CIF ASWP PRICES & PROCEDURES
FOR BONNY LIGHT & EQUA IBOE CRUDE OIL
BLCO & EQA IBOE CRUDE OIL / CIF PRICES
1- BONNY LIGHT CRUDE OIL (BLCO) API 34 TO 37
Quantity: Minimum: 2,000,000 every 15 days
Maximum: 4,000,000 BBLS per month
Price: PLATTS - 5 (has separated procedures)
Commission: $ 0.50 / $ 0.50 USD per barrel.
2- EQA IBOE CRUDE OIL API 35.2
TO BE CONFIRMED: Quantity: Minimum: 2,000,000 every 15 days
Maximum: 4,000,000 BBLS per month
Price: PLATTS - 5 (has separated procedures)
Commission: $ 0.50 / $ 0.50 USD per barrel.
CIF ASWP TERMS & PROCEDURES
FOR BLCO & EQUA IBOE CRUDE OIL
1. Buyer issues LOI with POF (letter from the company's Bank GM). Seller's Mandate sends Full Corporate Offer, and Buyer sends back his ICPO which must include 100%, the following terms and Procedures. LOI must also include the same Seller's Mandate Terms & Procedures without any omissions or add on.
(POF: signed and seal letter with contact info. from the Company's Bank General Manager, confirming that the Buyer has the funds to cover the first shipment).
2. Seller's signs SPA. Buyer shall within 24 banking hours, sign and endorse the SPA with his corporate seal. Both parties deposit copies with their respective Banks. The electronically-signed SPA is considered
legally binding on both parties.
3. NNPC/Terminal through their E-mail Domain send to the Buyer an endorsed letter of acknowledgement of receipt of signed SPA, as well as confirming Seller as the fiduciary agent to the Corporation as well as the consignee of the product in the named vessels.
4.Upon satisfactory vetting, and verification of Seller's ATS & NNPC letter of acknowledgement;
4a. Buyer issues pre-advice indicating interest to issue
instrument for total cargo. Fiduciary Bank will respond by
pre-advice that they're ready to receive the instrument. Then the
Buyer's Bank will go ahead and issue either
MT799 blocks funds or MT760 SBLC for the total cargo to NNPC
nominated fiduciary account.
NOTE: If buyer gives MT760 SBLC non operative Seller will give
cash backed 2% performance bond.
NOTE: For MT799 BF, the money is being blocked in Buyer's
account in favor of the Seller and no money is
leaving your account for any reason until after Q&Q analysis or
DIP TEST.
5. After confirming the instrument and Buyer confirms the 2% performance bond, Seller pays for the NOR/ATB to be issue from the vessel or issues shipment schedule for first month delivery of 2 million barrels shipment. Next shipment schedule comes before payment of last delivery. The Buyer shall nominate CIQ as inspection agent to perform the Quality & Quantity test.
6. NNPC/Seller issues confirmation letter on receipt of instrument to Buyer.
7. Seller ensures that the cargo is documented, registered and obtain Certificate of Ownership/Tittle of Warranty.
8. Vessels sails to Buyer's storage location for discharge.
9. Buyer conducts inspection on vessel upon arrival and get CIQ report.
10. Within 72 hours after discharge of crude oil at Buyer's port of destination/storage, the Buyer pays for the crude oil as per the final CIQ report issued by independent inspector at the report of discharge.
11. Payments are made by MT103/SWIFT wire transfer directly to the Seller's authorized beneficiary nominated bank accounts and commission agents as stipulated in the IMFPA in this contract within 72 hours after product delivery to Buyer’s nominated port of discharge against presentation of stated shipping documents, CIQ Reports, Commercial Invoice etc. (Non-Negotiable copies) at Buyer's Bank.
12.NNPC confirms receipt of the payment of Buyer's MT103 at Nominated Bank Account, NNPC shall release the required Quantity of BLCO to Buyer by issuance of new "Ownership Tittle Certificate" in Buyer's name.
13. Upon completion of first 2,000,000 barrels delivery successfully, both parties mutually agreed to renegotiate for the next transaction which follows for one year contract.
If you are interested on any of our offers; please request from us a formal SCO by sending us an email at
Thank you very much for your interest on our Petroleum Products.
