FOB Rotterdam port – Bonny Light Crude Oil sales for Refineries & Top Trading Companies Only

Trial injection into vessel transaction process:

  1. Detailed sales offer is sent to the buyer.
  2. Buyer sends the following:
    • Acceptance letter to sales process.
    • Bank endorsed corporate purchase order.
    • Bank attestation confirming shipment payment would be made 48-hours after shipment has been loaded and confirmed.
    • Buyer’s inspection agency details.
  3. The following information is given by the seller to the buyer:
    • Tank farm name and location at Rotterdam port stated on NNPC letterhead.
    • Product quantity confirmation available of injection on NNPC letterhead.
    • Authority to verify (ATV) by Buyer’s inspection agency stated on NNPC letterhead.
  4. Buyer’s inspection agency is granted unrestricted access to tank farm to inspect and verify product under the supervision of the farm owners.
  5. After satisfactory dip test by the buyer’s inspection agency, the seller gives commercial invoice to buyer.
  6. The buyer’s bank makes payment by MT103 or TT wire transfer to the seller’s bank.
  7. Seller then nominates a two-million-barrel vessel from NNPC shuttle pool and pays 30-day charter.
  8. Within 48-hours the product is injected into the vessel.
  9. Seller sends the following loaded shipment documents to the buyer/ buyer’s bank.
    • Clean ocean bill of lading in seller/ buyer’s name as consignees.
    • Loaded vessel lines B 30-day charter party agreement and invoice payment by the 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).
    • Title warranty in the buyer’s name.
  10. Vessel sails out of Rotterdam port, Netherlands 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 – 10 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 -four million barrels monthly.