COMMODITY: BLCO

SPECIFICATIONS: Attached

QUANTITY: 6 million barrels for the 4th quarter 2012

DELIVERY/FOB: 50/100/140k MT b-weekly/Monthly depending on buyer capability.

MODE OF PAYMENT: Assignable BG/LC (TOP 50 WPB)

PRICE: Brent -/$10 gross, $7.00 net to buyer and $1.50 each to agents on both sides

INSPECTION: Buyer responsibility

INCOTERMS 2010: FOB

PRELIMINARY CONTRACT PROCEDURES:

1, Buyer and Seller sign and seal this Contract and exchange the signed copy by Electronic Mail. The Electronic signed copy by both parties is considered legally binding and enforceable.
2, Buyer returns the signed contract with vessel details which include CPA, Q88, Charter or Pre-charter Receipt and Authority to Load (ATL).
3, Seller in partnership with NNPC, upon receipt of the vessel details and confirmation of same, will issue a LAY-CAN/Terminal NOR by Fax or Telex directly to the Buyer’s vessel Captain to sail to Bonny Terminal for Loading.
4, Seller will guarantee the clearance of Buyers VESSEL in and out of Bonny Terminal.
Both Buyer and vessel captain will confirm LAY-CAN/NOR from Terminal Operators.
5, Buyer after receiving and confirming the Terminal NOR issues a conditional BG/LC for the full value of the cargo.
6, Seller in Partnership with NNPC Terminal, upon receipt of Buyer’s BG/LC will sent the JTF and Security Escort to meet Buyer’s vessel and escort the vessel into the Terminal for Loading after the Buyer Vessel captain replies with an ETA to Seller and NNPC TERMINAL OPERATORS.
7, Upon confirmation of loading, Seller will call on board super cargo and Buyer inspection agents for Q&Q.
8, Once inspection is completed to the satisfaction of the Buyer including the Bill of lading, warranty of title and original documents in buyer’s name. Buyer financial instrument will be then be activated for payment including agents’ commissions. Vessel then sails with JTF security escort and Super-Cargo on board to international waters onward buyer’s destination.

Phone ,07039111209