BLCO at FOB - Offshore - floating facilities of Qingdao, Lanshan and Rizhao / China.
Ret. 17177 ( Dec. 2019 ) F O B - Procedure,
Buyer pickup the cargos with own Tankers
A) Buyer secures his own Tankers/ VLCC to load the NLCO (BLCO) at
F O B - Offshore - floating facilities of Qingdao, Lanshan and Rizhao / China.
1. Buyer and Seller sign and seal the S P A / Contract and the NCNDA & IMFPA after receipt of
Buyer's LOI or ICPO with Buyer's-Bank-details and Seller's Procedure.
2. Seller provide the Offshore- POP- Storage Documents for Verification between Seller's Shipping-
Agent- China and Buyer's Shipping-Agent- China :
2.1) Tank-Receipts of the requested purchase-amount. ( Original )
2.2) Discharge- Certificate. ( Copy )
2.3) Storage- Certificate. ( Copy )
2.4) Storage- Information. ( Copy )
2.5) Proforma-Comm.-Invoice of the Seller - NNPC-JVO to initiate Buyer's MT700 of the first cargo.
3. Seller's- Shipping-Agent will confirm the availability of the cargo to Buyer's- Shipping-Agent by phone and
by E-mail and/or FAX according to the POP- storage- documents.
3.1. Or Verification and final approval via Qingdao - Tankmaster. (Lawyer/Notary of the NNPC in FarEast)
4. The Shipping-Agents or Tankmaster (Lawyer/Notary) confirms the legal authenticity of the PPOP- storage documents and the prompt availability of the cargo; the visually verification are not allowed at this stage.
5. Buyer's-Bank issues SWIFT- MT700 (DLC) to Seller's Bank for the first cargo of abt.2-4 Mill. Bbls according to the wording/ text of the Seller.
6. Buyer provides his Vessel/Tanker-details (Q88) to the Seller abt.5 days before of arrival at agreed Offshore loading terminal or Offshore-location of the Transshipping - vessel to vessel.
The Seller will arrange the technical check of Buyer's Tanker for Buyer's expenses.
7. The SGS- / Q&Q-action will be done on Seller's Offshore-floating-facilities or Tanker in order to use this SGSCertificate/ Q&Q-result of the cargo-out-turn barrels for Seller's Commercial-Invoice to the Buyer for the final Payment by MT103 of the Buyer.
8. Buyer's vessel loads the cargo at Seller's Offshore- facility or the cargo will be loaded as an Offshore-Transshipping- action. ( Tanker to Tanker )
9. 9.1. Buyer's Payment by SWIFT- MT103-72 will be done to Seller's- Fiduciary-Bank-account.
9.2. The Title ownership-transfer from Seller to Buyer will be arranged.
9.3. Buyer's final Payment by SWIFT- MT103 to Seller's Fiduciary Bank-account.
9.4. The usual 3 x Interim-Payments according to the wording/ text of the MT700 will be arranged via the MT700 only. (Terminal Operators / Captain / Cargo Documents = in total about.US-$ 525K) . ---- NO PREPAYMENT AT ALL...
10. The Seller pays the Commission according to the IMFPA of the agreed Recipients.
11. Buyer places MT700 (DLC) and Seller makes subsequent Shipments of the annual Contract.
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