QINGDAO OFF SHORE TANK FARM PROCEDURE.
1. Both parties sign and return/lodge SPA with their respective banks.
2. Seller issues provisional W.O.T/NNPC Tank farm storage documents.
3. Buyer verifies product through NNPC Bonny Terminal China Tank Farm Manger/Tank Farm Operator by phone and/or email.
4. Buyer makes payment of reassignment fee of $250,000.00 or MT 760 SBLC or MT 799 block fund to NNPC nominated fiduciary account
5. Seller/NNPC confirms the reassignment fee of $250,000.00 or MT 760 SBLC or MT 799 block fund to NNPC nominated fiduciary account.
6. 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. Buyer then books appointment to meet with Tank Farm Manager in China for a face to face meeting.
7. The buyer shall nominate CIQ as inspection agent to perform the quality and quantity tests.
8. Within 3 banking days, buyers inspectors (CIQ) shall issue inspection report, the location of CIQ
being taken place will be the bonded tank farm Qingdao off shore tank farms locations.
9. 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.
10. 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.
11. Buyer shall take delivery of the quantity of BLCO from storage tank with NNPC ownership title certificate.
12. Upon completion of first 6,000,000 barrels delivery successfully, both parties mutually agreed to renegotiate for the next transaction which follows for one year contract.
Price: $7 gross $3 commission for seller/buyer agents and facilitators