Sellers Published date: May 31, 2014 Modified date: January 2, 2015

1 Buyer & Seller sign Contract (SPA) and forward copy to their respective banks. Electronic signed copy of Contract is considered binding and enforceable.

2 Buyer’s bank issues Proof of Fund via MT799(Blocked Fund) in favour seller’s fiduciary bank as provided in the SPA. (APPENDIX B-MT799 FORMAT BELOW)

3 Upon confirmation of buyer’s MT799 By Seller’s FINANCIER’S BANK, Seller nominates vessel and program it for loading at the Terminal. All relevant documents of the vessel from the point of loading are made in the Buyer’s name and soft copies forwarded to the Buyer.

4 Buyer’s bank, upon receipt and confirmation of loaded vessel documents by the Buyer, issues operative, transferable and divisible Standby Letter of Credit (SBLC). (APPENDIX D- SBLC VERBIAGE).

5 Buyer submits his Tank Farm info and details of their Harbor Master to the Seller.

6 Seller authorizes Vessel Master to issue Marine Notice of Readiness (NOR) and ETA to Buyer’s Port of Discharge (POD) copying Harbor Master and the Buyer.

7 Upon receiving Harbor Master’s acknowledgement of the NOR and ETA, vessel sails off to Buyer’s Port of Discharge and shall be sending an update of drifting every 12hrs to Buyer and Seller until arrival at Buyer’s Port of Discharge.

8 Buyer’s nominated Inspection Company board vessel within 24-48hrs of the vessel’s arrival at Buyer’s Port of Discharge (POD) for Inspection and submits Quality and Quantity Analysis Report to Buyer and Seller.

9 Vessel commences discharge into Buyer’s Tank Farm within 24hrs after Q&Q Report is released. Within 48hrs after discharge, Captain releases Discharge Certificate to Buyer and Seller. If there be any reason or delay at the Port of Discharge 24hrs after Q&Q, Buyer shall bear demurrage incurred on the vessel.

10 Payment for the full Cargo is effected by the Buyer’s Bank via KTT SWIFT WIRE TRANSFER to the Seller’s designated Account (ACCOUNT THAT RECEIVED THE BG) and to all commission beneficiaries within 48 hours after Discharge based on out turn / Q&Q Report.

PRICE FOB-CIF

The Price payable by buyer for the crude oil sold and delivered hereunder shall be equal to the price quotation as published by Brent Oil Market Price. The applicable currency in respect of payment for the Cargo shall be the United States Dollars (USD). The price shall be calculated on the three (3) days average mean quotation, one day before the day of loading, the day of loading, and the day after loading, as Brent minus GROSS DISCOUNT of US$8.00 with NET of US$5.00 per barrel and US$3.00 to seller’s / buyer’s agents/facilitators/ Transaction Consultant, with Seller’s side closed, based on the quantity as per the Bill of Lading signed by the Master of the Seller’s loaded vessel and as confirmed by Buyer’s appointed international inspectors after successful Q & Q confirmation at discharge port.

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• Publisher: OLUWALADE JAMES
• Company Name: JAMOLU INTL VENTURES LTD
• Country: NIGERIA

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