Blco

Approximately 6,000,000 barrels of BLCO monthly for 60 consecitive months to be delivered CIF ASWP with extension and rollovers. Price US$ 5/3. Procedure:

1.      Signing of SPA by Buyer and Seller

2.      Seller and Buyer lodges signed contract in their Banks and distributes copies to nominated and Bank referenced Mandates and Facilitators.

       3. Seller releases Allocation Letter and warranty of title issued by NNPC to the seller to lift the crude oil (i.e. proof of product).After talking with the Buyer not mandate.

 4. Buyer raises pre-SBL/C advice for 100% payment of crude oil delivered simultaneously with payment of commissions due to all mandates and facilitators (i.e. proof of fund ).

4.1  Seller issues 2% Performance Bond

4.2  Within (3) Banking days Buyer instructs his bank to issue to the sellers nominated bank irrevocable confirmable, transferable, divisible confirmed Letter of Credit (SBL/C), and activates Sellers PB for each shipment (2 million barrels +/-).

4.3 Seller during (3) banking days Nominates a Vessel and Gives to the Buyer: Ship Name, Call Letters, Captains Name and a Copy of Aspatankvoy Sub-Charter Party, the cargo will be officially registered & programmed in an officially registered & programmed in buyers name to reflect on shell network screen London, Lloyds for buyer verification as the consignee of the cargo and shall appoint their local agent to coordinate the legal procedure

4.4 Buyer confirms through Vessel Agent, Vessel Owners and Lloyds offices, London

5.   Seller issues Notice of Readiness AND Loads vessel according to contract

6.    Vessel Master communicates with Buyer and Port Of Discharge

6.        Seller sends Vessel to Buyers Port of Discharge

7.        Buyer takes delivery and Buyers Bank effects payments by wire transfer to nominated accounts of Seller, Mandates and Facilitators simultaneously within 7 days of delivery.

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ROW GROUP [US]

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