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      You are in ::  Home > Crude > Read
Crude Oil Read
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Count : 353
BLCO: 2M BARRELS ON CIF, FOB AND TTO AVAILABLE FOR SERIOUS BUYERS ONLY 2019-03-10
 
FOB PROCEDURE:

I. Buyer & Seller sign and seal SPA contract and exchange the signed copy by
electronic mail. The electronic signed copy by both parties is considered
legally binding and enforceable.
II. Buyers send valid vessel details and corporate authority to load.
III. Buyers bank issues MT760 according to the Sellers/Buyers agreed approved text, upon confirmation of POF, Seller issues NOR for loading.
IV. Buyers inspector /supercargo on board of the loaded cargo for Q/Q after confirmation of Q/Q.
V. Buyer issue seller MT103 for the total cargo.
VI. Seller hands over all relevant documents of the loaded cargo to the buyer and vessel sail to POD.

TTO PROCEDURE:

1. Buyer and Seller sign and seal SPA with full banking information. The electronically signed copy is considered legally
binding on both parties. The parties shall deposit copy of the signed contract with their banks for record and information Buyer also
attached the complete details of his Super Cargo and Inspectors, Marine Authority to Board (MATB)/ Notice of Readiness (NOR) Format.
2. Within 72 hours of execution of this contract, the Buyers Bank issues a MT799 (BLOCK FUND) for Logistics to the Sellers
Nominated Bank and sends a scan copy of the instrument via an MT799 (BLOCK FUND) issue for cargo $300,000.00 to Sellers Nominated ( Bank for confirmation.)
3. Seller upon confirmation of the issued MT799 (Block Fund) for the sum of N100,000,000.00(One Hundred Million Naira, Only) the Sellers Nominated Bank, within 72hrs seller instructs Captain of vessel to issue marine NOR/ETA to Ghana Harbor Master in favor Buyers name, and sails vessel to 10-12 Nautical miles TEMA,Ghana waters for product confirmation, attestation report and final Q&Q analysis.
4. Upon vessels arrival at 10-12 Nautical miles TEMA, Ghana waters, the Captain of vessel makes announcement on behalf of Buyer to the
Ghana Harbor, and issues marine ATB/NNPC Clearance, whereas Buyers Agent obtains Ghana Clearance for Buyers Supercargo and Inspector
team to be boarded for product confirmation, attestation report and final Q&Q analysis.
5. Upon physical confirmation of product and receipt of duly endorsed attestation report by Buyers supercargo issued from the vessels
captain email domain been sent to both Buyer and Seller, and Inspector Team comes down, While Buyer supercargo remain on board.
with samples from vessel for Q&Q analysis, (AND UPON POSITIVE QNQ ANALYSIS RESULT), Buyer within 12-24 hours will instructs
his Bank to transfer a CASH amount of USD $500,000 for Logistics and documentation for each cargo of 2m barrels.
6. Upon successful Q&Q result and inspection company sends its copies of the report to both Buyer and Seller to enable Seller issue
Commercial Invoice based on calibrated barrels and quality of product on board the vessel.
7. Buyer within 48-72 hours less the CASH amount of USD $500,000
already paid to Seller for Logistics and documentation, and make
Direct SWIFT MT103 (wire transfer) payment for total cargo to the
Seller's nominated account upon presentation of final the trade
commercial invoice & original cargo documents issued in Buyers name
and/or Buyer Assignees name, including the ATS and other documents.
8. Payment of cargo is made to Sellers nominated account via MT103.

CIF PROCEDURE I

1) Seller and Buyer sign SPA and deposit same with their respective Banks. (E-mail and Facsimile copies shall be accepted as originals).
2) Buyers issues RWA swift to the sellers bank.
3) Seller confirms and loads vessel, Seller and the buyer as the Consignee on the shipping documents and sends same to the buyer for confirmation.
4) Upon receipt and confirmation of cargo documents buyer's immediately issue swift MT760 SBLC for this transaction, Seller confirms buyers instrument and issues both ETA and NOR.
5) Copies of CIF standard shipping documents will be made available to the buyer and with the following documents in buyers name which includes:
a. Clean on board ocean Bill of Lading
b. Certificate of Quality
c. Certificate of Quantity
d. Certificate of Origin
e. Vessel Ullage Report
f. Receipt of Samples
g. Cargo Manifest
h. Authority to Sell (ATS)
i. Seller Commercial Invoice.
6) Buyer shows evidence of receipt of payment to the inspector/ agents at the port of Discharge. Buyer shows proof of payment for tank farm facilities at port of Discharge.
7) Loaded vessel sails to buyers port of discharge.
8) Upon arrival at buyers port of Discharge, sellers vessel captain issues NOR to tender the vessels arrival and issues Marine ATB from his vessel domain via e-mail to the buyer.
9) Buyers appointed super cargo and inspectors board the vessel and conduct Quality and Quantity analysis test and the Result is tendered to both the buyer and seller.
10) Upon positive Q & Q Result, the crude oil is discharged into the buyers tanks.
11) Payment is made within three banking days by MT103 directly to sellers account by SWIFT for the total value of the crude oil and agents nominated accounts as stipulated in the SPA per out-turn barrel upon presentation at the counter of buyers bank all the originals of the shipping documents in the buyers name and sellers commercial invoice.

CIF PROCEDURE II

1. SPA / PFI is signed.
2. Buyer issues SBLC of Ten Million Dollars ($10,000,000.00).

3. Seller confirms SBLC of Ten Million Dollars ($10,000,000.00) and loads Cargo in buyers name and sends documents to buyer for verification.

4. Sellers Bank confirm SBLC and move Cargo to port of Discharge and issue ATB for Buyer super Cargo to board and discharge.

5. Buyer contracts SGS to conduct Dip test.

6. Buyer issue full invoice payment by MT103
and pay within 3 banking days after Q&Q report is done.

7. Confirm payments including
intermediarys accounts.

8. Handover Cargo Documents to Buyer.
 
 Contact Information
Name   Mr. Chime Umesi 
Company   Member : Cresgnock International LLC 
Email   Log In to See Email 
   Inquire Now 
Tel   +16783922929 
Fax   +14697788028 
Mobile   +2348129555772 
Web   www.cresgnock.com 
IP   47.184.176.90 

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