BONNY LIGHT CRUDE OIL (BLCO) BUY & SELL PROCEDURES

NAIRA - BLCO TTO PROCEDURE @ 80-4

 

TTO PROCEDURE:

 

1. Seller and buyer sign and seal this Sale/Purchase Agreement with their full banking details including their brokers banking details. After which both parties forward a copy of the signed & sealed SPA contract agreement to their respective banks and ATB format to seller.

2a. Seller’s loaded vessel captain sends a MARINE ATB to buyer and seller advices NNPC Bonny Terminal to issues CLEARANCE to the buyer and the email addresses provided by the buyer copied.

2b. Upon receiving MARINE ATB& CLEARANCE, buyer releases the sum of five million naira (N5, 000,000) into seller’s logistics account.

3. Seller takes buyer’s Super cargo on board the loaded vessel for product confirmation.

4.  Buyer confirms product with the help of his Super cargo aboard the loaded vessel, by receiving the boarding report (ARIVAL & CONFIRMATION), sent from the Master/Captains desk.

NB: The boarding confirmation will come from the captain’s domain, with buyer’s supercargo’s passport or ID Cards attached to it and signed by supercargo.

5. Within a maximum of 12 banking hours of receiving the boarding report, Buyer pays/swift the sum of 30million naira (for Q&Q in Nigeria or Cotonou water) cash into seller’s logistics account (50million if vessel is going to Ghana).

6. Seller prepares and releases the soft copies of the loaded cargo documents (bearing the buyer’s company name as the co-signee of the cargo aboard) to buyer.

6b. buyer places an MT760 for the full cargo.

NB: This is only applicable, if vessel is moving outside Nigerian water for Q&Q.

7. Seller’s loaded vessel Captain sends MARINE NOR to buyer’s port of discharge in Cotonou/Ghana and as soon as vessel sets sail, captain will communicate and send ETA.

8. As soon as vessel arrives Cotonou water, she will sail to 10 to 15 nautical miles off port control, announce her arrival and captain positions his vessel for Q&Q.

9. Captain issues Marine ATB to buyer’s inspector/inspection company to enable the inspector board vessel for calibration, draws sample & disembarks for analysis.

10. Upon successful q and q, buyer releases/swifts the sum of 100 million NAIRA into seller’s nominated account & issues MT103 covering product value (less One Hundred and Thirty/Fifty million naira) to seller/NNPC nominated bank account.

11. Seller releases the complete hard copies of cargo documents in buyer’s name to the buyer for verification and confirmation.

12. Upon confirmation of documents Hard copies by the buyer/buyer’s bank, payment will be released to seller’s account, agents and facilitator’s accounts as in this signed spa by swift wire transfer.

13. Seller confirms fund and clear the vessel to discharge into buyer's designated port.