Crude Oil (Sellers) Published date: July 26, 2019

BULK ALLOCATION DEAL. @14/5

1. SELLER ISSUES DRAFT CONTRACT/SPA ELECTRONICALLY INCLUDING SELLER’S PROCEDURES AND SELLER’S FORMAT FOR SBLC IN ADDITION TO NCNDA / IMFPA.

2. BUYER SIGNS AND SEALS THE SPA, RETURN WITH FULL IRREVOCABLE CORPORATE PURCHASE ORDER (ICPO) INCORPORATING SELLER’S TERMS AND PROCEDURES IN ADDITION TO FULL BANKING DETAILS/REFERENCES FROM ONE OF THE 25 PRIME WORLD BANK, CONTAINING TWO NAMES OF SIGNATORY TO THEIR BANK ACCOUNT, THAT WILL GO TO NNPC TOWERS FOR COMFIRMATION OF ALLOCATION + COMPANY PROFILE + POWER OF ATTORNEY+ SCANNED COPIES OF BUYER’S COMPANY REGISTRATION CERTIFICATE + CIS/KYC + COLOR COPY OF THEIR INTERNATIONAL PASSPORT TO SELLER: STRICTLY ADDRESSED TO:
THE GROUP MANAGING DIRECTOR,
NIGERIAN NATIONAL PETROLEUM CORPORATION (NNPC)
NNPC TOWERS, CENTRAL BUSINESS DISTRICT
ABUJA F. C .T. NIGERIA.

ATTN:.......
C/O: THE ENERGY DEPARTMENT
FIRST CITY MONUMENT BANK
CC: PPMC AND BONNY OFFSHORE TERMINAL

3. BUYERS BANK SENDS BY SWIFT OPERATIVE IRREVOCABLE TRANSFERABLE UNCONDITIONAL CONFIRMED ASSIGNABLE FULLY FUNDED STANDBY LETTER OF CREDIT (SBLC) VIA SWIFT MT760 TO SELLER COMPANY BANK AND PAYABLE AT SIGHT: THE SUM OF USD XXXXX,000,000 (US DOLLARS XXXX MILLIONS) AS PER SELLER’S VERBIAGE TO PAY-OFF ALLOTTEE, AGENTS AND ALL INTERMEDIARIES UPON CONFIRMATION OF ALLOCATION AND ATTESTATION. VALIDITY SHALL BE ONE YEAR + ONE DAY.

4. SELLER (NNPC) VERIFIES AND CONFIRM THE SBLC, THROUGH THEIR COUNTRY’S HIGH COMMISSION AND BANK, IF CONFIRMED GENUINE, UPON ACCEPTANCE OF BUYER’S SBLC, SELLER SHALL ISSUE DIRECT INVITATION TO BUYER, BUYER AND SELLER WILL ENTER NNPC TOWERS CENTRAL BUSINESS DISTRICT ABUJA FOR CONFIRMATION OF ALLOCATION.

5. UPON SUCCESSFUL CONFIRMATION AND VERIFICATION OF ALLOCATION DOCUMENT AT NNPC TOWERS AND ATTESTATION RELEASED, BUYER WILL PLACE HIS FINANCIAL INSTRUMENT (LC) FOR THE WHOLE ALLOCATION QUANTITY ACCORDING TO REQUIREMENT BY NNPC AND PAY-OFF THE ALLOTTE AND ALL AGENTS/CONSULTANTS/FACILITATORS AND INTERMEDIARIES COMMISSIONS IN GROUPS AS DETAILED IN THE SIGNED/SEALED PAYMENT INVOICE / SCHEDULE / AGREEMENT FROM SELLER THE-SAME DAY.

6. UPON SUCCESSFUL CONFIRMATION OF ALL COMMISION EARNERS INTO THEIR GIVEN ACCOUNTS, NNPC/SELLER REASSIGN ALLOCATION IN BUYER’S NAME, AND SEND ALLOCATION SOFTCOPY TO BUYER’S EMAIL FROM NNPC OFFICIAL CRUDE OIL DOMAIN EMAIL. ALL NECESSARY HAND OVER AND LIFTING RIGHT DOCUMENTATION AND PROGRAMMING IS PROCESSED IN FAVOUR OF BUYER OR IN BUYER’S NAME.


7. BUYER WILL HANDLE VESSELS NOMINATION AND SHIPMENT, LOADING AND LIFTING PROCESS ON HIS OWN AND LIFTING AND SAILING COMMENCES ACCORDING TO LAYCAN GIVEN DATES ACCORDINGLY.

• Country: NIGERIA

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