₦airaland Forum

LOW POUR FUEL OIL; elsewhere in this agreement, it is also referred to as L.P.F.O. (or BLACK OIL).

1. QUANTITY TO BE DELIVERED: 100,000 MT plus or Minus 5%.

2. QUALITY AND GRADE: NNPC Standard Specs as previously agreed.

3. PRICE: N105.00 plus N2.00 per liter. N2.00 per liter shared: N1.00K to Buyer’s side and N1.00K to Seller’s side.

4. DELIVERY: TTT IN COTONOU WATERS.

5. PAYMENT: Immediately after completion of loading into Buyer’s vessel.

PROCEDURE:
1. Seller and buyer sign and seal contract with full banking details and forward
Same to their respective banks.

2. Buyer’s bank forwards a Bank Comfort Letter (BCL) to Seller’s bank confirming that upon Seller’s bank furnishing verifiable/confirmable cargo documents (POP) to Buyer’s bank, Buyer’s bank will issue an MT799 (POF) in favour of the Seller.

3. Seller’s bank furnishes Proof of Product (POP).

4. Buyer’s bank issues Proof of Funds (POF) via MT799.

5. Buyer forwards CPA, Q88, ATL and photocopy of invoice to Seller.

6. Seller confirms the vessel details, loads vessel and and gives NOR to the Buyer’s vessel.

7. Buyer confirms the NOR and gives Bank Guarantee to the Seller.

8. Seller’s vessel moves to Cotonou waters and longsides with Buyer’s vessel.

9. Buyer’s inspectors go on board the Seller’s vessel for Q&Q.

10. Transshipment of cargo into Buyer’s vessel takes place following successful report of Q&Q.

11. Buyer pays for the cargo within 24hrs according to out-turn liters and Q&Q result.

12. Seller confirms payment and releases hard copies of all shipping documents
in Buyer’s name to the Buyer.

serious Buyers are welcome: Call 08038509644 (only serious Buyers only!)