Sellers Published date: February 15, 2015

Procedure is as follow:

1 Buyer and seller sign and seal contract including their banking details, and both parties deposit copy in th‎eir banks, the electronic signed copy is legally biding on both parties.

2.Buyer give pre-advice verbiage from the bank that will issue it

3 Seller give nominated account details regarding to the buyer pre-advice verbiage

4 within 3 working days, buyer's bank send pre-advice to seller's bank requesting for 1% PB‎.

5. Seller's bank issues a 1% non-operative PB, in favour of buyer.

6 . Within 3 working days of (clause 3) buyer's bank issue a total cargo BG to activate the non-operative PB issued by ‎seller's bank.

*7). Upon confirmation of activation of the PB by the buyer’s bank, the buyer shall provide Valid CPA, Q88, ATL and
Charter Invoice/ receipt of the receiving vessel to enable seller confirm existence and location of vessel. The Buyer shall also provide details of formats for Authority to board (ATB) detailing the supercargo and inspector details and Notice of Readiness*

*(NOR)/ETA details.*

*6). Upon confirmation of the validity of the receiving vessel details,
the Seller’s nominated loaded vessel with 2 million barrels(280,000 metric tons) of Bonny Light Crude Oil issues marine NOR/ETA (EMAIL/TELEX) NOR to
buyer’s nominated vessel.*


*7).The two captains open communication and both vessels sails to agreed Ship-to-Ship (STS) location (10 NAUTICAL MILES OF COTONOU WATER OFFSHORE).*

*8).The seller’s captain’s issues marine ATB to buyer’s nominated inspector and supercargo to board for Q/Q.*


*9). The two ships long side, tie and the Q/Q inspection takes place
on loaded vessel before transshipment is authorized. Buyer will*

*Instruct his Inspection Agents to board subject loaded vessel to conduct an independent report on the loaded cargo Quality and*

*Quantity. A copy of this report shall be forwarded to both Buyer and
Seller (including their banks) simultaneously.*


*10).Transshipment is done from seller’s vessel to buyer’s vessel.*

*11. Seller’s Commercial Invoice (computed in line with out-turned barrels according to SGS Report) plus all listed and relevant shipping*

*Documents are then tendered at buyer’s Bank to effect payment within 48hours or TWO banking days as per the signed contract (S.P.A).*

• 
  
  
• Publisher: kazeem Bolanta
• Company Name: Arewa oil & gas
• Country: Nigeria

Contact this Company

You need to login/register to contact this company

               

Important information

• Avoid scams and never pay with Western Union, Moneygram or any other payment services
• We are not responsible for any decisions you make to contact any company. We are not associated with any company listed here.