Trial injection into vessel transaction process:

  1. Detailed official sales offer and seller’s KYC are sent to the Buyer.
  2. Buyer sends the following to the Seller:
    • Official acceptance letter to sales process.
    • Official corporate purchase order.
    • Buyer’s KYC information
  3. 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.
  4. Buyer’s bank sends the following to the seller’s bank:
    • Official bank commitment letter addressed to Seller’s bank and the Seller.
  5. Within seven working days, the seller loads shipment.
  6. 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.
  7. The buyer’s bank makes payment by MT103 or TT wire transfer to the Seller’s bank.
  8. Seller’s bank confirms payment, then the shipment Title warranty in the Buyer’s name is sent to the Buyer’s bank.
  9. 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:

  1. Buyer and Seller sign long term contract.
  2. Buyer’s bank gives required bank payment guarantee MT760sblc valid for twelve months to the Seller’s bank.
  3. 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.