Product Description

1.    The Product
The product offered by the Seller and accepted by the Buyer is Low Pour Fuel Oil allocation that shall be lifted from NNPC Nigeria.

2    Quantity
The Seller shall deliver a quantity of about **0,TRILION metric tonnes of low pour fuel oil. Both parties may consider additional deliveries after successfully completing this first transaction.

3.    Quality
Will be as per NNPC export grade specification, only water and basic sediment (B.S&W) ascertained at the port of loading shall be deducted in computing the net quantity of the Crude Oil loaded and certified in the Bill of Lading, as per the inspection certificate issued at the supply Port by "ROBINSON INTERNATIONAL"  "SAYBOLT", "BALTIG CONTROL" or "SGS", which shall be final and binding upon the parties.
Technical specifications

Specific Gravity (API)             ****8
Density at *0 degrees, CG.CM,    max 0.*5
Basic Salt Water (BSW)         0.6 % Vol
Color                     Dark Brown
Acid Number                 0.*9
Reid Vapor                6.*2 max (PS)
Water & Sediment %             max 1.0
Iron, wt ppm                 1.0
Vanadium, wt ppm             2.0
Nickel, wt ppm             4.0
Pour Point                 below *0 deg. F
Sulfur Content, % wt             0.*4

4.    Price, Credit Period & Currency
     The applicable currency in respect of payment for the Cargo shall be Nigerian Currency (NAIRA).  The Discount to the Buyer shall be N*1.*0 (FOURTY ONE NAIRA) per litre gross. Net N*7.*0 (THIRTHY SEVEN-NAIRA) NET to Seller below Dated Brent and FOUR NAIRA for Buyer/Seller shared as follows : ((N2.*0) to sellers side, (N2.*0) to buyer's side

5.  Payment term

1. The payment will be made at sight upon presentation and confirmation of the original allocation papers from PPMC by the Buyer.

2. Immediately upon the confirmation of this allocation documents by the Buyer (PARTY B) Payment will be made by a Swift Bank Transfer to all intermediaries & PPMC bank by the party B(buyer) bank.

3. The seller(party A's) bank costs will accrue in the party A's account and the buyer(party B's) bank costs will accrue in the party B's account, while bank transfer charges/costs to all intermediaries shall be borne by each account.

6.  Procedure for Allocation Sales
1    seller and buyer sign the spa, and lodge with their respective banks. Buyer returns SPA with Bank Comfort Letter to cover the quantity.
2    seller issue soft copy of the allocation to buyer for verification
3    upon confirmation of the soft copy of allocation by buyer, buyer's bank blocks full payment to seller and all commissioned agents etc accounts by swift to seller's bank.
4    seller releases the hard copy documents of the allocation to buyer. buyer pays by mt**3 for the product to seller and pays commissions to agents / facilitators via electronic (e-payment) transfer to nominated banks

7.  Warranties
The Seller warrants that it has the clear and qualified rights to sell or otherwise dispose of the Cargo as offered to him by his suppliers which is the subject matter of this Contract Agreement and that the Cargo is clear of all liens and encumbrances.

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