Please only contact me if your buyer can follow the following procedure
14/5 $9 Net to Buyer / $2.50 Buyer Commissions / $2.50 Seller Commissions closed
( 500 Million or One Billion Barrels PLUS + )
1. Seller sends Sales Purchase Agreement (SPA) to Buyer & Buyer enters their information where necessary and signs the Agreement and returns to seller within 4 Days. Within 24 Hours Seller shall give Buyer Letter of Confirmation and Acceptance. The electronically signed copies by both parties are considered legally binding and enforceable inclusive of the payment indemnity for Commissions and NCNDA .
2. The signed/sealed SPA by both parties is expected to be lodged in each party’s bank. Within 24 Hours Seller sends CIS document with authority to verify funds to buyer for buyer to complete. Seller also sends buyer necessary information to complete a Letter of Intent LOI. The purpose of the CIS/POF is for the NNPC to schedule an appointment upon approval. The purpose of the LOI is to enable the NNPC to release allocation transaction details for the Buyer and for the Buyer to prepare their Instrument before confirmation and verification at the NNPC designated Offices.
3. Within 48 Hours the Buyer completes the CIS with Authority to Verify Funds and the LOI and sends to Seller.
a) Buyers’ LOI must state: 1) Demand for Quantity of BLCO Requested 2) Request for Authority to Place Instrument, 3) Request for NNPC Fiduciary Account to Place Instrument, and 4) Buyer is Ready, Willing, and Able to purchase the Amount of BLCO requested. The LOI must also provide the Buyers’ email and Buyers’ Mandate email.
4. Seller immediately confirms Buyer’s CIS/POF. In coordination with Buyer, Seller invokes the NNPC to set an appointment for Confirmation and Verification of Allocation PFI Details at the NNPC designated Offices at the first available appointment date and time given by the NNPC.
a) Buyer and Seller and all their representatives must personally appear to the appointment at the date and time given at the NNPC designated Offices. Buyer must bring valid financials and up to date proof of Funds and Bank Capability Document. Buyer must be prepared in advance with their financial institution to place Instrument at the appointment immediately after Confirmation and Verification.
5. Upon successful confirmation/verification of allocation PFI details, Buyer shall initiate and establish communication with their financial institution and block fund MT760 / Standby Letter of Credit according to the signed and sealed SPA and/or to the provided NNPC Fiduciary Account to enable re-assignment of the Allocation in the Buyer’s name or Principal / Off-Taker.
6. Upon confirmation of blocked funds by Buyer’s financial institution, re-assignment of allocation is conducted in conjunction with the Seller by the NNPC for the total quantity of allocation signed and sealed for within stipulated time according to NNPC policy/guidleines for re-assignment.
7. After the re-assignment, soft copy of the re-assigned allocation in the name of the Buyer is released to the Buyer/Buyer’s bank for confirmation/verification.
8. Upon successful confirmation/verification of allocation documents by Buyer, Buyer’s bank and representatives, Buyer is to immediately unblock funds and effect payment by swift via MT103 or any other approved financial instrument accepted by NNPC and payment is made to all Seller/Buyer intermediary facilitators/accounts according to Payment schedule as set forth in SPA or attached IMFPA.
9 Upon confirmation of payment to all concerned accounts, Allocation Hard Copy Documents and other related documents are released to the Buyer. Laycan dates and roll over ( or Lifting Right Documentation ) are issued through the Seller to the Buyer or Buyer’s approved representative for preparation of programming of vessels and lifting.
10. Buyer is responsible to handle vessels, loading and lifting process, and Lifting on their own in coordination with the NNPC.