Bonny Light Crude Oil

Product Details

PRICE: Dated Brent minus $14 gross/net $10 per bbl to buyer

PROCEDURE FOR THE BLCO TTO GHANA - LOME - COTONOU - NIGERIA

1A). Seller issues signed SPA and Buyer signs and returns with his International Passport Copy, Company Registration Certificate, CIS, NOR/ETA/ATB Format and Shipping Agent's details.

1B) Seller, upon receiving Buyer-signed SPA, sends his Company Registration Certificate, International Passport Copy and his 2023 NNPC Allocation Authority To Sell (ATS) Letter to buyer.

2. Banking Process in chronological order/time sequence:

2a) Buyer's prime bank issues Pre-Advice via SWIFT MT705 stating RWA to issue DLC MT700.

2b) Seller's nominated bank responds and issues non-operative 2% Performance Bond (PB) to Buyer's bank.

2c) Buyer's bank responds and issues DLC MT700 valid for contract duration of 366 days to activate the Seller's 2% PB.

2d). Seller confirms the DLC MT700 and the Non-operative 2% PB becomes operative/activated.

3. Seller charters and loads exclusive vessel, issues full set of cargo documents to Buyer in Buyer's name as the Consignee of Record

4. Seller instructs his loaded Vessel Captain to move vessel to Buyer's Port at agreed Takeover Point with periodic NOR/ETA to the Buyer and Buyer's Takeover Port/Tank Agent

5. At the Takeover Port, Buyer's Shipping Agent clears vessel and pays Port and Custom charges while the Captain issues Authority To Board (ATB) to enable Buyer's Independent inspector perform Q&Q at a mutually agreed location.

6 Upon successful conclusion of Q&Q Analysis Inspectors release Report to both parties while Seller issues Commercial Invoice (CI) to buyer based on the exact Q&Q figures for payment.

7.. Within 72 banking hours, Buyer releases full payment for the cargo via MT103 cash wire into Seller's nominated bank account against Q&Q Report, Commercial Invoice and original cargo documents in buyer's name.

8. Buyer pays commissions to all agents/intermediaries involved as per the IMFDA in the SPA simultaneously as he pays the Seller.

9. Seller introduces Buyer to vessel handlers/managers for voyage charter to Buyer's final destination port of discharge.

10. Seller commences subsequent shipments on simple DIP/CI/PAY basis at Buyer's Takeover Port

Only request for SPA, only when buyer has accepted the procedure fully