OUR SALES PROCESS IS STRICTLY BANK TO BANK COMMUNICATIONS ONLY.
Trial injection into vessel transaction process:
- Detailed official sales offer and seller’s KYC are sent to the Buyer.
- Buyer sends the following to the Seller:
- Official acceptance letter to sales process.
- Official corporate purchase order.
- Buyer’s KYC information
- Seller’s bank sends attestation to the Buyer’s bank confirming the crude oil quantity required by the buyer is available for sale to the Buyer.
- Buyer’s bank sends the following to the seller’s bank:
- Official bank commitment letter addressed to Seller’s bank and the Seller.
- Within seven working days, the seller loads shipment.
- The seller’s bank sends the following loaded shipment documents to the buyer’s bank:
- The Seller’s commercial invoice stating price at DTD Brent Platt benchmark price minus $2.00/barrel.
- Clean ocean bill of lading the Buyer’s name.
- Loaded vessel charter party agreement and invoice paid by the seller covering voyage duration to the Buyer’s destination port plus 5-days for berthing and discharging of crude oil. (seller’s sales incentive).
- Loaded vessel Q88
- Loaded vessel cargo manifest.
- Shipment’s Quality and Quantity SGS certificate.
- Certificate of origin.
- Certificate of authenticity.
- Master’s receipt for samples.
- Master’s receipt for the documents.
- Cleanness report at loading port.
- The buyer’s bank makes payment by MT103 or TT wire transfer to the Seller’s bank.
- Seller’s bank confirms payment, then the shipment Title warranty in the Buyer’s name is sent to the Buyer’s bank.
- Vessel sails out of Bonny Ocean Terminal, Nigeria to the Buyer’s destination port.
On completion of the trial process, the long-term monthly process begins as thus:
- Buyer and Seller sign long term contract.
- Buyer’s bank gives required bank payment guarantee MT760sblc valid for twelve months to the Seller’s bank.
- Process 5 – 9 above is repeated monthly till end of contract.
Do note that long term monthly injection quantity is based on buyer’s financial capacity between two -six million barrels monthly.