Bonny Light Crude Oil

A buyer for BLCO needed Quantity: 2,000,000 barrels Allocation Price:$12 less 4 ($2 for buyers side, $2 for sellers side(closed) Transaction: TTT/TTO/tank farm delivery Interested parties PROCEDURE. 1. The buyer and seller execute sign and seal the agreement and exchange copies via facsimile or electronic mail. the electronically transmitted copy signed and sealed by both parties shall be considered legally binding and enforceable. Hard-copy instruments are not necessary but can be at the buyer or seller's request. 2.Buyer issues all necessary vessel details (Q88, ATL, CPA, CHARTER RECEIPT) as well as NOR FORMAT to the seller for verification. 3. Buyers bank(Must be among the prime banks) issues by swift a pre advise MT199 on buyer's readiness, willingness, and ability(RWA) to issue unconditional and none transferable BG/ to cover the cost of the total cargo to the seller. Seller's bank responds by swift on the seller's RWA to give cargo upon confirmation of the buyer's instrument. Buyer's bank immediately by swift issues BG/ by MT760 to seller's bank on total cargo. Answer back or tracer copy of the buyer's pre-advice and main instrument swift made be immediately forwarded to Seller simultaneously for confirmation and further action. 4. Upon confirmation of buyers' instrument, Seller issues complete cargo documents and transfers title(Warranty of title) to buyer and sellers loaded vessel captain issues NOR/ETA to buyer's receiving vessel and sails to the location of transshipment. Marine ATB is given to buyers supercargo/inspectors to board, sically confirm the product, and carry out quality and quantity inspection activities at the location of transshipment. 5. Buyer's supercargo and inspector board loaded vessel, supercargo confirms product while the inspector takes a sample for Q&Q analysis. 6. Upon the receipt of a satisfactory inspection report from the buyer’s independent inspection agency, the seller authorizes the discharge of cargo into the buyer's vessel. 7. Upon successful conclusion of the above, the seller transfers original shipping documents to the buyer/ buyer’s bank and the vessel captain as the case may be. 8. Payments are now released by MT 103 (swift transfer) into nominated bank accounts of the seller and all agents/facilitators. 9. Sellers's vessel departs back to loading port while the buyer's vessel sails to his destination, Next round of transaction starts.