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      You are in ::  Home > Crude > Read
Crude Oil Read
Sell :: 765
Buy :: 147
News :: 29
Count : 54
2 Million Barrels of BLCO at Yellow water in China North. Price is $12 less $4 2018-10-12
 
PROCEDURE
I. BUYER SIGN AND SEAL THIS CONTRACT AND RETURN BACK TO SELLER ELECTRONICALLY,AFTER TRACKING THE VESSELS.THE SIGNED CONTRACT COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE WITH
STORAGE FACILITY OR NOR/ETA FORMAT/ATB FORMAT TO SELLER.

UPON THE RECEIPT/CONFIRMATION OF VALID SELLER’S NNPC AUTHORITY TO SALE(ATS), BUYER SEND PRE-ADVICE TO SELLER’S FIDUCIARY BANK TO CONFIRM HER-SELLER’S BANK READINESS TO GIVE 2%PB WITHIN 48 HRS OF RECEIVING NON-OPERATIVE SBLC(MT760) COVERING THE QUANYITY OR NUMBER OF LOADED VESSELS REQUIRED BY THE BUYER.(SEE ATTACHED FORMAT)

THE SELLER’S/NNPC FIDUCIARY BANK CONFIRMS THE PRE-ADVICE AND EXPRESS HER READINESS TO RECEIVE THE NON OPERATIVE SBLC AND GIVE 2%PB AFTERWARDS.

BUYER’S BANK THEN GIVES NON OPERATIVE , IRREVOCABLE, UNCONDITIONAL, DIVISIBLE, TRANSFERABLE, CASH BACK MT760/SBLC BY SWIFT IN FAVOUR OF THE SELLER, WITHIN 72 HRS, ACCORDING TO SELLERS BANK VERBIAGE


SELLER’S FIDUCIARY BANK ON THE OTHER HAND SELLER GIVES BY SWIFT 2%PERFORMANCE BOND IN FAVOR OF BUYER TO ACTIVATE THE SBLC.

AFTER CONFIRMING THE INSTRUMENT AND BUYER CONFIRMS THE 2%
PERFORMANCE BOND(PB) ,SELLER PAYS FOR THE NOR/ATB TO BE ISSUED FROM VESSEL OR ISSUES SHIPMENT SCHEDULE FOR FIRST MONTH DELIVERY OF 2MILLION BARRELS SHIPMENT AND MOVE THE VESSEL/S TO GHANA WATERS FOR Q&Q ANALYSIS.NEXT SHIPMENT SCHEDULE COMES BEFORE PAYMENT OF LAST DELIVERY

NOTE THAT IF THE BUYER WANTS TO BOARD BEFORE ISSUING INSTRUMENT HE HAS TO TAKE CARE OF THE LOGISTICS AND NOR/ATB

NNPC/SELLER ISSUES CONFIRMATION LETTER ON RECEIPT OF INSTRUMENT TO BUYER.

SELLER ENSURES THAT THE CARGO DOCUMENTED ARE REGISTERED AND OBTAIN CERTIFICATE OF OWNERSHIP/TITLE OF WARRANTY

VESSEL SAILS TO BUYER’S STORAGE LOCATION FOR DISCHARGE


BUYER CONDUCTS INSPECTION ON VESSEL UPON ARRIVAL AND GET CIQ REPORT.

WITHIN 72 HOURS AFTER DISCHARGE OF CRUDE OIL AT BUYER’S PORT OF DESTINATION/STORAGE, THE BUYER PAYS FOR THE CRUDE OIL AS PER THE FINAL CIQ REPORT ISSUED BY INDEPENDENT INSPECTOR AT THE PORT OF DISCHARGE.

PAYMENTS ARE MADE BY MT103/SWIFT WIRE TRANSFER DIRECTLY TO THE SELLER’S AUTHORIZED BENEFICIARY NOMINATED BANK ACCOUNTS AND COMMISSION AGENTS AS STIPULATED IN THE IMFPA IN THIS CONTRACT WITHIN 72 HOURS AFTER PRODUCT DELIVERY TO BUYER’S NOMINATED PORT OF DISCHARGE AGAINST PRESENTATION OF STATED SHIPPING DOCUMENTS, CIQ REPORTS, COMMERCIAL INVOICE ETC (NON-NEGOTIABLE COPIES) AT BUYER’S BANK.


 
 Contact Information
Name   Mr. Isaac Olanrewaju 
Company   Member : Olalinks & Co Investment LTD 
Email   Log In to See Email 
   Inquire Now 
Tel   +2348038010111 
Fax   1111023444 
Mobile   +2348024469902 
Web    
IP   197.210.60.59 

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