There is a transaction for shipment of about 2, 000, 000 (TWO MILLION) barrels of Nigerian Crude Oil (+/-10%) equivalent to about 280,000(TWO HUDRED AND EIGHTY THOUSAND) Metric Tonnes of Nigerian Origin, to be delivered on the CIF bases. 4,000,000 barrels monthly for one year. 1. Seller and buyer to sign agreement to buy bonny light crude oil.
2. Seller sends 2% insurance performance bond of the total amount in the L/C non operative to buyer’s bank
which shall be operative after buyer places Letter of Credit.
3.Buyer places Letter of Credit to seller’s bank (No DLC, only irrevocable, confirmed divisible,
transferable letter of credit only).
4. Seller loads vessel and sends confirmed CPA & Q88 to the buyer, then heads for safe port of discharge
5. Buyer to send to seller Confirmed Irrevocable Letter of Credit to seller’s bank by Swift
6. Buyer appoints his inspectors to do the Q & Q (Quantity and Quality) in seller’s vessels at safe port of
discharge
7. Buyer’s Inspectors release Q & Q report before discharge into buyer’s safe store.