We have 2 million barrels of Crude Oil, Direct from the Nigerian
National Petroleum Corporation (NNPC
It is a CIF transaction. We will attach the ATS (Authority to
sell) for your independent verification before placing the SBLC.
This is our procedure for Cost, Insurance and Freight (CIF)
transaction. We can enter 12 Months Contract upon successful conclusion of this
Spot. Our Discount is $12 Gross $8 Net
ARTICLE 19.
CIF PROCEDURE:
1. Seller issues Contract and ATS to Buyer.
2. Buyer and Seller sign/seal this contract Agreement and copies
sent to their respective banks, which is legal and enforceable.
3. Within 2-3 International Banking Days of having buyer signed
contract, Buyer’s bank shall send to seller’s bank a Swift MT-760 SBLC
As per APPENDIX A in favor of the seller covering the entire
monthly deliveries cost for the total contractual period of 12 months.
4. Within 3-5 days of
confirming buyer Swift MT7-60 SBLC; the vessels of 2.000.000 Barrels, will be officially
assigned in Buyer’s name as the consignee of product by the officer in Marine and
shipping department of the Nigerian National Petroleum Corporation (NNPC) Bonny
Terminal.
(Proof of Product) with the complete full set of original shipping
documents in favor of the Buyer including:
a) Original and Three Copies of Commercial Invoice.
b) Full Set of Three Original and non-negotiable Copies of Bill
of Lading.
c) One Original and
Three Copies of Certificate of Quantity.
d) One Original and
Three Copies of Certificate of Quality.
e) One Original and
Three Copies of Certificate of Origin.
f) One Original and
Three Copies of Master’s Receipt of Samples
g) One Original and
Three Copies for Master’s Receipt of each One -copy document
h) One Original Ullage
Report issued at loading Terminal.
i) One Original and Three Copies of Cleanliness Report at loading
Port.
J.) One Original and
Three Copies of Customs clearance certificate
K.) Charter Party Agreement (CPA)
L.) One Original and
Three Copies Certificate of Ownership & Warranty of Title.
5. Seller notifies
Buyer with copies within (48 hours) following the Agreement upon confirmation
of complete loading, then Nigerian National Petroleum Corporation issues to the
buyer and Managers/owners of the chartered vessels formal written permission to
the buyer to speak with each loaded vessel captains.
6. Seller notifies Buyer
with the vessel particulars/crew-list (Q88) and location with Master’s official
written confirmation to the buyer.
7. Buyer confirms the
vessels with the owners/Managers and opens full communication with the each vessel
captain to confirm the cargo of 2,000,000 Barrels and captain issues Authority To
Board (ATB) to the Buyer, inviting buyer’s inspectors/agent on-board loaded vessels
to carry out the Q&Q inspection. Upon confirmation of Q&Q inspection, each
vessel captain shall issue Estimated Time of Arrival (ETA) and Notice of Readiness
(NOR) to buyer exit Refinery ports.
8. Buyer takes over the
cargo 2,000,000 Barrels with the Ownership and Warranty of Title, as the consignee
with full set of the shipping documents.
9. Payment is made to seller and intermediaries by Swift Wire
Transfer via Swift MT103 within 48 hrs through account details stated in this SPA
which is presented with the Commercial Invoice after Q&Q ascertained by buyer’s
inspection agents and discharge completed against Presentation of the original shipping
documents to the buyer.
Dr Eze
