looking for Seller that can work with Procedure listed below for a guaranteed transaction.
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Product: Bonny Light Crude Oil (BLCO)
Origin: Nigeria
Quantity: 4 Mio BBLS X 12 + R/E
Price as agreed: ................................................................
50/50 – Seller side 50%/ Buyer side 50% (closed) Delivery /Destination: CIF Rotterdam Payment Terms: Buyer can pay either with LC or with Non Transferable RDLC
BLCO CIF Rotterdam procedure
1 Seller issues FCO.
2 Buyer issues LOI.
3 Seller issues draft SPA to the Buyer with his full coordinates, full banking details, open for amendments with verifiable copies of the following documents:
• Full Allocation (“Proof of Allocation”) document,
• Authority to Sell (ATS),
• Export License.
Each of these documents have to be issued directly or endorsed by NNPC Marketing Department Abuja in the name of Seller.
4 Upon successful verification of the above mentioned documents, Buyer completes the SPA and returns it to Seller within 2 banking days from verification.
5. Seller signs, seals and returns the SPA to Buyer wihin 3 banking days.
6. Buyer signs, seals and returns the SPA to Seller within 3 banking days.
7. Seller, within 3 banking days from receipt of signed contract, loads a trial tanker vessel with 2 million bbls and forwards copies of the ship's documents to Buyer including copy of the "Master Copy" of the BOL (Bill of Loading), WOT (Warranty of Title) issued by NNPC to the seller and CPA (Chartered Party Agreement).
Important: The seller has to be Consignee (Owner) of the Cargo and B/L and other shipping documents in his name. In case the seller has bought the goods and try to resell them, he must prove, that he bought this goods from the original consignee and that the original seller has transferred the title to him.
8. Captain gives NOR and ETA to Buyer and Seller issues ATB to allow SGS inspectors to board the vessel and carry out Q&Q inspection for the Buyer and Seller's CI (Corporate Invoice).
9. Once the ship's documents have been successfully verified, Buyer’s bank issues POF (bank to bank).
10. Within 3 banking days from receipt of POF, Seller's bank issues a non-operational Performance Bond guarantee worth 2% of the value of the trial tanker vessel to Buyer's bank.
11. Upon receipt and acceptance of 2% PB, Buyer's bank issues within 5 banking days a fully operational, non-transferable non-divisible Irrevocable DLC to seller's bank that activates the first 2% PB.
NOTE: WOT-Warranty of Title and CPA –Chartered Party Agreement(first and last pages) are needed for issuing a payment instrument and are always available for a loaded tanker vessel.
12. Within 72 hours from completion of discharge and receipt of all original documents for payment, actual money transfer by MT 103 SWIFT wire into seller's bank account takes place.
13. Once the trial tanker vessel has been unloaded and paid, Seller's bank issues an initially non-operative 2% PBguarantee, to be subsequently activated by a non-transferable, non-divisible Irrevocable Revolving Documentary Letter of Credit ("IRDLC", monthly value)
14. Buyer's bank then issues IRDLC to activate 2% PB, before the second tanker vessel is loaded.
15. Within 72 hours from completion of discharge of the second tanker vessel and receipt of all original documents for payment, actual money transfer by MT 103 SWIFT wire into seller's bank account takes place. This payment procedures is carried out for each and every delivery from the second one onward.
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- Publisher: Matchless Energy
- Company Name: Matchless Energy Service
- Country: Nigeria
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