BLCO NEEDED-CIF- ONLY SELLER OR MANDATE SHOULD CONTACT

SCO FOR BLCO

COMMODITY: Nigerian Petroleum Product

Specific Gravity at 150c, kg/1 ASTMD1298/P 0.8497-0.8398

API at 60 Degrees F ASTM Table 51 34 - 21

Salinity ASTMD 4006/1P 358 4.7P.T.B @ 60 Degrees F

Color Dark Brown

BS & W Content [Vol. %] ASTMD 473/1P 53 0.25 Average

Sulfur %WT ASTMD 0.14% wt

Pour Point Degrees F ASTMD 97/1P.15 40o[F] Degrees F

Water Content: 0.2% Vol. Max

REIB Vapor Pressure: 6.52PSIG

Shipment of One Million (1,000,000) OR Two Million (2,000,000)US barrels +/-10% with possible

rolls and extension at both parties discretion.

PRICE:The price for each Barrel of Bonny Light Crude Oil delivered out-turned barrels shall be Dated

Brent” on the date of Bill of Lading as published by McGraw Hill market, wire less discount of

$12.00USD per barrel $8.00 Net TO BUYER. $4.00 Brokers.

Commissions: Buyer to pay brokers according to FEE PROTECTION AGREEMENT.

DETERMINATION OF QUALITY AND QUANTITY

Quantity & Quality to be ascertained by an independent Inspector appointed by the Buyer at the

Loading point His certificate of quality and quantity should be judged as the final quantity and

quality of the oil delivered in to the buyer’s tanker and the payment will be issued according to it.

PAYMENT: In U.S Dollars-Irrevocable, Once Transferable SBLC or MT 760 for final payment

1) Clean Ocean Bill of Lading, One (1) Original and three (3) copies

2) Seller’s Commercial Invoice, One (1) Original and three (3)

3) Certificate of Origin issued by NNPC, One (1) Original and three (3) copies

4) Certificate of Authenticity issued by NNPC, One (1) original and three (3) copies

6) Master’s receipt for Samples

7) Master’s receipt for Documents

1. Buyer and Seller sign & seal contract and exchange the signed copies by electronic mail and

deposit copies duly legalized in their banks.

*The electronic copy signed by both parties is considered legally binding and enforceable.

2. Buyer send to Seller/Seller Mandate ‘A CUSTOMER FORM’ which shall be completed by

both Buyer and Seller/Seller Mandate (A Customer Form contains information about the Buyer

and Seller/Seller Mandate including Copy of International passport Or Passport Number for e-

3. Buyer’s Bank sends an MT-199 via SWIFT from a Prime Bank to the seller’s Fiduciary Bank,

and provides its NOR/ETA (E-mails to be copied) details, discharge port details, harbor master

4. Seller within 96 hours nominates a vessel and provides shipping documents to buyer in

buyer’s name and these would include the following:

                               .Certificate of Ownership

                               .Certificate of Origin

                               .Certificate of Authenticity

                               .Certificate of Quantity

                               .Certificate of Quality

                               .Master's Receipt for Documents

                               .Master's Receipt for Sample

                               .Tanker Ullage Report

                               .Tanker Time Sheet

                               .CPA for Nominated Vessel

                               .Q88 for Chattered Vessel

5. Buyer’s Bank raises a bank Guarantee or an MT760/SBLC for the value of the cargo in favour

6. Seller instructs the vessel's Captain to issue a NOR/ETA to buyer’s agreed discharge port

and the buyer’s clearing team acknowledges.

7. Vessel sails for buyer's port and upon arrival the captain communicates with the harbor

master and shipping agent in order to come in to anchorage - buyer clears vessel into its

8. Captain issues ATB and invites on board the buyer's inspection team to confirm cargo on

board, after successful quality and quantity and result is sent to both parties. Seller issues

commercial invoice and final pay order to the buyer and buyer makes full payment via SWIFT

wire transfer in accordance to the seller’s commercial invoice and pay order.

9. Vessel’s Captain on receipt/notice of final payment, commences discharge of Crude into the

BERTH CHARGES, DUTIES AND TAXES AT DISPORT

The Buyer shall be responsible for all duties and taxes levied on cargo by the authorities of the

country of discharge. Title shall pass from Seller to Buyer when the complete discharge of cargo

Any dispute arising during the execution of this contract shall be settled amicably. If parties fail

to do so, they shall accept as final the decisions of the court of arbitration of the International

Chamber of Commerce, Swiss Law to apply. Expedite procedure format and all proceedings

are to be continued in English and shall be settled by arbitration in accordance with the laws of

Nigeria, Switzerland and/or England as the case may be.

FORCE MAJEURE:

Neither party to this agreement shall be responsible for breach of contract cause by acts of God,

insurrection, and breakdown of refinery operations or supplies to the seller, civil war, military

operations, and national or local emergencies. The parties hereby accept the international

provisions of Force Majeure and hardships published by the International Chamber of

NON-CIRCUMVENTION/NON DISCLOSURE:

The undersigned parties do hereby accept and agree to fulfil obligations due to agents and

facilitators. In the event of direct, or even indirect circumvention through a third party, the

circumvented party shall be entitled to legal monetary award equal to the maximum service fees

it should have realized from the transaction.

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