Saturday 26 February 2011

Selling Procedure for BLCO and FOCADOS TTO

Most of our seller provide different procedure for us but we work together to make the buyer and seller reach an agree point.

Procedure for TTO :1
 
1. Buyer and Seller sign and seal this Contract including banking coordinates. The electronic signed copy by both Parties is considered legally binding and enforceable and must not be changed. The executed SPA and is lodged in their respective banks. Buyer returns SPA with ICPO and ATB details.

2. Upon confirmation of the above, Buyer’s Bank shall issue by swift wire transfer to Seller’s/Fiduciary Bank, a pre-advice LC or non-operative, confirmed and irrevocable instrument (DLC/SBLC/MT760) for the total cost of cargo.(A copy of the swift shall be sent to terminal/Seller).

3. The Seller shall instruct the Captain of the Vessel after receipt of ATB details from the Buyer to issue a confirmable marine ATB, to the Buyer.

4. The Seller shall Organize Logistics and Security clearance for Inspection officers and Supercargo to board the loaded vessel at agreed location thereafter conduct Q and Q Analysis.

5. After satisfactory Inspection report, The Seller shall assist the Buyer to re-charter the vessel through the vessel Handlers from Vessel Operators.
6. The Seller shall also;

a. Re-register and Re-document all required Cargo and vessel papers (warrant of title, Bill of Lading, etc) as speculated in the documents clause of this contract.
b. Re-program on Shell Screen, NNPC London, and the cargo for official confirmation by Buyer.

7. The Seller collates all documents including the invoice and submits to the Buyer and Buyer’s Bank. After confirmation Of the documents, Buyer’s Bank pays for the total cost of the cargo by KTT swift within 2 to 3 Banking days.

8. All commissions due to facilitators and brokers shall be paid at the same time and by the same method as for the Invoice paid to the seller.

9. Vessel sails to Buyer’s destination.

If you are a genuine buyer of crude oil and you are okay with the procedures contact us as soon as possible for the sales and purchase agreement.

Please dont forget to indicate if you are the end buyer or Agent/Facilitator as we prefer working with buyers directly.

NB:Stage no.2  can be amended by the buyer.Which means we need to reach agreement with the terms with our Seller


Procedure for TTO 2:
1) Seller and Buyer sign and seal the Sales/Purchase Agreement with their full banking details, including their Brokers banking details. Both parties forward a copy of the signed SPA to their respective Banks.

2) Buyer returns the signed/sealed SPA with Buyer's full ATB format (nominated Inspectors & Supercargo full details, including their telephone numbers, passport details and tug boat information SGS) for the issuance of Marine Authority to Board.

3) Seller issues Marine ATB to Buyer's inspectors and copies buyer directly from the desk of the captain. Buyer establishes an ESCROW account in BUYERS ACCOUNT of $250,000.00 naming seller xxxxxxxx and Escrow must be verifiable, authentic and acceptable by seller cash able after Q and Q , seller for confirmation and buyer confirmation of ATB and within 72 hours seller clears buyer's super cargo and inspector to board for confirmation of cargo and its Quality & Quantity (Q &Q) test in Cotonou waters.

4) Buyer upon confirmation of loaded cargo within 48 hours issues a confirmed MT103/23 of the total value of cargo to seller's fiduciary Bank and buyer's bank issues Pay orders to all beneficiaries.

5) Q and Q are conducted and buyer’s inspectors release the Q & Q report to buyer and seller at the same time.

6) Seller issues loading documents in BUYER’S NAME

7) Buyer confirms loading documents and swift payment for the full value of the cargo, and pays all commissions through the nominated paymasters on both the Seller and Buyer sides as per the SPA and the IMFPA.

8) Seller releases all necessary original loading documents to the Buyer.

9) Buyer re-charters vessel to his destination.

Procedure for TTO 3:

1) Seller and Buyer sign and seal the Sales/Purchase Agreement with their full banking details, including their Brokers banking details. Both parties forward a copy of the signed SPA to their respective Banks.

2) Buyer returns the signed/sealed SPA with Buyer's full ATB format (nominated Inspectors & Supercargo full details, including their telephone numbers, passport details and tug boat information) for the issuance of Marine Authority to Board.

3) Seller issues Marine ATB to Buyer's inspectors and copies buyer directly from the desk of the captain and within 72 hours seller clears buyer's super cargo and inspector to board for confirmation of cargo and its Quality & Quantity (Q &Q) test in Cotonou waters.

4) Buyer upon confirmation of loaded cargo within 48 hours issues a confirmed MT103/23 of the total value of cargo to seller's fiduciary Bank and buyer's bank issues Pay orders to all beneficiaries.

5) Q and Q are conducted and buyer’s inspectors release the Q & Q report to buyer and seller at the same time.

6) Seller issues loading documents in BUYER’S NAME

7) Buyer confirms loading documents and swift payment for the full value of the cargo, and pays all commissions through the nominated paymasters on both the Seller and Buyer sides as per the SPA and the IMFPA.

8) Seller releases all necessary original loading documents to the Buyer.

9) Buyer re-charters vessel to his destination.



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What to know about Crude Oil

Nigeria produces the kind of crude oil referred to as bonny light. It is one of the best crude oil in the world because it is easy to refine as a result of its low sulfur content. Due to this factor, a lot of buyers from around the world are always interested in Nigeria petroleum. But the problem these buyers have is the inability to discover the right place to go.
Every business has due process and in order to be successful, you need to follow the due process. This is the case with buying petroleum from Nigeria.

You should bear in mind that Nigeria petroleum is sold in barrels Every business has due process and in order to be successful, you need to follow the due process. This is the case with buying petroleum from Nigeria.

BONNY LIGHT CRUDE OIL - BLCO

Product: Bonny Light Crude Oil - BLCO
Country of Origin: Nigeria
Specifications: Specific Gravity (API 37ยบ)Density at 20 degrees, CG CM, max 0.85Basic Salt Water (BSW) 0.6% Vol.Colour Dark BrownSalinity PTD ATO, 10% BS&W 47 maxAcid Number 0.39Reid Vapour 6.52 max (PS)Water & Sediment % max 1.0Iron, wt ppm 4.0Vanadium wt ppm 2.0Nickel wt ppm 4.0Pour point below 400 degress farenheitSulphut Content, %wt 0.14



NNPC Mission Vision and Core Values

Vision

NNPC wiil be a world-class oil and gas company driven by shared commitment to excellence.

Mission

NNPC is an integrated Oil and Gas Company, engaged in adding value to the nation’s hydrocarbon resources for the benefit of all Nigerians and other stakeholders.

Core Values

  • Respect for the Individual
  • Staff development and growth
  • Integrity, transparency and accountability
  • Proffesional Excellence

About NNPC

In 1988, the NNPC was commercialised into strategic business units, covering the entire spectrum of oil industry operations: exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments. The subsidiary companies include:
  • National Petroleum Investment Management Services (NAPIMS)
  • Nigerian Petroleum Development Company (NPDC)
  • The Nigerian Gas Company (NGC)
  • The Products and Pipelines Marketing Company (PPMC)
  • Integrated Data Services Limited (IDSL)
  • Nigerian LNG limited (NLNG)
  • National Engineering and Technical Company Limited (NETCO)
  • Warri Refinery and Petrochemical Co. Limited (WRPC)
  • Kaduna Refinery and Petrochemical Co. Limited(KRPC)
  • Port Harcourt Refining Co. Limited (PHRC)