Product Description

BLCO FOB PROCEDURE - NET PRICE DISCOUNT $8


1. Seller and Buyer Execute the FOB SPA and exchange signed SPA via electronic mail. Included within the SPA Seller shall provide verifiable NNPC Allocation details (authorization to sell – ATS) and vessel details as Partial POP to the Buyer for verification.

2. Buyer's Bank confirms Seller’s RWA to issue a 2% Performance Bond (PB) upon receipt of Buyer's blocked funds MT**9 or SBLC MT**0 for 1st month’s delivery of BLCO to become operative after Seller issues 2% Performance Bond (PB).

3. Seller's bank reply by SWIFT RWA stating conditional readiness to issue a 2% PB upon confirmation of Buyer's blocked funds MT**9 or SBLC MT**0 for 1st month’s delivery of BLCO to become operative after Seller issues 2% Performance Bond (PB).

5. Buyer’s Bank issues Buyer's blocked funds MT**9 or SBLC MT**0 to Seller.

6. Within three (3) days Seller’s Bank issues 2% PB to Buyer’s Bank.

7. Buyer supplies Vessel details including valid CPA, Q**8, Authority to Load (ATL) and Invoice forwards to Seller.

8. Seller facilitates Programming to load Buyer’s Vessel at the Bonny Terminal within *0 working days and forward the Laycan Details to the Buyer.

9. Vessel arrives at Terminal and positions at the platform for loading. Seller load Vessel based on the Laycan with two million barrels (2M) of Nigerian light crude oil. All loading Cargo Documents are forwarded to buyer in his name.

*0 Cargo shall be inspected by SGS independent inspectors for Q&Q at Buyer’s expense.

*1. After completion of Q&Q Report and within *2hrs, Buyer provides MT***3 via swift transfer for payment of cargo.

*2. Vessel sails and next shipment commences per contract.

*3. Banking costs will be for the account of both parties.