Nigerian Light Crude Oil Sales

 

Type of Crude Oil:  Bonny Light Crude Oil (BLCO)

Quality: Gravity 34.76 + 0.50 API sweet crude and BS & W less than 0.2% average

Grade: NNPC Standard Export Grade

Origin: Federal Republic of Nigeria

Loading Port: NNPC Bonny Loading Terminal, Bonny Island, Rivers State, Nigeria

Type of Delivery: CIF deliveries to Any Safe Water Port

CIF Delivery Price: Brent Platt benchmark price of minus USD$3.00 per barrel calculated using 3 days average of Quality & Quantity report.

Mandatory Trial Shipment: One or Two million barrels (2mbll) depending on the Buyer

Trial Shipment Bank Instrument: Verifiable Bank Endorsed Purchase Order valid for 90 days only.

Trial Shipment Payment: By SWIFT MT103 wire transfer 2 days after quality & quantity inspection of shipment at port of discharge.

Monthly Delivery Quantity: Two to Ten million barrels (2mbll - 10mbll) depending on Buyer’s financial capability.

Monthly Delivery Duration: One to Three years (12 months – 60 months) with Extensions.

Buyer’s Bank Instrument For Long Term Shipment: MT700 Documentary Letter of Credit sent by SWIFT

Long Term Monthly Shipment Payments: By SWIFT MT103 wire transfer 2 days after quality & quantity inspection of bulk shipment at port of discharge

 

TRADE PROCESS:

 

  1. Buyer fills and submits Form C12 attached with this offer.
  2. Seller gives electronic contract for the trial and long term CIF deliveries of BLCO to Buyer.
  3. Buyer signs and notarizes the contract and sends back with verifiable bank endorsed purchase order valid for 90 days; only for the mandatory trial shipment of one or two million barrels.
  4. Seller confirms bank endorsed purchase order, once confirmed seller loads mandatory trial shipment.
  5. Seller sends the loaded vessel shipping documents to the Buyer. The vessel captain sends NOR and ETA to buyer and buyer’s shipping agency at port of discharge.
  6. Vessel sails to Buyer’s port of discharge and announces arrival to Buyer and shipping agency.
  7. Buyer clears vessel into port, vessel captain gives MATB to buyer’s inspection team (boarding and inspection at discharge port is at buyer’s full expense).
  8. Quality & Quantity inspection report is submitted to both the buyer and seller on completion by buyer’s inspection team.
  9. Seller then sends the Quality & Quantity report with Commercial Invoice and other relevant necessary vessel documents to buyer’s bank.
  10. Buyer’s bank pays by SWIFT MT103 wire transfer within 48 hours (2 business days) for the total quantity on commercial invoice/ inspection report. Seller confirms payment and gives vessel captain orders to discharge load into buyer’s tanks thus ending the trial delivery.
  11. Buyer’s bank then gives SWIFT MT700 Documentary Letter of Credit covering the total monthly bulk shipment quantity as stated on contract; Seller’s bank gives 2% performance bond to Buyer’s bank.
  12. Monthly bulk shipment payment is made by revolving SWIFT MT103 wire transfer within 48 hours (2 business days) after inspection of bulk shipment at the buyer’s designated port(s) of discharge.

 

LIST OF THE VESSEL DOCUMENTS TO BE PROVIDED MONTHLY AS STATED ON ITEMS 5 AND 9:

  1. Clean Ocean Bill of Lading, One (1) Original and three (3) copiers.
  2. Seller’s Commercial Invoice, One (1) Original and three (3) copies.
  3. SGS/ Saybold Certificate of Quality and Quantity, One (1) Original and three (3) copies
  4. Certificate of Origin One (1) Original and three (3) copies
  5. Certificate of Authenticity One (1) original and three (3) copies.
  6. Master’s receipt for Samples.
  7. Master’s receipt for Documents.
  8. Cargo Manifest.
  9. Cleanness report at loading Port and Lines B Charter Party Agreement.

 

Please note we don’t make deliveries outside our trade process stated above, we hope to hear from you soon.

 

KINDLY REQUEST FOR YOUR SOFT CORPORATE OFFER