FOB Bonny Light Crude Oil Sales at Bonny Ocean Terminal Nigeria

Trial injection into vessel transaction process:

  1. Detailed sales offer is sent to the Buyer.
  2. Buyer sends the following:
    • Acceptance letter to seller’s sales process.
    • Bank endorsed corporate purchase order.
    • Bank attestation (bank guarantee) confirming shipment payment would be made 48-hours after the shipment has been loaded and confirmed.
  3. The following process is then carried out the seller:
    • Vessel nomination from Nigerian National Petroleum Corporation (NNPC) vessel shuttle pool.
    • 30-day vessel charter in the buyer’s name paid by the seller.
    • Loading of vessel.
    • Quality and Quantity inspection of loaded shipment by SGS inspection agency.
  4. Seller sends the following loaded shipment documents to the buyer/ buyer’s bank.
    • Clean ocean bill of lading in seller/ buyer’s names as consignees.
    • Loaded vessel lines B 30-day charter party agreement and invoice payment made by seller.
    • Loaded vessel Q88.
    • Loaded vessel cargo manifest.
    • Shipment’s Quality and Quantity SGS certificate.
    • Certificate of origin issued by Nigerian National Petroleum Corporation (NNPC).
    • Certificate of authenticity issued by Nigerian National Petroleum Corporation (NNPC).
    • Master’s receipt for samples issued by Nigerian National Petroleum Corporation (NNPC).
    • Master’s receipt for the documents issued by Nigerian National Petroleum Corporation (NNPC).
    • Cleanness report at loading port issued by Nigerian National Petroleum Corporation (NNPC).
    • Seller’s commercial invoice stating price.
  5. Buyer’s bank makes shipment payment by MT103 or TT wire transfer within 48-hours to seller’s bank.
  6. Seller’s bank confirms payment then seller sends title warranty to the buyer/ buyer’s bank.
  7. Vessel sails out of Bonny Ocean Terminal to the buyer’s discharge port.

On completion of the trial process, the long-term monthly process begins as thus:

  1. Buyer and Seller sign long term contract.
  2. Buyer’s bank gives required MT760-SBLC to Seller’s bank
  3. Process 3 – 7 above is repeated monthly till end of contract.