Crude Oil (Sellers) Published date: September 15, 2017
Modified date: September 15, 2017

*PRICE*: $10/4

$6 net to buyer
$4 commission shared $2 each to buyer's side and seller's side thus, sellers side is already closed

*VESSEL DETAIL FOR TRACKING AND CONFIRMATION*:
Vessel Name: MT HAKATA
IMO: 9346952
MMSI: 228059600
ETA China: September 15th, 2017

*PROCEDURE*:
3.1. CONTRACT STAGE: Seller issues this SPA, Buyer signs and returns with port of discharge Agent details, ATB/NOR/ETA formats.

3.2. BANKING PROCESS: Buyer Bank issue RWA by bank email stating RWA to issue SBLC within 24 hours of receiving PPOP while the Seller issue PPOP. Within 24 hours of receiving the PPOP, Buyer instruct his bank to Swift Standby Letter of Credit (SBLC) Via MT 542 or MT760 to Seller Bank; After confirmation, Seller Bank issue 2% performance Bond to buyer Bank to guarantee Seller's performance.

3.3. CARGO ASSIGNMENT & DOCUMENTATION: Seller assigns an exclusive vessel to the Buyer; issues full set of vessel and cargo documents to the Buyer in Buyer’s name as the Consignee of record and authorizes vessel Captain to issue periodic NOR/ETA to the buyer and buyer’s discharge Harbor/Tank agent.

3.4. INSPECTION: At Buyer’s discharge port the Captain Issues
Authority to Board (ATB) to enable buyer’s independent inspectors to perform Q/Q at mutually agreed location after Buyer clears the vessel.

3.5. COMMERCIAL INVOICE: Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller issue commercial invoice to the Buyer with exact Q/Q report figures.

3.6. PAYMENT: Buyer releases full payment for cargo to Seller's nominated bank within 48 hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 (cash wire)

3.7. DISCHARGE: Seller confirms payment and authorizes Captain to discharge cargo into Buyer’s tank storage facility.

3.8. SUBSEQUENT SHIPMENTS: Seller makes subsequent shipments on simple CI/DIP/PAY basis for 11 months per schedule.

If buyer is okay with this procedure/offer, kindly request for the SPA.

• Company Name: SABIG OIL AND GAS
• Country: NIGERIA

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