OUR SALES PROCESS IS STRICTLY BANK TO BANK COMMUNICATIONS ONLY.
Bonny Light Crude Oil sales at Rotterdam port, Netherlands for Suppliers 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 comfort letter addressed to Seller’s bank.
- Buyer’s bank attestation to confirming payment confirming payment would be made within 48-hours after inspection has been concluded at the tank farm and the oil quantity required is confirmed physically available.
- Buyer’s inspection team or inspection agency details to carry out physical quality and quantity inspection at the seller’s tank farm at Rotterdam port.
- The seller’s bank sends to the buyer’s bank official access on seller’s letterhead stating the following addressed to the Buyer:
- Tank farm name and location at Rotterdam port.
- Product quantity confirmation available of injection.
- Authority to verify (ATV) by Buyer’s inspection agency.
- Buyer’s inspection agency is granted unrestricted access to tank farm to inspect and verify product under the supervision of the farm owners.
- After satisfactory dip test by the buyer’s inspection agency, on-behalf of seller, the seller’s bank sends commercial invoice stating the following:
- Quantity to be sold to the buyer at Brent Platt price per barrel of the day to the buyer’s bank.
- The empty vessel details the bonny light crude oil quantity required would be injected into after quantity payment has been confirmed.
- The buyer’s bank makes payment by MT103 or TT wire transfer to the seller’s bank.
- Seller’s bank confirms payment, then within 48-hours the bonny light crude oil quantity is injected into the empty vessel.
- The seller’s bank sends the following loaded shipment documents to the buyer’s bank.
- Clean ocean bill of lading in seller/ buyer’s name as consignees.
- 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.
- Title warranty in the buyer’s name.
- Vessel sails out of Rotterdam port, Netherlands 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 – 11 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 or four million barrels monthly.