MAZUT Sellers Published date: July 23, 2014 Modified date: July 23, 2014

M100,JP-54-BBL,D2,D6,GASOLINE(octagone),JA1-BBL,PALM METHYL ESTER(BIO DISEL AND BIO FUELS),OIL Fuel CST/IFO 380-MT

PROCEDURE:

a) Seller issues Sales Purchase Agreement. (S.P.A), Buyer sign's and return with port of discharge and NOR detail.

b) Buyer’s bank contacts sellers’ fiduciary bank via pre-advice (SWIFT MT-199) indicating readiness to issue SBLC upon receipt of seller’s non operative 2% Performance Bond.

c) Seller places non-operative 2% Performance Bond and buyer’s bank will automatically issues standby letter of credit to seller.

d) Seller nominate Laycan (Programming), Loads and commences movement
of vessel to buyer’s discharge Port and avails buyer full set of loading documents .

e) Seller authorizes Vessel Captain to give Notice of Readiness (N.O.R/ETA) to buyer’s discharge Harbor/Tank.

f) Seller issues Authority to Board (ATB) to enable buyer’s independent inspector’s board for Quality and Quantity (Q&Q) analysis at agreed designated location.

g) On successful conclusion of Q&Q analysis, buyer issues SWIFT MT-103/23 to seller’s Bank for confirmation.

h) All Original Cargo Documents shall be transferred to Buyer's name.

i) Transshipment to buyer's Storage Tank commences.

j) Payment for product and commissions is released to seller's nominated bank; 72 hours after transshipment of product PORT Of at out turn barrels upon presentation of the transaction documents at buyer’s bank.



PROCEDURES: 2MILLION BARRELS BLCO
TTT PROCEDURE (STS-SHIP TO SHIP)

• Buyer/seller sign SPA electronic copy is acceptable while hard copies in triplicate. Buyer forwards the details of a nominated vessel together with a copy of the invoice from vessel handler.

• buyer send swift MT799 to sellers bank stating readiness to post full SBLC upon receipt of sellers 2%pb. Upon receipt of swift message,
Seller provides a 2% performance bond to cover the vessel charter
expenses/cost.

• Buyer forwards vessel particulars (Q88, CPA, Charter receipt ) ,
a formal Authority to Load vessel (ATL) together with an Irrevocable
Payment undertaking from the Head Office of a top Nigerian Bank to
cover the payment for the entire cargo.

• Seller loads her vessel or nominates one of NNPC loaded vessels,
and issues NOR to the buyer’s vessel. (With the NOR, we can track and verify the loaded vessel)

• Buyer’s captain responds to the NOR and the two captains agree position for STS

• The two vessels come alongside each other and tran-shipment takes place

• Q & Q is conducted on board the buyers vessel to determine
product quality and out-turn barrel of oil received. Inspection agent
/company must be acceptable to both parties, thus only internationally
recognized companies will be acceptable.

• Q & Q result is received by both buyer and seller, based on which
seller issues commercial invoice/pay order.

• Documents are submitted along with invoice for payment

• Payment within 3 banking days of receipt of Q & Q result and cargo loading documents at the counters of the buyers' bank.


If there be any adjustment kindly state it clearly and revert back if not then we can proceed by sending the Contract for your perusal.

• Company Name: SARRA

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