Sellers Published date: April 9, 2014

1. PRODUCT: NIGERIAN ORIGIN PETROLEUM PRODUCT
Especially of the lighter streams blends (BLCO)
2. QUALITY: NNPC standard export grade as currently supplied by NNPC NIGERIA
3. ORIGIN: NIGERIA
4. DELIVERY: TRANSSHIPMENT AT 40-60.
5. QUANTITY: UP TO 2,000,000 BBLS +/-10% (PLUS OR MINUS 10%)
6a. PRICE: Dated (DTD) Brent less US$8.00 Gross
Discount per barrel; US$5.00 per bbl net to buyer, USD$3.00 per BBL to the intermediaries, shared as follows: USD2.00 to Seller s & Buyer s agents/facilitators (USD1.00 each), USD1.00 to consultant. The price will be the average of the mean for dated Brent as published in Platt s market Wire (Spot price) on the day prior to bill of lading date. Should Platt's publication not be available on any of the said days, the publication immediately after, shall be used for purpose of the determination of the price.
6b. PERIOD OF DELIVERY: The maximum period for 2,000,000 BBLS TRANSSHIPMENT
delivery shall be 7 days, from the day of the arrival of the Buyer s vessel at Transshipment point.
7. PROCEDURE:
1. Seller and Buyer sign purchase Agreement and deposit their individual original copies of the agreement with their respective banks, if applicable.
Seller furnishes buyer with the NNPC vessel details, confirmable POP of a loaded cargo coded with transaction codes (TTT-48hr deal).
3. Upon positive confirmation of the documents furnished by seller, buyer provides CPA + Vessel particulars to seller.
4. Seller confirms vessel exchange NOR with E.T.A of Buyer vessel.
5. Seller post USD100,000 cash bond to buyer s bank.
6. Buyer opens an irrevocable, transferable, divisible Stand by Letter of Credit/DLC to seller for the full worth of cargo.
7. Sellers Loaded vessel long-sides with Buyer vessel at Agreed transshipment point as Buyer issues the Confirmed, Irrevocable Documentary Letter of Credit.
8. Q and Q test is conducted by independent inspectors approved by Buyer and Seller.
9. Payment effected on out-turns Barrel upon presentation of all relevant Shipping Documents within maximum of 48hrs.
8. PAYMENT:
Payment to be made in United States Dollars via swift telegraphic transfer upon completion of loading and presentation of the required documents.
Should the due date of payment fall on Saturday or a bank holiday in New York other than on a Monday, then payment shall be effected on the immediately proceeding business day; should the due date fall on a Sunday or a Monday bank holiday in New York, payment shall be effected on the next bank succeeding day, all opening bank charges shall be account of Buyer.

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• Publisher: Paul
• Company Name: Walters International
• Country: Pakistan

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