CIF Procedures

Bonny Light Crude Oil CIF Procedures

PRODUCT SPECIFICATION AND REQUIREMENT
1)    Product: Crude
2)    Name: Nigerian Bonny Light Crude Oil  (NBLCO)
3)    Country of origin: Nigeria.



We have two (2) million barrels of Crude Oil, Direct from the Nigerian National Petroleum Corporation (NNPC

It is a CIF transaction.

1. Buyer issue irrevocable purchase order ICPO with corporate registration of Buyer Company and company profile. With confirmable Proof of Fund (POF)

2. Seller SCO with Proof of Product (POP), issues the Contract for review and endorsement by the buyer.

3. Buyer’s bank issues pre-advice to Seller’s account via MT799, confirming readiness to swift operative STANDBY LETTER OF CREDIT (SBLC) or BANK GUARANTEE (BG) via SWIFT MT760 for the entire quantity value of the spot lift from Seller’s tanks/vessel, and for Seller to lodge and activate a 2% PB (Performance Bond/ Performance Guarantee in favor of the Buyer.

4. Seller’s bank issues pre-advice confirming readiness to activate the SBLC / BG with a 2%PB.

5. Upon confirmation, within twenty–four (24) hours, Buyer’s bank swift confirmed, operative SBLC / BG by swift via MT760 in favor of the Seller, Seller issues 2% PB.

6. Subsequently Seller ensures that the cargo is registered and programmed in buyers’ name. Seller provides cargo documents programmed in Buyer’s name for the loaded vessel which includes:

• Clean Ocean Bill of Lading, One (1) Original and three (3) copiers.

• Seller’s Commercial Invoice, One (1) Original and three (3) copies.

• SGS/SAYBOLT Certificate of Quality and Quantity, One (1) Original and three (3) copies.

• Certificate of Origin, One (1) Original and three (3) copies.

• Cargo Manifest

• Charter Party Agreement

• Vessel Ullage report.

• Vessel Q88

7. Seller issues periodic NOR/ETA for the buyer to prepare clearance for seller’s vessel at Buyer’s POD. At POD, Seller’s Captain Issues a Marine ATB and invites Buyer’s inspectors to board seller’s loaded vessel, at buyer’s cost, to conduct Quality and Quantity.

8. Upon satisfactory SGS Quality and Quantity report, the buyer makes payment via MT103 OR TT wire transfer to seller designated account for the total product available.

9. Seller changes the title of ownership of the product to buyer’s name and changes the POP documents to the name of the buyer, Henceforth the buyer is the owner of the product.

A. Bill of lading

B. Certificate of origin

C. Certificate of analysis Report

D. Certificate of Q&Q (SGS or equivalent)

E. Seller’s commercial invoice

F. Vessel ullage report

G. Cargo Manifest

H. Title

NOTE: BLOCKED FUNDS Via MT799 WILL ALSO BE ACCEPTED, 2% PBG WILL NOT BE AVAILABLE FOR THE BLOCKED FUND OPTION.

•    Technical Specifications
BONNY LIGHT (BLCO) 
Specific Gravity: 0.8459.
Water Content: 0.2% Vol. Max
BSW: 0.6% Vol., max.
Pour point: Below 40 Degree F. max
Salt: LB per 1,000 bbl, 12, max
Total Sulphur, wt%: 0.14 max
Reid Vapor Pressure: 6.52 PSIG, max
Carbon Residue, wt%: 1.0, max.
VINI, PPM wt:, 2.0
Vis, cst @ 37.8 Deg C.: 3.47, min.
Yield C1-C4 wt%: 2.10



You may use the Contact form at the Top Right hand corner on the Screen to contact us, and we will get back with you promptly    

BONNY LIGHT CRUDE OIL (FOB) PROCEDURES


ARTICLE 23.      PROCEDURES:
 23.1    SELLER ISSUES CONTRACT FOR BUYER’S REVIEW, AND (FORM C12/CIS) TO BUYER FOR COMPLETION.
 23.2   BUYER, INITIALS AND SIGNS THE CONTRACT, COMPLETES AND RETURNS (FORM C12) ALONGSIDE THE CONTRACT TO THE SELLER.
23.3 (ELECTRONICALLY TRANSMITTED COPIES SHALL BE DEEMED ORIGINAL AND BINDING).
23.4      SELLER PROVIDES THE TEXT (VERBIAGE) FOR THE LETTER OF CREDIT (MT760). 
23.5      BUYER PROVIDE DETAILS OF CHARTERED VESSEL, 1- 2- MILLION BARREL (VLCC) VESSEL AND FURNISHES SELLER WITH HIS CHARTER DOCUMENTS.
23.6     BUYER PLACES SBLC, COVERING A FIRST SHIPMENT, WHICH STAYS IN PLACE FOR THE REMAINDER OF THE CONTRACT.
23.7      BUYER RESPONSIBLE FOR INWARD AND OUTWARD CLEARANCE OF BUYER’S VESSEL AND VESSEL IS CALLED INTO PORT FOR LOADING.
23.8      SELLER PROGRAMS BUYER’S NOMINATED VESSEL FOR LOADING IN ACCORDANCE WITH THE GIVEN ETA IN THE NAME OF BUYER AS OWNER AND CONSIGNEE OF THE CARGO.
23.9      VESSEL IS LOADED IN BUYER’S NAME AND FULL DOCUMENTATION IS ISSUED IN THE NAME OF BUYER AND SOFT COPIES SENT TO BUYER.
23.10   WITHIN 24 HOURS AFTER A SUCCESSFUL Q&Q, BUYER’S BANK PAYS FOR THE PRODUCT VIA MT103 WIRE TRANSFER.
23.11   ALL ORIGINAL COPIES OF CARGO DOCUMENTS ARE HANDED OVER TO BUYER AND HIS VESSEL SAILS TO HIS DESTINATION.
23.12        SHIPMENT AND DELIVERY IS EFFECTED TIMELY.