QUANTITY AVAILABLE: 120 M BARRELS
DISCOUNT: GROSS $14/NET $10
COMMISSION: $4 -- $2/$2 SELLER'S SIDE CLOSED
DELIVERY: FOB BONNY TERMINAL
1. Buyer and seller, will sign this Special Purchase Contract (SPA) and exchange the signed copy by electronic mail. Buyer will fill out the CIS form in their letter head paper; along with Passport (form attached). The electronic signed copy by both parties is considered legally binding and enforceable.
2. Because this is an FOB transaction, Buyer will return this signed contract with valid vessels details, CPA, Q88, Charter Parties Agreement Charters Invoice / Receipt and Authority To Load (ATL).
3. Buyer and NNPC lodge fully executed contract in their banks.
4. Buyer’s bank send Swift MT799 pre-advice confirming their readiness to issue MT103/23 or SBLC via Swift MT103/23 or MT760 addressed directly to NNPC’s officially nominated receiving Fiduciary bank account by SWIFT, and email a copy directly from the Bank to us for a follow up:
5. Buyer sends readiness notification and NOR/ETA FORMAT and POP consignee Name (name to receive POP) to NNPC.
6. NNPC sends NOR and full cargo POP ATS through NNPC corporate email address to Buyer’s email address and to any other corporate addresses confirmed by Buyer.
7. Within 24 hours after confirmation, Buyer’s bank issues MT103/23 or SBLC via Swift MT103/23 or MT760 in favor of NNPC’s officially nominated Fiduciary name and deliver it to the Fiduciary’s nominated account by SWIFT and send copy to NNPC email.
8. NNPC AUTHORISE THE BUYER TO BE IN CONTACT WITH THE CAPTAIN OF THE VESSEL AS CABIN SATCOM AND WILL REMAIN OPEN ON AGREED WINDOW TIMES DECIDED BETWEEN BUYER AND VESSEL CAPTAIN.
9. NNPS ensures that the cargo is registered and programmed in the Buyer’s name after MT103/23 or MT 760’s confirmation. NNPC SENDS SHIPPING AGENT TO BUYER WITH REASSIGNMENT DOCUMENTATION.
10. NNPC or Buyer conducts inspection and release or get SGS report / CPA of the vessels / insurance certificate.
11. Vessel sails to port of discharge or nominated Buyer’s storage tanks.
12. Within 72 hours after discharge of crude oil at Buyer’s port of destination or to the Buyer’s storage tanks, the Buyer pays for crude oil as per the final CIQ report issued by independent inspector at the port of discharge.
Payments is made by Swift Wire Transfer MT 103 or Telegraphic Transfer directly to NNPC’s officially nominated receiving Fiduciary bank account stipulated in contract/SPA within 72 hours as well as commissions to Agents after Product delivery to Buyer’s nominated port of discharge against presentation of stated shipping documents, CIQ reports, commercial invoice, etc. (non-negotiable documents) at Buyer’s bank.
The initials of the contract for BUYER / NNPC has to appears on each page and shall acts as acceptance of the complete content for quantity, discount and procedures.
NOTE: BUYER'S SIDE IS NOT 100% OPEN. THEREFORE, DON'T MAKE CONTACT IF YOU HAVE ISSUE WITH THAT