No payments until buyer see the product on their shores
Required blocked funds letter to obtain pop on buyers name, once pop is issued buyer is exptected issue bg or sblc to protect the contract. Payment at the destination via rdlc.
Bonny light crude
1.Product: nigeria bonny light crude oil (blco)
2.Origin: nigeria
3.Quality: nnpc standard export grade.
Specification gravity (api)=35.7
Density at degrees cg-cm max=0.45
Sulphur content wt, pct, max=0.14
Colour =Dark brown
Salinity ptb @ 10% bsw=47 max
Acid number=0.49
Reid vapour=6.25max
Water and sediment content=0.2%
Pct max=1.0
Iron wt, ppm =1.0
Vanadium wt, ppm=2.0
Nickel wt, ppm=4.04
Quantity: (6, 000, 000m bbls) six million barrels monthly shipment +/-10% for twelve (12) calendar months with possible extension if buyer chooses.
5.Pricing: price per barrel to seller, is fixed at $8.00/bb; (usd) bellow brent. This price jointly agreed by seller and buyer, and it is binding on this transaction, which net discount of $4.00/bb (usd) to the buyer and $1.50/bb1 (usd) to buyerµs agent/ brokers, $1.50/bb1 (usd) sellerµs agent/ brokers and $1.00(usd) to consultant/financier
Net discount =$4.00 to the buyer
Buyerµs agent =$1.00
Sellerµs agent =$1.00 (closed)
Buyerµs fac.=$0.50
Sellerµs fac=$0.50 (closed)
Consultant = $1.00 (closed)
(6, 000, 000m bbls) six million barrels monthly shipment +/-10% for twelve (12) calendar months with possible extension if buyer chooses.
