BONNY LIGHT CRUDE OIL (BLCO) CIF DELIVERY ASWP REFINERIES / END BUYERS SOFT OFFER: 2 MILLION BARRELS BLCO CIF EUROPE / USA PRICE: PLATT MINUS $3.00 Net PAYMENT: MT103 / DLC CIF PROCEDURES 1.BUYER SENDS A LOI/ICPO TO SELLER FOR SELLER TO SEND SPA 2.BUYER AND SELLER EXECUTE AND SEAL THIS AGREEMENT, AND EXCHANGE A FACSIMILE (EDT) COPY BY FAX OR ELECTRONIC MAIL. THE ELECTRONICALLY TRANSMITTED COPY, SIGNED BY BOTH PARTIES IN COUNTERPARTS, SHALL BE CONSIDERED LEGALLY BINDING AND ENFORCEABLE. THESE SIGNED ELECTRONIC COPIES SHALL BE LODGED WITH THEIR RESPECTIVE BANKS. 3.BUYER PROVIDES COMPLETE DETAILS OF THEIR PORT OF DISCHARGE FULL DETAILS FOR N.O.R. 4.SELLER SENDS PROFORMA INVOICE TO THE BUYER FOR THE LIFTABLE QUANTITY FOR THE BUYER TO SIGN SEAL AND RETURN TO SELLER 5.SELLER LOADS VESSEL AND SENDS POP (ATB FOR DIP TEST, SGS REPORT AND SHIPPING DOCUMENTS) TO THE BUYER. 6.WITHIN 48 HOURS UPON RECEIPT OF POP, BUYER DIPS AND PAY VIA SWIFT MT103 OF THE CARGO TO THE SELLER’S DESIGNATED BANK. 7.MASTER OF VESSEL SHALL SEND E.T.A. / N.O.R. TO BUYER’S DISCHARGE PORT MAKING HER AVAILABLE TO BUYER. 8.VESSEL SAILS AND ARRIVES AT THE DISCHARGE PORT TO DISCHARGE CARGO INTO NOMINATED TANK FARM STORAGE(S). TRANSACTION DURATION: AFTER SUCESSFUL CONCLUSION OF THE FIRST TRANSACTION, ADDITIONAL 11 MONTHS DELIVERY WILL FOLLOW WITH ROLLS AND EXTENSION 2 MILLION BARRELS PER SHIPMENT X 12 MONTHS ONLY END BUYER . |