BLCO CIF WITH 2%PB

CIF with 2%PB @ $8/5 (USA BUYER)

Seller will show evidence of their contract with NNPC by showing their Contract Award Letter or the First & Last pages of Part One of their agreement/contract with NNPC. This should be provided along with the SPA for Buyer's independent verification.
The 2% inoperative PB can come from any of these countries listed - Canada/UK/France/Germany/Switzerland/ US/ Luxembourg/Netherland and the Bank must be in a TOP-50 RATED WORLD BANK.
Price: $8/5
POD: TBA after SPA is signed by the Buyer.
Quantity: 4M Barrel/Month For 12 Months Contract With Rolls and Extensions.

OPERATION PROCEDURE:

1. Seller and Buyer execute this Agreement by Facsimile or email transmission and Hard Copies shall be sent within 48 hours. Facsimile or email transmissions shall be deemed as originals, bearing the same force and function. Buyer and Seller will lodge the Agreement with their respective banks.

2. Seller shall issue, within five (5) banking days of this Agreement being signed by both parties, via Bank to Bank

SWIFT communications procedure, a non-operative Performance Bond, issued by a top 25 rated World Bank, with an equivalent Two percent (2%) buyer’s letter of credit value, in favor of the Buyer to the Buyer’s Bank to be activated

by buyer’s operative Documentary Letter of Credit (DLC).

3. Within five (5) banking days after receipt of the Performance Bond, the Buyer, via Bank to Bank SWIFT communications procedure, shall issue their letter of credit, issued by a top 25 rated World Bank, in an amount sufficient to cover the estimated purchase cost of the delivery of the commodity. The letter of credit is issued to the Seller’s Bank account.

4. Seller shall supply the Buyer within five (5) banking days after receipt of the DLC the name and description of the tanker lifting the cargo and notification of estimated time of arrival (ETA) to the Buyer’s Designated Discharge Port.

5. Buyer’s Designated Discharge Port responds to Seller’s vessel captain with the NOR to receive the cargo. Vessel sails to discharge port; further ETA updates to be sent to Buyer’s Port of Discharge ten (10) and five (5) days and then 48, 24 and 12 hours prior to arrival.

6. Upon arrival at Buyer’s Port of Discharge, vessel Captain issues to Buyer’s nominated inspection agency an Authority to Board (ATB) the vessel and conduct Q&Q analysis. Inspection agency must be SGS, Saybolt or comparable inspection company. Copies of the Q&Q report are simultaneously sent to Buyer and Seller.

7. Vessel discharges its cargo at Buyer’s designated storage; and, within three (3) international banking days after Buyer has received the Discharge Report and all relevant documents presented by the Seller, as shall be confirmed by the vessel Captain, Buyer makes payment in United States dollars by MT103 (SWIFT Wire Transfer) directly to

Seller’s nominated bank account for the outturned barrels, and simultaneously in the same manner pays commissions to all Intermediaries’ nominated bank accounts in accordance with the Irrevocable Master Fee Protection Agreement (IMFPA).