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      You are in ::  Home > Crude > Read
Crude Oil Read
Sell :: 527
Buy :: 154
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Count : 256
CIF URGENTLY NEEDED AT $10/6 TO CHINA PORT 2018-06-13
 
Transaction Procedures for CIF Qingdao or A Safe Port in China :

1. Seller issues signed/sealed Draft SPA included Banking details, Legal Representative's Passport-Copy and Certificate of Incorporation to Buyer.

2. Buyer signs/seals & returns Draft SPA after inserting Banking details, Legal Representative's Passport-Copy and Certificate of Incorporation to Seller.
Note: (Electronic SPA Contract shall be deemed with legal force).

3. Within 3-5 days upon conclusion of SPA Contract, Seller via his bank issues Pre-advice via SWIFT-MT799 to Buyer bank stating readiness to issue 2%pb upon receipt of buyer SBLC of $100m.

4. Within 3-5 days upon confirmation & verification of MT799 Pre-advice swifted from Seller bank, Buyer nominated Fiduciary bank issues MT760-SBLC for Trial 2 Million barrels value covering 30 days to Seller bank as the verbiage agreed by both parties’ bank officers.

5. Within 3-5 days upon receipt of MT760-SBLC from Buyer nominated bank, Seller bank issues 2% PB of the SBLC value covering30 days via MT760 SWIFT. Simultaneously Seller via his bank Officer provides P/POP including ATS and Export documents issued by NNPC to Buyer bank Officer via email
.
6. Seller then nominates a Loaded Vessel floating near China water for Trial 2 Million barrels delivery, and prepares all the cargo documents in Buyer name and the Nominated vessel’s one way voyage charter agreement to Buyer Port of Destination (POD).

7. Seller furnishes Buyer with copies of the CPA, Q88 and issues full shipping cargo documents in Buyer name from NNPC to Buyer. and below Full POP shall be also presented by the Seller bank to the Buyer bank.
- FULL SET CLEAN ON BOARD OCEAN BILL OF LADING. THESE DOCUMENTS MUST BE ISSUED OR ENDORSED TO THE ORDER OF THE BUYER’S BANK AND MARKED “FREIGHT PAID PRIOR TO BREAKING BULK”. THE BILL MUST ALSO EVIDENCE THE SHIPPING DATE, INTENDED DESTINATION, SHIPMENT FROM BONNY TERMINAL NIGERIA AND NAME OF PRODUCT AND MUST BE MANUALLY SIGNED BY THE MASTER OF THE VESSEL.
- CERTIFICATE OF QUANTITY ISSUED BY INDEPENDENT INSPECTORS AT THE PORT OF LOADING IN ORIGINAL AND THREE (3) SIGNED COPIES.
- CERTIFICATE OF QUALITY ISSUED BY THE INDEPENDENT INSPECTORS AT THE PORT OFLOADING IN ORIGINAL AND THREE (3) COPIES.
- CERTIFICATE OF ORIGIN IN ORIGINAL AND THREE (3) COPIES.
- CERTIFICATE OF AUTHENTICITY IN ORIGINAL AND THREE (3) COPIES.
- TANKER ULLAGE REPORT IN ORIGINAL AND THREE (3) COPIES.
- TANKER TIME REPORT IN ORIGINAL AND THREE (3) COPIES.
- CARGO MANIFEST IN ORIGINAL AND THREE (3) COPIES.
- SELLER’S COMMERCIAL INVOICE BASED ON OUT-TURNED BARRELS IN ORIGINAL AND THREE (3) COPIES.
- MASTER’S RECEIPT OF NON-NEGOTIABLE DOCUMENTS AND SAMPLES.
- (ALL NECESSARY DOCUMENTS WILL BE GIVEN TO BUYER FOR PAYMENT INCLUDED CIQ REPORT ISSUED ATTHE BUYER POD).

8. Loaded vessel captain issues a NOR/ETA to Buyer and Buyer’s Shipping Agency via email at POD and sets sail for POD, and simultaneously buyer arranges for independent inspection team to send e-mail to the Seller of their readiness to conduct Q&Q at buyers POD.

9. Buyer conducts Q&Q via CIQ after discharge the Trial 2 Million barrels products to Buyer Oil Tank by his own expense and the CIQ inspection report shall be submitted to both of Seller and Buyer for the Payment. Buyer shall make payment to Seller bank account via MT-103/TT within 3~5 banking days after receipt of CIQ report along with C.I (Commercial Invoice) issued by the Seller at the Buyer bank. and all the original cargo documents shall be transferred to the buyer.

10. Buyer pays commission to all intermediaries/agents bank accounts as stipulated in the signed SPA pay order after product discharge at Buyer’s nominated port of discharge Oil Tank and receipt of the Full Payment from the Buyer.

11. If Buyer fails to receive the whole set of POP documents for Trial 2 Million barrels loaded shipment from the Seller in 30 days after having issued Transferable, Divisible SBLC, the Buyer’s bank shall timely revoke the Transferable, Divisible SBLC issued and shall inform the Seller the SBLC issued being null and void. {But however, if Seller fails to provide the whole set of POP documents for loaded shipment in 30 days after having issued Transferable, Divisible SBLC, the Buyer bank shall confiscate Seller 2% PB of $ XX Million USD as compensation}.

12. Within 3-5 Banking days after successful Trial 2 Million barrels delivery, the Buyer issues Revolving MT760-SBLC of 2 Million barrels value covering 366 days for guarantee of monthly 6 Million barrels buying for 12 months, then Seller issues Revolving 2% PB of the value of SBLC covering 366 days by MT760 Swift. And monthly 6 Million barrels is delivered 3 times by 1-vessel loaded 2M bbls per each 10 days in a same month (3 times X 2M bbls = Total 6M bbls) for 12 months.

13.PENALTY CLAUSE : Buyer will pay the sum of $100,000 to seller if fail to Swift the SBLC to seller with 3-5 days after receipt of seller issued preadvise. Seller also pay the sum of $100,000 if fail to preadvise withing 3-5 days after sign spa to buyer.

Thanks
Peter
goe007@yahoo.com
08091505682

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