irrevocable, One time Transferable, Auto-Revolving Documentary L/C. " in favour of seller against POP and PB 2% by Seller.
8. Schedule of Shipment will commenced as per schedule as mutually agreed.
After signed FCO the by Buyer, within 48 banking hours (Forty eight hours ) , Buyer's Bank shall provide the Proof of Funds via Bank Swift to Seller's Bank.
Proof of Funds to the Seller's Bank, acceptable as POF are also a Pre-advise Irrevocable, Documentary, Monthly Auto Revolving, Letter of Credit, from TOP 25 World Bank. Payment Terms:
Irrevocable, one time Transferable, Automatically, Monthly Revolving, Documentary, Letter of Credit, payable 100% at sight at
Seller's Bank, upon presentation of full set of shipping documents and Inspection Certificate issued by SGS and/or Equivalent at by the seller.
The Letter of Credit shall cover monthly shipments (1-2 months coverage) , until completion of the contracted quantity, for 60 - months period with possible of rollover and extensions.
Transfer of banking instruments and banking confirmations to be effected only by S. W. I. F. T. or Tested Telex.