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OFFER  BLCO

MATERIAL:       Nigerian Bonny Light Crude Oil

QUALITY:         NNPC Export standard

QUANTITY:      10,000,000 Barrels Nigerian Bonny Light Crude Oil   

12 Months with Possible Rollover and Extension

Bonny Light Crude Oil

Specifications

 

Specific Gravity:

0.8459.

Water Content:

0.2% Vol. Max

BSW:

0.6% Vol. max.

Pour point:

Below 40 Degree F. max

Salt:

LB per 1,000 bbl, 12, max

Total Sulphur, wt%:

0.14 max

Reid Vapor Pressure:

6.52 PSIG, max

Carbon Residue, wt%:

1.0, max.

VINI, PPM wt

2,0..

Vis,cst @ 37.8 DegC:

3.47, min.

Yield C1-C4 wt%:

2,10..

 

BLCO      Bonny Light Crude Oil

A.  CIF  TRANSACTION PROCEDURE :

1. Buyer and seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. Hard-copy instruments are not necessary, but can be at the buyer or seller’s request.

 

2. Buyer’s Bank swift NON OPERATIVE STANDBY Letter of Credit VIA MT760 covering the entire cargo to the Seller’s bank. 

 

3. Seller’s Bank respond with their 2%PB to activate Buyer’s NON OPERATIVE STANDBY Letter of Credit. 

 

4.  Within 72 hours of confirming the Buyer’s NON OPERATIVE STANDBY Letter of Credit by the Seller’s bank, Seller nominates avessel, then programs and loads vessel execute delivery to Buyer’s Port Of Discharge. All document must be tendered to the buyer before the vessel leaves the Nigerian water.

 

 5. Within 48 hours after loading, Seller’s pregnant Vessel sends NOR / ETA and commences sailing to Buyer’s discharge port.

 

 6. Upon arrival at discharge port, Vessel's Master issues ATB and invites Buyer's inspection party to board loaded vessel to conduct Q&Q inspection and provide a report which will be binding on both Buyer and Seller. Copies of such report will be transmitted to Buyer and Seller.

 

7. Within 48 hours of completion of the Q&Q inspection with discharge and accepting cargo by Buyer, Seller presents relevant shipping documents at the counter of Buyer's Bank, and payment will be made immediately based on out turned barrels made by Swift/KTT wire transfer directly to the Seller’s bank account and simultaneously to the Commission agent’s nominated bank accounts.

 

 

B. TTO  TRANSACTION PROCEDURE :

1. Buyer and seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. Hard-copy instruments are not necessary, but can be at the buyer or seller’s request.

 

2. Buyer’s bank swift BG/NON OPERATIVE STANDDBY LETTER OF CREDIT(SBLC) VIA MT760 on the entire cargo to the seller’s bank.

 

3. Seller’s bank bond the swift instrument with 2% Performance Bond(PB) and the seller issues complete cargo documents to buyer.

 

4. Seller’s vessel issues marine ATB and Naval clearance to Buyer’s super cargo/Inspectors to board, confirm and carry out Q&Q inspection activities at the buyer’s desired inspection point. 

 

5 Upon successful Q&Q, Seller releases all the Original documents and transfers title to the buyer after the Q&Q reports are released.

 

6 Buyer is introduced to vessel handlers where he takes over the vessel. 

 

7.  Final payments are then released via KTT(MT 103) to nominated bank   account of the seller and commission agents.

 

 8. Vessel now sails to port of discharge of the buyer.

 

C.  TTT  TRANSACTION PROCEDURE:

1. Buyer and Seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail. The electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. 

 

2. Buyer issues all necessary vessel details (Q88, ATL ,CPA, CHARTER RECEIPT) along with signed SPA to the seller.

 

3. Buyer’s bank swift NON OPERATIVE STANDBY LETTER OF CREDIT(SBLC) on the entire cargo to the seller’s bank. 

 

4. Seller’s bank activate the NON OPERATIVE STANDBY LETTER OF CREDIT with 2% PB and Seller gives complete cargo documents to the buyer.

 

5. Seller’s vessel issues NOTICE OF READNESS (NOR) to the buyer’s vessel. 

 

6. At point of transshipment, buyer’s vessel long side and Seller’s vessel issues ATB for Buyer’s inspectors to board and carry out Quality and Quantity(Q&Q) inspection.

 

7. Upon successful Q&Q inspection, seller transfers title to the buyer and transshipment commences.

 

8. After transshipment, Payments are released into nominated bank accounts of the Seller and all commission agents.

 

8. DEAL IS CONCLUDED.

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