crude oil buyer

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Country/Region: NigeriaNigeria
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TRANSACTION PROCEDURE TTO WITH ALLOCATION TO BE CONFIRM ON SHELL SCREEN LONDON OR NNPC TOWER ABUJA:

I. Buyer & Seller Signs & Seals Contract and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable Buyer releases MT760 (Ability to pay for product irrevocably, assignable and divisible) by swift to sellers bank.
II. Seller issues Buyer with Marine ATB and sticks to the format, the seller obtains clearance and boards Supercargo to confirm product.
III. Seller’s loaded vessel send marine ATB to buyer’s nominated inspector and copy buyer for Q & Q , re-assigns loaded cargo documents on buyer’s name.

IV. Buyer confirm and instruct his bank to transfers BANK GUARANTEE via swift MT 103/23 or Letter of Credit. For the total cargo cost in the name of the seller to seller’s bank . Thereafter inspectors board vessel in Nigerian waters for Q&Q. While the Inspectors go on Board to take samples. After Confirmation of Product, seller’s account is Credited with 35million Naira or Dollar equivalent to be paid along with total cost of product (for security clearance).

V. Seller completes formalities for the loaded document to be reassigned into buyer’s name and arrangement is made for the buyer to charter the vessel from local handler ( voyage charter).

VI. After confirmation of payment by all concerned buyer releases documents to the buyer’s bank and vessel is allowed to sail to it port of discharge.

VII. Buyer Pays for the Crude Oil & All Commissions as Recorded in the MFPA Section of This Contract Agreement by swift or KTT to all concerned.

VIII. Vessel saill to port of discharge.





PROOF OF PRODUCT/CARGO INFORMATION ALLOCATION DETAILS:
The product offered by the Seller and accepted by the Buyer is Bonny Light Crude Oil that shall be lifted from NNPC Bulk approved equity agent’s share Off OPEC Record.

LIFTING FROM 1st QUARTER BULK APPROVED OF OUR MPR.
1. CONTRACT NO: COSD.S.T.061
2. EXPORT PERMIT LICENSE NO: EXP. T/28/VOL.4/2191
3. MPR REF NO: DPR/DS/CTO/2018/VOL86/085
4. TRANSACTION CODE: NNPC/BLO/T/OPS/BON/279
5. PRODUCT: NIGERIA BONNY LIGHT CRUDE OIL MINIMUM OF 280,000 M/TONS UP TO MAXIMUM QUANTITY OF 2,000.000 +/-5% BARRELS VOLUME AS CORRECTED TO PER-PT-(5)
6. QUANTITY: 2,000.000 +/-5% BARRELS MONTHLY {TOTAL APPROVED FOR LIFTING / EXPORT 20,720,700 BARRELS}
7. PORT OF LOADING: BONNY TERMINAL, BONNY
8. SUPPLIERS: NNPC JV OPERATORS, BONNY TERMINAL
9. CONSIGNEE: TO BE ADVICED (TBA)
10. VESSEL: TO BE NOMINATED (TBN)
11. PAYMENT OF PRODUCT: SHALL BE BY IRREVOCABLE, CONFIRM,
NON-NEGOTIABLE, NON-OPERATIVE LETTER OF CREDIT
12. INSPECTORS: S.G.S OR ITS EQUIVALENT – BONNY TERMINAL VIA PORT HARCOURT

INTERESTED BUYER SHOULD KINDLY CONTACT ME THRU: MR OTOME +234-80-3628-9657, +234-80-5854-0295