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Count : 582
BLCO SALE IN CHINA (STORAGE) TANK FARM - BY NNPC/JVO BONNY / FORCADOS TERMINAL 2019-05-19
Download the attached file : NNPC_SOLUCITY TANK FARM CONTRACT NEW AA1 (2).doc
File Name   NNPC_SOLUCITY TANK FARM CONTRACT NEW AA1 (2).doc
File Type   application/msword
File Size   200192 bites
 
DETERMINATION OF QUALITY AND QUANTITY:

QUANTITY & QTY TO BE ASCERTAINED BY AN INDEPENDENT INSPECTOR APPOINTED BY THE BUYER AT THE LOADING POINT HIS CERTIFICATE OF QUALITY AND QUANTITY SHOULD BE JUDGED AS THE FINAL QUANTITY AND QUALITY OF THE OIL DELIVERED IN TO THE BUYERS TANKER AND THE PAYMENT WILL BE ISSUED ACCORDING TO IT.UALI


The Discount shall be $10.00 US Dollars gross below DTD Brent and US$4.00 USD net to Buyer


$3.00 USD to BUYER MANDATE / FACILITATORS – OPEN

$1.00 USD to TRANSACTION CONSULTANTS - CLOSED

$2.00 to SELLER MANDATE / FACILITATORS - CLOSED

COMMISSIONS: SELLER TO PAY BROKERS ACCORDING TO IMFPA AGREEMENT.



PROCEDURE

Both parties sign and return/lodge SPA with their respective banks.

Seller issues provisional W.O.T/NNPC Tank farm storage, Customs Report, Simple Inspection Report in Chinese, Chinese TSR and Tank Farm Manager/ Tank Farm Operator phone number and email.

Buyer verifies product through NNPC Bonny Terminal China Tank Farm Manager/Tank Farm Operator by phone and email.

After proper confirmation, buyer places instrument for the entire cargo MT199/MT799

Buyer then books an appointment to meet with Tank Farm Manager in China for a face to face TTM meeting.

After successful TTM, BUYER issues within 5 banking days via swift MT799/MT103-72 in favor of the SELLER for total transaction value

NNPC officially releases Chinese custom endorsed TSR (tank storage receipt) and WOT (warrant of title) in the name of the buyer and sends the dip test authorization (DTA) license to buyer.

The buyer shall nominate CIQ as inspection agent to perform the quality and quantity tests.

Within 3 banking days, buyers inspectors (CIQ) shall issue inspection report, the location of CIQ being taken place will be the bonded tank farm at the Qingdao off shore tank farms locations.

Within 5 banking days after CIQ Q&Q report have been released to both parties, buyer pays the total cost of product upon seller having submitted full shipping documents along with commercial invoice and CIQ Q/Q reports via MT103 to seller/NNPC nominated fiduciary bank account.

NNPC confirms receipt of the payment of buyers MT 103 at nominated bank account, NNPC shall release the required quantity of BLCO to buyer by issuance of new ownership title certificate in buyers name.

SELLER pays commission to all Agents/Intermediaries per IMFPA listed in the SPA

Buyer shall take delivery of the quantity of BLCO from storage tank with NNPC ownership title certificate.

Upon completion of first 2,000,000 barrels deliver successfully, both parties mutually agreed to renegotiate for the next transaction which follows for one year contract.


NB. All the logistics will be deduct from the main money

Please see the SPA hereto attached.






 
 Contact Information
Name   Mr. Istvan Tiszai 
Company   Member : Szeder Enterprises 
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