Product Description

*2. PROCEDURES TTO
                        
[1] BUYER AND SELLER SIGN/SEAL CONTRACT AGREEMENT WITH THEIR BANK COORDINATES AND EXCHANGE THE SIGNED COPY BY ELECTRONIC MAIL. THE ELECTRONIC SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE AND MUST NOT BE CHANGED. THE EXECUTED SPA IS LODGED IN THEIR RESPECTIVE BANKS.
 [2] BUYER RETURNS THE SIGNED SPA WITH HIS NOR FORMAT, SUPERCARGO AND INSPECTORS DETAILS OR NOR/ETA FORMAT. (NOTE THAT NNPC REQUIRES THE BUYERS SUPERCARGO TO HAVE APART FROM HIS INTL PASSPORT, A SEAMAN PASSPORT, SAFETY CERTIFICATE AND DISCHARGE CERTIFICATE  AND THE SUPERCARGO MUST ALSO BE AN APPROVED NNPC/JV CERTIFIED SUPERCARGO). THE SELLER INSISTS ON HAVING THE SUPERCARGOS PHONE NUMBER TO AFFIRM READINESS BEFORE GOING AHEAD WITH THE MATB. ONLY CALIBRATE AND OVERSEA MARINE INSPECTION COMPANIES ARE ALLOWED TO BOARD NNPC VESSEL FOR Q&Q.
[3] SELLER ISSUES NOR/ETA ON BUYER'S NAME. OR BUYER'S BANK SEND A LETTER TO SELLER INSTRUCTING SELLER TO ISSUE MATB AND CLEARANCE AND UPON CONFIRMATION OF PRODUCT, N5,**0,**0.*0 (FIVE MILLION NAIRA ONLY) WILL BE RELEASED TO SELLER FOR THE ISSUANCE OF MATB AND CLEARANCE. BUYER BOARDS HIS SG AND INSPECTORS AT HIS OWN EXPENSE FOR CONFIRMATION OF PRODUCT.
[4] BUYER SWIFT MT**9 (BLOCK FUND) TO NNPC FIDUCIARY BANK FOR ONE MILLION DOLLARS FOR LOGISTICS TO COTONUO/GHANA. (IF BUYER'S MT**9 (BLOCK FUNDS) OF ONE MILLION DOLLARS IS ISSUED FOR ONE YEAR AND ONE DAY, THE BLOCK FUNDS WILL BE REVOLVING FOR THAT PERIOD AND BE USED FOR LOGISTICS OF UP TO 4 MILLION BARRELS A MONTH FOR TWELVE MONTHS.)
[5] VESSEL MOVES TO GHANA FOR Q n Q.  SELLER ISSUE ATB TO BUYER AND BUYER BOARDS HIS SUPERCARGO AND INSPECTORS AT HIS EXPENSE FOR CONFIRMATION  AND Q n Q.
 [6] UPON RECEIPT OF SATISFACTORY Q n Q REPORT BY BUYER AND SELLER, BUYER ISSUE MT**3 FOR THE ENTIRE CARGO AS A RESULT OF THE AGREED Q n Q.
 
[7] SELLER CONFIRMS PAYMENT AND LINKS BUYER AND VESSEL HANDLERS FOR RE-CHARTERING OF THE VESSEL WHILE RE- DOCUMENTATION OF THE CARGO IN BUYERS NAME TAKES PLACE.
 
(8) NEXT TRANSACTION COMMENCES.
*2. PROCEDURES TTO
                        
[1] BUYER AND SELLER SIGN/SEAL CONTRACT AGREEMENT WITH THEIR BANK COORDINATES AND EXCHANGE THE SIGNED COPY BY ELECTRONIC MAIL. THE ELECTRONIC SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE AND MUST NOT BE CHANGED. THE EXECUTED SPA IS LODGED IN THEIR RESPECTIVE BANKS.
 [2] BUYER RETURNS THE SIGNED SPA WITH HIS NOR FORMAT, SUPERCARGO AND INSPECTORS DETAILS OR NOR/ETA FORMAT. (NOTE THAT NNPC REQUIRES THE BUYERS SUPERCARGO TO HAVE APART FROM HIS INTL PASSPORT, A SEAMAN PASSPORT, SAFETY CERTIFICATE AND DISCHARGE CERTIFICATE  AND THE SUPERCARGO MUST ALSO BE AN APPROVED NNPC/JV CERTIFIED SUPERCARGO). THE SELLER INSISTS ON HAVING THE SUPERCARGOS PHONE NUMBER TO AFFIRM READINESS BEFORE GOING AHEAD WITH THE MATB. ONLY CALIBRATE AND OVERSEA MARINE INSPECTION COMPANIES ARE ALLOWED TO BOARD NNPC VESSEL FOR Q&Q.
[3] SELLER ISSUES NOR/ETA ON BUYER'S NAME. OR BUYER'S BANK SEND A LETTER TO SELLER INSTRUCTING SELLER TO ISSUE MATB AND CLEARANCE AND UPON CONFIRMATION OF PRODUCT, N5,**0,**0.*0 (FIVE MILLION NAIRA ONLY) WILL BE RELEASED TO SELLER FOR THE ISSUANCE OF MATB AND CLEARANCE. BUYER BOARDS HIS SG AND INSPECTORS AT HIS OWN EXPENSE FOR CONFIRMATION OF PRODUCT.
[4] BUYER SWIFT MT**9 (BLOCK FUND) TO NNPC FIDUCIARY BANK FOR ONE MILLION DOLLARS FOR LOGISTICS TO COTONUO/GHANA. (IF BUYER'S MT**9 (BLOCK FUNDS) OF ONE MILLION DOLLARS IS ISSUED FOR ONE YEAR AND ONE DAY, THE BLOCK FUNDS WILL BE REVOLVING FOR THAT PERIOD AND BE USED FOR LOGISTICS OF UP TO 4 MILLION BARRELS A MONTH FOR TWELVE MONTHS.)
[5] VESSEL MOVES TO GHANA FOR Q n Q.  SELLER ISSUE ATB TO BUYER AND BUYER BOARDS HIS SUPERCARGO AND INSPECTORS AT HIS EXPENSE FOR CONFIRMATION  AND Q n Q.
 [6] UPON RECEIPT OF SATISFACTORY Q n Q REPORT BY BUYER AND SELLER, BUYER ISSUE MT**3 FOR THE ENTIRE CARGO AS A RESULT OF THE AGREED Q n Q.
 
[7] SELLER CONFIRMS PAYMENT AND LINKS BUYER AND VESSEL HANDLERS FOR RE-CHARTERING OF THE VESSEL WHILE RE- DOCUMENTATION OF THE CARGO IN BUYERS NAME TAKES PLACE.
 
(8) NEXT TRANSACTION COMMENCES.
 Mr Israel.
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