RJ Hender – Honest Oil Seller
Thur, Aug 14, 2014
Subject: BLCO Direct Sources – PAI
I do have CI, Dip & Procedures available for JP54, D2 and Mazut. The Seller(s) are determined that Buyers follow their Procedures. I’d be happy to help set up an Oil Conference Call for you.
Procedures for BLCO, CIF delivery to Rotterdam. (other locations to be discussed)
1. Seller and Buyer sign and seal the Contract and exchange the Contract via e-mail. Along with a signed contract copy, the Seller shall provide the Buyer with a verifiable “Authority to Sell” issued by the NNPC in favor of the Seller, confirming the availability and Seller’s authority to sell the Goods in the quantity and quality as stipulated in this Contract.
2. Upon signature and exchange, the Parties lodge the Contract copies and Seller’s “Authority to Sell” with their respective banks.
3. Seller’s bank confirms by SWIFT or EMAIL their readiness to Buyer’s bank to issue a 2% non- operative PB in accordance with this Contract and Buyer’s bank confirms to Seller’s bank by SWIFT or EMAIL their readiness to accept said PB to activate with SBLC.
4. Seller’s bank issues Non-Operative PB in accordance with Appendix A for the first month’s volume.
5. Buyer’s bank swifts MT760 SBLC in accordance with Appendix B, to activate Seller’s PB.
6. Upon receipt and verification of the Buyer’s SBLC, seller nominates a vessel and sends details to buyer for confirmation.
7. Seller loads vessel in Buyer’s name and sends all relevant documents to the Buyer for verification. Shipment commences in accordance with Appendix C.
8. Seller instructs captain to issue NOR/ETA and proceed to Buyer’s POD with periodic ETA.
9. Upon arrival of the vessel at Buyer’s Port of Destination (POD), captain issues ATB to Buyer’s Q&Q team to board the vessel for Q&Q analysis.
10. Q&Q analysis is performed by Buyer’s inspector and the report is presented to both Buyer and Seller.
11. Seller issues a commercial invoice to the Buyer and within 48 hours of Q&Q report, Buyer’s bank makes payment via MT103 on out-turn barrels for the full cargo value to Seller’s account, and simultaneously makes payment into all agent’s / facilitator’s accounts on the contract.
Here’s to a Great 2014 Oil Year – RJ Hender…
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