SCO – BLCO CIF ASWP

 TO: BUYER WHOSE TOP BANK CAN ISSUE A BCL OR BANK ENDORSED POF, VIA B2B EMAIL OR
MT199

 NNPC REQUIRED PROCEDURE – FOR FRESHLY LOADED OR REASSIGNED VESSEL

BUYER SENDS THIS SIGNED DOCUMENT INCLUDING A COPY OF THIS PROCEDURE, CIS AND TEAR
SHEET SHOWING FUND BALANCE, THE NAME AND LOCATION OF BUYER’S TOP BANK.    SELLER ISSUES CONTRACT.

1. BUYER & SELLER SIGN AND SEAL THIS CONTRACT AND EXCHANGE THE SIGNED COPY BY
   ELECTRONIC MAIL.  SELLER ISSUES NNPC CONTRACT CONFIRMATION, ACKNOWLEDGEMENT AND COMMITMENT TO SUPPLY LETTER ALONG WITH AN ACCOUNT NOMINATION LETTER OFFICIALLY TO THE BUYER DIRECT FROM THE BONNY TERMINAL DOMAIN. 
2. BUYER PROVIDES FROM TOP 100 PRIME BANK BCL/POF VIA MT199 OR BANK TO BANK EMAIL, BUYER ATV, BANK OFFICER ID CARDS, DISCHARGE PORT FORMAT FOR NOR/ETA INCLUDING SUPER CARGO AND INSPECTOR PASSPORT DETAILS. 
3. UPON CONFIRMATION OF THE SIGNED CONTRACT, WITHIN 72HOURS BUYER’S BANK SHALL DHL ALL HARD COPY DOCUMENTS TO SELLERS OFFICE/SELLERS ATTORNEY OFFICE IN LAGOS.
4. NNPC SHALL FRESHLY LOAD OR NOMINATE A LOADED VESSEL AND REASSIGN AND PROGRAM CARGO FULL LOADING DOCUMENTS THROUGH NNPC SECURE MAIL DOMAIN TO BUYER OR BUYER’S VERIFICATION. COST OF REGISTRATION OF CARGO IN BUYER’S NAME IS ON ACKNOWLEDGEMENT OF (BCL/MT199, ATV, CIS& PROFILE) TO SELLER FIDUCIARY BANK VERIFICATION AND CONFIRMATION: COST OF VESSEL NOMINATION, PROGRAMMING, AND RE-ASSIGNMENT OF CARGO IN BUYERS NAME SHALL BE BORNE BY NNPCL/SELLER.

5.     WITHIN 48HOURS AFTER LOADED VESSEL CONFIRMATION BY BUYER, VESSEL CAPTAIN PROVIDES AN EXPECTED TIME OF ARRIVAL [ETA] TO PORT OF DISCHARGE AND UPDATES THE DISCHARGE PORT OFFICER AND BUYER OF CURRENT LOCATION AND ESTIMATED ETA ON A REGULAR BASIS.  UPON ARRIVAL AT BUYER’S PORT VESSEL CAPTAIN ISSUES ATB FOR BUYER’S INSPECTORS

6.   WITHIN 72 HOURS AFTER ARRIVAL OF CRUDE OIL AT BUYER’S PORT OF DESTINATION THE BUYER PAY FOR THE CRUDE OIL AS PER THE FINAL Q & Q REPORT ISSUED BY INDEPENDENT INSPECTOR AT THE PORT OF DISCHARGE AS COMMISSIONED BY THE BUYER. 
PAYMENTS ARE MADE BY MT103 TT DIRECTLY TO THE NNPC JV OPRS SELLER
AUTHORIZED BENEFICIARY NOMINATED BANK ACCOUNTS AND COMMISSION AGENTS AS
STIPULATED IN THE IMFPA IN THIS CONTRACT WITHIN 48 HOURS AFTER PRODUCT DELIVERY
TO BUYER’S NOMINATED PORT OF DISCHARGE AGAINST PRESENTATION OF STATED SHIPPING
DOCUMENTS, Q&Q REPORTS, COMMERCIAL INVOICE ETC (NON-NEGOTIABLE COPIES) AT
BUYER’S BANK.

7. AGENTS’ COMMISSIONS WILL BE PROVIDED SIMULTANEOUSLY IN THE FORM OF PAY ORDERS,
   WHICH WILL BE IRREVOCABLE, THROUGH THE BANKS FOR THE BENEFIT OF THE AGENTS
   AND INTERMEDIARIES WHOM ARE TO BE PAID SIMULTANEOUSLY WITH PAYMENT FOR THE
   CARGO.  SELLER MAY PAY COMMISSIONS IF BUYER’S POLICY DOES NOT ALLOW EXTRA FEES.

FOR ONGOING MONTHLY DELIVERY BUYER SHALL ISSUE RDLC OR SBLC FOR AGREED VALUE ON QUANTITY FROM 2-6 M BBL FOR 366 DAYS WITH POSSIBLE ROLLOVER AND EXTENSION (NEXT YEAR).

