PURCHASE PROCEDURE FOR BONNY LIGHT CRUDE OIL CIF

Product Description

BANKING AND PURCHASE PROCEDURE FOR BONNY LIGHT CRUDE OIL CIF
1. Buyer and seller execute, sign and seal the agreement and exchange copies via facsimile or electronic mail.  The electronically transmitted copy signed and sealed by both parties shall be considered legally  
binding and enforceable.  Hard-copy instruments are not necessary, but can be at the buyer or seller’s request.  
2. Buyer issues a swift (DOCUMENTARY LETTER OF CREDIT) MT **0 POF covering the total quantity for the product per shipment in this agreement and send to seller swift answer back copy for confirmation. 
 3. Seller confirms instrument.  
4. Seller NORMINATES VESSEL AND LOADS CARGO.    
5. Upon successful conclusion of the above, seller transfers all original shipping/cargo documents to the buyer and hand-over same to the buyer/buyer’s bank as the case may be.   6. Payment to be effected on discharge after Q&Q at the discharge port. 
7. Payments are now released by MT**3 (swift transfer) into nominated bank accounts of the seller and all agents/facilitators respectively. 

The Gross Discount to the Buyer shall be US $*3.*0 (Twelve Dollars) per barrel. Net Discount to the Buyer is USD $7.*0 and USD 6.*0 Commissions for the Seller and Buyer Representatives i.e. USD $3.0 to the Seller’s Side and USD $3.*0 to the Buyers Side * *@********************