Crude Oil

We have direct contact with the seller BONNY LIGHT CRUDE OIL. TRANSACTION PROCEDURES TTO (NON NEGOTIABLE) or CIF.
NO MONEY UP FRONT

TTO Procedure A (for ATB and inspection in Nigerian Waters):
1) Seller & buyer sign and seals document. Buyer provides seller Nigerian inspectors / supercargo details for boarding security clearance.
2) Seller clears them and forwards clearance certificates to inspectors, supercargo and buyer. + ATB
3) Inspector/ supercargo would board in Nigerian Territorial waters, to confirm fuel and conduct Q and Q. (overseas marine services) seller only pays for clearance of buyer’s supercargo / inspector. Buyer transports them on board.
4) Minimal documents that would be provided to buyer to place a conditional instrument would be the ATB, BOL, & cargo manifest.
5) Buyer swift a conditional instrument in accordance with Annex A.
6) When seller confirms the conditional instrument, seller open’s up communications with the overseas (UK) vessel handling company, with buyer for re-chartering and vessel moves to Cotonou for take over.
7) Full cargo documentation’s to include the certificate of ownership transfer from Global are given to buyer to effect payment.
8) Buyer sails to his discharge port.

TTO Procedure B (ATB and inspection in International Waters):
1) Buyer and Seller sign and seal Sales and Purchase Agreement with full banking details and forward same to their respective banks. (Electronic copies are binding).
2) Seller sends to Buyer CPA and Cargo documents for verification
3) Buyer’s bank swifts to Seller’s bank a Documentary Letter of Credit for entire cargo OR a conditioned, guarantee/Stand By Letter of Credit (BG/SBLC) for $500,000 USD for logistics fees to Seller’s nominated bank account, as guarantee for payment to Seller after Q&Q in International Waters (Cotonou, Tema, or Togo Waters). Letter of Credit text below as Annex “A”).  Buyer provides ATB details to Seller.
4) Within 3 banking days, Seller will collate official cargo documents in buyer’s name and forwards to Buyer. Seller will instruct his vessel captain to issue a marine Authority To Board (ATB) to Buyer’s independent inspectors and supercargo to board the vessels at Buyer’s inspection location.
5) Buyer’s inspectors (SGS or Equivalent) and supercargo board the vessel to ascertain the Quality and Quantity and upon satisfactory results, Seller draws down on the $500,000 LC, while Buyer within 5 banking days places a conditional Letter of Credit for the entire cargo.
6) Buyer re-charters the vessel, releases payment to Seller and all intermediaries.
7) Original documentations are released to Buyer
8) Buyer sets sail to its discharge port.

******** NO MONEY UP FRONT, Only need block USD 500,000,00 on Buyer’s Bank and send this information to Seller’s Bank by SWIFT.

WE ONLY NEED THIS TO ACCERTAIN YOU ARE A SERIOUS BUYER AND ABLE TO PAY FOR THE PRODUCT.

DOCUMENTS
a) Clean Ocean Bill of Lading, One (1) Original and three (3) copies
b) Seller’s Commercial Invoice, One (1) Original and three (3) copies
c) SGS/Saybolt Certificate of Quality and Quantity, One (1) original and three (3) copies.
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)Cleanliness report at Loading Port and Lines
J)Charter Party Agreement / invoice for rechartering
k) Transfer of Ownership/Title of Cargo to Buyer’s or Investor’s name.

CIF Procedure
1) Buyer and Seller sign and seal Sales and Purchase Agreement with full banking details and forward same to their respective banks. (Electronic copies are binding).
2) Seller provides Buyer with Full POP (Cargo documents and CPA)
3) Buyer swifts to Seller’s bank a Documentary Letter of Credit for entire cargo (as per text in Annex A); OR Buyer swifts to Seller’s bank a bank conditioned guarantee Standby Letter of Credit (SBLC) for Five Hundred Thousand ($500,000.00) US Dollars (as per text in Annex B) to be completely drawn down only after Buyer’s harbor master has received the marine Notice of Readiness (NOR) / Estimated Time of Arrival (ETA).
4) Seller instructs the vessel captain to issue a marine Notice of Readiness (NOR) / Estimated Time of Arrival (ETA) to Harbor Master and opens communication between vessel captain and harbor master.
5) Upon receipt from Buyer’s bank to Seller’s bank a Documentary Letter of Credit for entire cargo, vessel captain set sail to Buyer’s discharge port.
6) Seller provides complete shipping documents to the Buyer in Buyer’s name.
7) Upon arrival to Buyer’s discharge port, vessel captain will issue a marine Authority to Board (ATB) to buyer’s inspectors to board the vessel and ascertain the Quality and Quantity; OR inspection and payment at Out-Turn Barrel in exchange for title.