BONNY LIGHT CRUDE OIL

CIF CRUDE OIL

Code SELLER:    NNPC/BLCO/T.OPS/BON/279
Code BUYER:
     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 FIRST QUARTER BULK APPROVED OF OUR MPR.
1. PROOF OF PRODUCT/CARGO REF: NO: COMD/EXP.T/28/VOL.4/2322
2. EXPORT PERMIT LICENSE NO: EXP. T/28/VOL.4/2322
3. BULK APPROVED MPR REF NO: DPR/DS/CTO/2018/VOL89/093
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 25,502,400 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 CONFIRMED RED CLAUSED LETTER OF CREDIT
12. INSPECTORS: S.G.S OR ITS EQUIVALENT – BONNY TERMINAL VIA PORT     HARCOURT




                                                  PROCEDURE


14.        Nominations, Shipment & Procedures
I. Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.

II. Buyer confirms the POP (BULK ALLOCATION DETAILS) as shown on the first page of the contract and returns the signed contract with PROOF OF FUNDS (POF). The format for the POF is shown below transmitted by swift MT-799.

III Seller, upon receipt of POF from Buyers bank, within (3) banking days issues PROVINSIONAL LIFTING RIGHT. The Lifting Right will include the Quantity to be lifted, the cargo Authority Number, Stem number, Window Number (ETA), Name of Nominated Vessel, IMO no. of Nominated vessel for one way voyage charter  to Buyers port of destination

IV. Buyer upon receipt and confirmation of  Para III within three (3) banking days, issues confirmed, irrevocable, Non-transferable and Operative Letter of Credit (Red Clause) for two million barrels, allowing draw-down for charter and insurance of vessel***, in favour of Seller and validity to cover 25 – 45 banking days. The LC must come from top US/European Bank. (SEE LC FORMAT BELOW)

V. Within seven (7) banking days of III above, Seller furnishes CPA & Q88 and the following documents to Buyer and/or Buyer’s bank:
*1    Clean – on – board ocean Bills of Lading
*2    Certificate of quantity (SGS or equivalent)
*3    Certificate of Analysis (optional)
*4    Certificate of Origin
*5    Certificate of Quantities
*6    Seller’s commercial invoice
*7    Vessel ullage report {optional}
*8    Receipt of samples (optional)
*9    Cargo Manifest  
                 
 
VI. After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Discharge Report as shall be confirmed by the captain of the vessel, including all relevant documents presented by the Seller after the time of cargo delivery as required by the LC, Buyer must make payment by KTT Wire Transfer to Seller’s Bank Account payable at it’s counter for this transaction and to beneficiaries named in Master Fee Protection Agreement in the contract for fees.
   
VII. Payments are made by Swift Wire Transfer directly to the Seller’s bank accounts and commission agents as stipulated in the MFPA in this contract within three (3) international banking days after product delivery and discharge at Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank.
 
VIII. The signatures on this contract by the Buyer and by Seller means both accept all the content as for Quantity, Discount and Procedures.

IX.  A letter of intent to purchase (LOI) is required to commence this procedure. The addresee for the Letter of Intent (LOI) will be supplied upon request.

*** $3m for Europe, and $5m for Asia and America. LC validity is 25days for Europe / America, and 60days for Asia