Bonny Light Crude Oil sales at Rotterdam port, Netherlands for Suppliers only.
Trial injection into vessel transaction process:
- Detailed sales offer is sent to the buyer.
- Buyer sends the following:
- Acceptance letter to sales process.
- Bank endorsed corporate purchase order.
- Bank guarantee confirming shipment payment would be made 48-hours after shipment is loaded and confirmed.
- Buyer’s inspection agency details.
- 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.
- Buyer’s inspection agency is granted unrestricted access to tank farm to inspect and verify product under the supervision of the tank farm owners.
- After satisfactory dip test by the buyer’s inspection agency, the seller gives commercial invoice to buyer.
- The buyer’s bank makes payment by MT103 or TT wire transfer to the seller’s bank.
- Seller nominates a two-million-barrel vessel from NNPC shuttle pool and pays 30-day charter.
- Within 48-hours the product is injected into vessel.
- Seller sends the following loaded shipment documents to the buyer/ buyer’s bank.
- Clean ocean bill of lading in seller/ buyer’s name.
- 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.
- 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:
- Buyer and Seller sign long term contract.
- Buyer’s bank gives required MT760-SBLC to Seller’s bank
- Process 3 – 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 -four million barrels monthly.