WHY THE NIGERIAN NATIONAL PETROLEUM CORPORATION WANTS PROSPECTIVE BUYERS TO ISSUE STANDBY LETTER OF CREDIT OR NON-OPERATIVE LETTER OF CREDIT OR PRE-ADVISED LETTER OF CREDIT

DEAR SIR/MADAM,
THE NNPC WANTS BUYERS TO ISSUE THE ABOVE NAMED BANKING INSTRUMENTS, NOT TO MAKE THEM TO ENCOUNTER ANY LOSS, OR CONSTRAINT, IN ANY TRANSACTION THEY COMMENCE. THE REASONS ARE THAT; NNPC ON THEIR OWN ALWAYS MAKE THE INITIAL EXPENDITURE (EXPENSES) BEFORE BUYER WILL COLLECT THE PRODUCTS AT BUYERS APPROPRIATE WAY.

1). NNPC PAYS A NON-REFUNDABLE FEE FOR INWARD NAVAL CLEARANCE TO THE NIGERIN NAVY FOR ANY VESSEL TO THE LOADING TERMINAL.

2). THEY ALSO PAY FOR VESSEL TOW-AGE AND TERMINAL INSPECTION BY SGS OR IT’S EQUIVALENT.

3). THEY PAY FOR DOCUMENTATION OF VESSEL DOCUMENTS AFTER LOADING.

4). OUTWARD SECURITY ARMY CLEARANCE FOR EACH VESSELS

5). THEY ALSO PAY FOR VESSEL TOUGHNESS INSPECTION TO ASCERTAIN IF A PARTICULAR VESSEL CAN VOYAGE TO A FAR DESTINATION WITHOUT ANY ISSUES.

6). THEY ALSO PAY FOR PORT DUES TO THE NIGERIAN PORTS AUTHORITY (NPA)

HOWEVER, THE NNPC AND THE NIGERIAN PETROLEUM MINISTRY WILL NOT WANT TO SPEND MONEY FOR THE ABOVE REASONS WITHOUT ENSURING THAT THE BUYERS READINESS TO PLACE BANK INSTRUMENT. THE CRUDE OIL MARKETING DIVISION WILL ALSO ABIDE BY THE RULES AND REGULATIONS OF THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES.

CONCLUSIVELY, THESE ARE WHY NNPC WANTS YOUR PAYMENT INSTRUMENT FROM YOUR BANK FIRST, BEFORE THE TRANSACTION CAN COMMENCE.

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