Crude Oil (Sellers) Published date: August 30, 2020

BLCO CIF OFF-OPEC

CIF China Port Brent Price discount at $9/4 bbl.

The first shipment

PROCEDURE:
1. Buyer issues ICPO.

2. Seller issues Sales and Purchase Agreement, Buyer and Seller sign contract agreement for their respective bank.

3. After signing SPA, Seller issues PPOP which includes:
a. Authority to sell
b. Bill of lading
c. Cargo manifest
d. Certificate of origin
e. Certificate of quality
f. Vessel Q88

4. Buyer issues Swift POF via MT799 or blocks funds MT799 or DLC MT700 or BG/SBLC.

5. Shipowner or disponent owner or NNPC Marine Depart who T/C the vessel nominates Buyer’s designated shipping agent at

Qingdao port before 7 days of ETA by Letter of Nomination, the shipping agent should confirm the acceptance by return.

6. The port of discharge and agent fees on Buyer account at the disport.

7. The Seller informs the vessel master to make communication with the shipping agent for the vessel entering the disport.

8. Vessel master will advice the Buyer and shipping agent 72/48/24/12 hrs prior to the ETA.

9. Vessel master will anchor at the position where shipping agent instructed for the agent and Customs officer on board,

then master changes full set of documents under Buyer's name as consignee and the pilot on board for the vessel fast in

berth discharging at the CQD rate.

10. Buyer will make full payment by TT within 5 banking days after Q&Q inspection by CIQ.

11. NNPC will transfer the WOT to the Buyer and readies the next shipment.


SECOND AHIPMENT.

Second shipment CIF brent price discount at X$/bbl.

PROCEDURE:
1. Seller sends PPOP, Buyer firstly pre-remit $1 million to NNPC designated fiduciary bank account.

2. Shipowners or disponent owner or NNPC Marine Depart who T/C the vessel nominates Buyer’s designated shipping agent at

Qingdao port before 7 days of ETA by Letter of Nomination, the shipping agent should confirm the acceptance by return, the

port of discharge and agent fees on Buyer account at the disport.

3. The Seller informs the vessel master to make communication with the shipping agent for the vessel entering the disport.

4. Vessel master will advice the Buyer and shipping agent 72/48/24/12 hrs prior to the ETA.

5. Vessel master will anchor at the position where shipping agent instructed for the agent and Customs officer on board,

then Buyer prepay $1 million to NNPC designated fiduciary bank account.

6. Vessel master changes full set of documents under Buyer's name as consignee and the pilot on board for the vessel fast

in berth discharging at the CQD rate.

7. Buyer will make full payment by TT within 5 banking days after Q&Q inspection by CIQ.

8. NNPC will transfer the WOT to the Buyer and ready next shipment.

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