BLCO FOR SALE

Diamond

Oil & Gas


NNPC APPROVED PROCEDURE 1 - GHANA WATERS TTO - 1ST LIFTABLE DIP AND PAY - FOLLOWED BY CONTRACT WITH SBLC VIA MT760 WITH 2% PERFORMANCE BOND


1.Seller issues signed SPA for Buyer’s signature. Buyer counter-signs and returns SPA to Seller.   


2.Seller  provides Buyer with vessel name and IMO for tracking. Vessel tracking must show: (A): Minimum of 21m draught for 2 million barrel. (B): Location must be either in Ghana or moving to Ghana waters and (C): Vessel history must show vessel last destination as from Nigeria waters.


3):  Seller shall furnish buyer with the following cargo documents:


a. Clean Ocean Bill of Lading; One (1) Original and three (3) copies

b. Certificate of Quality

C. Certificate of Quantity

d. Certificate of Origin issued by NNPC; One (1) Original and three (3) copies

e. Certificate of Authenticity issued by NNPC; One (1) original and three (3) copies

f.  Master’s receipt for Samples

g. Master’s receipt for Documents     

h. Cargo Manifest

i. Tanker Ullage Report

k. Authority to Sell


4.) Buyer shall provide Seller with MATB format, Supercargo details, and  Inspector’s details.


5):  If vessel not already in Ghana waters, Seller authorizes vessel captain to move vessel 10 -12nautical miles of tema waters Ghana for Q&Q.


6):   On vessel arrival at 10-12 NM of Tema waters. Seller/captain then issues MATB and invites the inspection team on board for confirmation of product and Q&Q.


7): At Ghana tema waters 10-12NM, Buyer’s Supercargo and Inspector go onboard to confirm product. Supercargo and vessel Captain sign Attestation and send to both parties. Inspectors carry out Q&Q at buyer’s expense and issues results to both Buyer and Seller. Seller issues Commercial Invoice to the Buyer with exact Q&Q report figures.


8):  Upon successful Q & Q the result is sent to both Buyer and Seller and Seller issues the complete cargo documents ( listed in 3) a-k above ) to enable Buyer process the full cash payment for the cargo. Buyer pays within  48 banking Hours via MT103/TT Wire  to Seller’s account for the entire cargo, less the Buyer Side Commission.


9) Buyer’s Bank shall pay commission to all agents on the Buyer Side as stated in the SPA.


10) Seller introduces the buyer to vessel handler for the process of re-chartering of vessel .


11) Vessel sails to its final destination.


12):  The reminder monthly shipments of 11 months shall be guaranteed by a Stand by Letter of Credit in accordance with Clause 13) below.


13) Within  72 hours of the MT 103 payment to Seller, Buyer shall post a non-operative One Hundred Million ($100,000,000 ) United States Dollar Stand By Letter of Credit  (SBLC) MT 760 from an NNPC-acceptable Bank valid for One Year and One Day into NNPC Fiduciary Account which shall become operative by the posting of 2% Performance Bond by Seller.


13) Upon the Buyer’s SBLC becoming operative, Seller continues monthly shipments to Ghana waters of Two Million Barrels ( 2,000,000 bbls) for the next 11 months as per delivery schedule..



PROCEDURE 2 CIF TRANSACTION PROCEDURES (WITH ONLY VERIFIABLE POF)


1. Seller provides SPA. Buyer return executed SPA along with their NOR and MATB format and Parties logged at their banks.

2. Buyer issued verifiable Proof of Fund (in form of PRE-ADVICE, or BCL -Bank Comfort Letter or RWA- Ready Willing and Able letter with Seller or Seller's Bank officer authorised to do Soft Probe.

3. After successful communication of the Seller’s Bank officer (Soft Probe) with the Buyer's Bank officer, Seller shall load or assign an exclusive vessel in Buyer and Seller's name; issues full set of vessel and cargo documents to the Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.

4.  At the Buyer’s discharge port, Buyer clears the vessel while the Captain issues Authority To Board (ATB) to enable Buyer’s independent inspectors to perform Q&Q at mutually agreed location.

5. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller issue Commercial Invoice to the Buyer with exact Q/Q report figures.

6. Buyer pays against Q&Q Report, Commercial Invoice and Cargo Documents by MT-103.

7. Seller confirms payment & authorize Captain to discharge cargo into Buyer’s storage tank.

8. Buyer pays commission to all agents involved in the transaction as stated in the SPA.

9. Subsequent deliveries revolves through clauses 1 to 8 as stated and agreed above by Parties, until contract is completed.

 


PROCEDURE 3 CIF TRANSACTION PROCEDURES: (IRDLC WITH 2% PB)


1. Seller issues SPA while Buyer signs and returns SPA with port of discharge agent details, ATB/NOR/ETA formats.

2.Buyer 's bank PREADVISE  via mt199 / 799  to seller bank confirming readiness to issue IRDLC  upon receipt of seller  non operative 2% Performance Bond.

3. Seller's bank issue non operative 2%pB  to buyer's bank and Buyer’s Bank Swift IRREVOCABLE Documentary Letter of Credit (IRDLC) via MT700 to Seller’s nominated Bank to guarantee Buyer’s performance with Seller’s verbiage valid for 90 days for first shipment. to activate seller  2%PB.

4. Seller loads or assign an exclusive vessel in Buyer’s name; issues. full set of vessel and cargo documents to the Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.

5. At the Buyer’s discharge port, Buyer clears the vessel while the Captain Issues Authority To Board (ATB) to enable Buyer’s independent inspectors to perform Q/Q at mutually agreed location.

6. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures.

7. Buyer releases full payment for cargo to Seller's nominated bank. within 48 hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 (cash wire).

8. Seller confirms payment & authorize Captain to discharge cargo into Buyer’s storage tank.

9. Seller pays commission to all agents involved in the transaction per the contract. 10. CONTRACT: Buyer issue SBLC for $100m valid for duration of contract (366 days) while Seller issue 2% Performance Bond and commence subsequent shipments on simple DIP/CI/PAY basis.



PROCEDURE 4 CIF PROCEDURES (SBLC WITH 2% PB)

 

1. Seller issues SPA while Buyer signs and returns SPA with port of discharge agent details, ATB/NOR/ETA formats.

2. Buyer’s prime Bank send pre-advice /RWA via swift MT199  or MT799 stating readiness to issue  NON OPERATIVE SBLC ( MT760) for two million barrels cargo to seller bank. And seller bank send prea-advise/RWA via swift MT199 or  MT799 stating readiness to receive buyer's SBLC and to issue operative 2%pb to buyer's bank.

3.Within 48hrs,buyer's  bank  will issue NON OPERATIVE SBLC via MT760 to Seller’s Bank  and seller's bank issue 2%PB to buyer's bank to activate buyers instruments.

4. Seller loads or assigns exclusive vessels in Buyer’s name; issues full set of vessel and cargo documents to the Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.

5. At the Buyer’s discharge port, Buyer clears the vessel while the Captain Issues Authority To Board (ATB) to enable Buyer’s independent inspectors to perform Q/Q at mutually agreed location.

6. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures. Seller vessel captain proceed to discharge cargo into buyer's storage tank.

7. Buyer releases full payment for cargo to Seller's nominated bank within 48 hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 (cash wire).

8. Seller pays commission to all agents involved in the transaction per the contract.

9. Seller commence subsequent shipments on simple DIP/CI/PAY basis


IF YOU AGREED WITH ANY OF THE ABOVE PROCEDURE, CONTACT US AT:  operations@diamondoilandgas.co.uk

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