Details - Information last confirmed on September 1, 2020

BONNY LIGHT CRUDE OIL - CIF 2021-04-23

ATT: Buyer or Buyer`s Mandate
...
CLAUSE 7 - Banking Procedure:

7.1 Sellers issue text of draft sales Contract. Buyer reviews and if revisions required they are reviewed by Buyer and Sellers.
7.2 Buyer signs and returns sales Contract with complete Bank details.
(Electronic transmitted copies will be deemed original and binding.)
7.3 Sellers sign sales Contract and return to Buyer.
(Electronic transmitted copies will be deemed original and binding.)
7.4 Sellers and Buyer lodge sales Contract with their respective Banks.
7.5 Within 72 hours of signing of sales contract and provision by the Sellers, of the Sellers’ banking details the Buyer will cause Buyer’s bank to issue an SBLC to Sellers’ bank in the terms as annexed hereto and if no terms are so annexed, in terms to be agreed upon
between the Sellers’ Bank and the Buyer’s Bank. The SBLC will remain in place for the term of this agreement. In the event of:
7.5.1 Such SBLC not being issued within a period of 72 hours from the signing of this contract; or
7.5.2 such SBLC being withdrawn during the term of this contract; or
7.5.3 such SBLC being called upon for payment; then the Sellers may by notice in writing to the Buyer terminate this Sales and Purchase Agreement but without prejudice to any pre-existing rights or obligations accruing prior to such termination.
7.6 Sellers confirms acceptance.
7.7 The Sellers will expedite loading arrangements for delivery to port of destination as agreed between Sellers and Buyer.
7.8 Prior to the arrival of the vessel at the discharge port the Seller will provide the Buyer with a copy of the title documents as listed herein including a copy of the Report as provided for in clause 3.5;
7.9 Payment for cargo, as per Sellers’ Q&Q, will be made by the Buyer/Buyer’s bank to Sellers’ bank by MT103 within 3 banking days of vessel’s arrival at the port of destination and prior to discharge upon presentation of the complete set of documents as detailed in clauses 5.3 to 5.13 made out in favour of the Buyer, at the counter of the Sellers’ bank. In the event of such payment not being made within the said period of 3 banking days then the Sellers may by notice in writing to the Buyer terminate this Sales and Purchase Agreement but without prejudice to any pre-existing rights or obligations accruing prior to such termination and the Buyer shall have no further claim or interest in any further vessel or cargo the subject of the Sales and Purchase Agreement.
7.10 Procedures will recur for the duration of contracted quantity of **,000,000 (****** million) Barrels (with rolls and Extensions as mutually agreed).

CLAUSE 8 – Cargo reference:

The contract cargo shall be arranged under the following reference:
PRODUCT: BONNY LIGHT CRUDE OIL
CONTRACT REF: SPA-************
EXPORT LICENSE ALLOCATION NUMBER: TBA
QUANTITY AUTHORIZED: ******* (**) MILLION BBLS
WINDOW NUMBER (ETA) TBA VESSEL: TBA
PORT OF LOADING: BONNY OFF SHORE (BERTH “B”)
CONSIGNEE: TBA
BULK QUANTITY: * MB

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Disclaimer: DealStream has not independently verified any of the information in this listing and makes no warranty as to its accuracy or completeness. This listing does not constitute an offer to sell, solicit or make an offer to buy an investment interest. Offers to sell, or the solicitation of offers to buy, any security can only be made through official offering documents, such as a subscription agreement and private placement memorandum.