Bonny Light Crude Oil sales at Rotterdam port, Netherlands for Suppliers only.

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 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.
  5. 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.
  6. Buyer’s inspection agency is granted unrestricted access to tank farm to inspect and verify product under the supervision of the farm owners.
  7. 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.
  8. The buyer’s bank makes payment by MT103 or TT wire transfer to the seller’s bank.
  9. Seller’s bank confirms payment, then within 48-hours the bonny light crude oil quantity is injected into the empty vessel.
  10. 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.
  11. 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:

  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 – 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.