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      You are in ::  Home > Crude > Read
Crude Oil Read
Sell :: 856
Buy :: 188
News :: 22
Count : 46
2%PB TTO Ghana Direct Seller 2018-11-09
 


APPROVED T.T.O. PROCEDURES
$12/$8
1 Seller send signed SPA to the Buyer to be signed electronically, Buyer signs the SPA and
sends it back electronically with full all their banking details, ATB Format, and NOR/ETA
Format.
2 Buyer issues Preadvise for Bank Guarantee (BG) or SBLC of #100 million to request for
non operative 2% performance bond from seller. NOTE: Transaction ref must be stated in
the instruments.
3 Seller gives Non Operative 2% performance bond to buyer, and buyer's bank issues BG
of #100M (One Hundred Million Naira) to activate the performance bond.
4. Seller confirms and within 10 working days loads 2million barrels vessel and sends soft
copy to the buyer by electronic. Seller instructs vessel captain to Send NOR/ETA.
5. Seller moves vessel to Ghana, takes position @ 10-12nm, and makes announcement to
harbor master in Buyers name, Buyer and harbor master confirms and Buyer arrange
clearance for the vessel.
6. Seller confirms clearance and instructs vessel Captain to issue MATB at 10-12nm for
clearance & boarding of Buyers inspection team.
7. Buyer inspectors boards for confirmation and attestation and takes samples for Q & Q.
Upon positive Q&Q, Buyer's Bank immediately releases payment of the #100m (One
Hundred Million Naira) for logistics and likewise commence payment of total cargo less the
logistics to seller and all facilitators.
8. Seller changes all relevant cargo documents into buyer names and send soft copies to
buyer bank for confirmation and payment.
9. Seller upon confirmation of buyer full cargo payment instrument will introduce buyer to
vessel handlers or owners to enable buyer place full charter on the loaded vessel so as to
take over the vessel.
10. Vessel sail to buyer POD.
11. Next shipment begins.


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