FOB Bonny Light Crude Oil Sales at Bonny Ocean Terminal Nigeria
Trial injection into vessel transaction process:
- Detailed sales offer is sent to the Buyer.
- 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.
- 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.
- 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.
- Buyer’s bank makes shipment payment by MT103 or TT wire transfer within 48-hours to seller’s bank.
- Seller’s bank confirms payment then seller sends title warranty to the buyer/ buyer’s bank.
- 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:
- Buyer and Seller sign long term contract.
- Buyer’s bank gives required MT760-SBLC to Seller’s bank
- Process 3 – 7 above is repeated monthly till end of contract.