PAYMENT TERMS: Payments to be made in United States Dollars/Euro by a Confirmed Letter

of Credit, Bank Guarantee, MT103 for entire product for each delivery.

Notes: First tranche Two million bbls vessels.  Maximum quantity per month 6 million bbls

Price: Dated Brent less $9 net CIF ASWP 

Quality: Distillation report sent separately

APPENDIX 1

BANK COMFORT LETTER (BCL)

DELIVERY BY: E-MAIL (SOFT COPY) &

TO: BANK COURIER (HARD COPY)

 Dear Sir,

 WE THE UNDERSIGNED WITH FULL BANKING RESPONSIBILITY, HEREBY CONFIRM THAT OUR CUSTOMER…………………..… (Buyer’s Company name), WITH ACCOUNT NUMBER xxxxxxx IS FINANCIALLY ABLE TO INITIATE THE NIGERIAN BONNY LIGHT CRUDE OIL (NBLCO) TRANSACTION INVOLVING PAYMENT OFXXXXXxxxxxxxxxxX MILLION US Dollars ( USD $xxx,000,000.00). For total cost of the product.

 WE CERTIFY ONLY THAT……….(Buyer’s company name) HAS SUFFICIENT FUNDS ON THE ACCOUNT TO COMPLETE THE TRANSACTION.

WE BANK OF ……….(Name of Buyer) SHALL PAY FOR THE TOTAL COST OF PRODUCT AS STATED IN THE COMMERCIAL INVOICE ISSUED BY THE SELLER, [SELLER’S NAME]., WITHIN 72 HOURS UPON RECEIVING SATISFACTORY QUALITY & QUANTITY (Q&Q) INSPECTION ANALYSIS REPORT AND ATTESTATION REPORT FROM THE SELLER VESSEL CAPTAIN.

WE SHALL DELIVER HARD COPIES OF THIS BCL DOCUMENT BY BANK COURIER SEVICE TO [BUYER’S BANK OF NIG PLC.], [ BANK ADDRESS] WITHIN THREE (3) DAYS FROM DATE OF ITS ISSUANCE.

 WE HAVE BEEN INFORMED BY OUR CUSTOMER THAT HE/SHE IS WILLING TO GIVE PERMISSION TO THE SELLER OF THE NBLCO PRODUCT TO CONDUCT A SOFT PROBE ON HIS ACCOUNT.

THIS BANK COMFORT LETTER (BCL) IS CONFIRMABLE ON BANK-TO-BANK BASIS.

 FOR AND ON BEHALF OF (NAME OF ISSUING BANK) AUTHORIZED SIGNATURE OFFICER AUTHORIZED SIGNATURE OFFICER

                ____________________________                                        ____________________________

                NAME:                                                                                                     NAME:

                TITLE:                                                                                                      TITLE:

                PIN:                                                                                                         PIN:

– – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – – –

APPENDIX 2

AUTHORIZATION TO VERIFY FUNDS (ATV)

SIGNATURE OFFICER DATE : DECEMBER XX, 2023

TO : [SELLER’S COMPANY NAME].

RE : PARTICIPATION IN CRUDE OIL COMMODITY SALE AND PURCHASE

 INVESTOR TRANSACTION CODE: / XXXXXXXXXXXX

 KNOW ALL MEN ,BY THESE THAT I, XXXXXXXXXXXXX, AT THE ADDRESS SHOWN ABOVE, GIVE YOU CLEAR NOTICE THAT YOU HAVE MY DIRECT PERMISSION AND FULL AUTHORITY TO DO ALL MATTERS NECESSARY TO CONFIRM, VERIFY, AND AUTHENTICATE MY BENEFICIALLY OWNED CASH FUNDS AND/OR APPLICATION ASSET(S) AND ITS ASSOCIATED GOOD STANDING ACCOUNT STATUS, IN AN AMOUNT OF XXXXXXXXX ($00,000,000,00 USD) ON A BANK TO BANK BASIS.THE BELOW STATED BENEFICIALLY OWNED ACCOUNT IS OF GOOD, CLEAN, AND CLEARED CASH FUNDS OBTAINED VIA LEGAL MEANS, AND IS CURRENTLY AVAILABLE AT THE BANK COORDINATES BELOW:

 COPY OF THIS AUTHORIZATION WILL BE LODGED AND PRESENTED TO MY BANK OFFICER.

 IN WITNESS HEREOF I, XXXXXXXXXXXXXXXXXX, HEREBY SWEAR UNDER PENALTY OF PERJURY,THAT THE INFORMATION PROVIDED HEREIN IS ACCURATE AND TRUE AS OF THIS

DATE: DECEMBER 9, 2023

 FOR AND ON BEHALF OF XXXXXXXXXXXXXXXXX

SIGNATURE:

NAME / TITLE: XXXXXXXXXX

PASSPORT NUMBER:XXXXXXXX

DATE OF ISSUE: XXXXXXXXXX

DATEOFEXPIRY:XXXXXXXXX