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Product Details

Product: Nigerian Bonny Light Crude Oil

Specification: as per standard NNPC export quality

Quantity: 2,000,000 bbls per month up to 20,000,000.00 bbls per year for 48 consecutive months with rolls and extensions

Origin: Nigeria

Duration: 48 months with rolls and extensions

Delivery: tto/ttt

Inspection: by S.G.S or equivalent.

The procedure for this transaction as indicated hereunder shall be as follows in its strictest

1. Seller and Buyer Sign and seal Sales & Purchase Contract Agreement (S.P.A) with full banking details.
a. Sellers bank shall contact buyers bank (in writing via email or post) to advise them on their readiness to place a Performance Bond (valued for NGN40millon) and to get confirmation that on placing of the Performance Bond, buyer will activate it with a Confirmable, Irrevocable, and Transferable Bank Guarantee (BG) for a FULL CARGO of 2MBLLS to sellers’ bank (To also include payment for all commissions to beneficiaries listed in this contract).
b. Upon successful confirmation of 2a, seller posts the Performance Bond as valued above to buyer’s bank. Buyer upon confirmation of 2b, issues a Confirmable, Irrevocable, and Transferable Bank Guarantee (BG) as described in 2a, to sellers’ bank to make the performance bond active.
c. Upon confirmation of BG from buyer’s bank, Seller nominates vessel (in both buyer and sellers names) and releases vessel detail to enable buyer confirm existence and location of vessel.
d. Seller takes buyers super cargo onboard the vessel and loads the vessel.
3. Upon confirmation of product availability onboard nominated vessel, Buyer provide details of his vessel and formats for Authority to board (ATB) and Notice of Readiness (NOR). Seller shall instruct the captain of the loaded vessel after receipt of ATB and NOR formats and vessel details from the buyer, to issue a confirmable marine ATB and NOR to the buyer.
a. Upon successful issuance of ATB and NO

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