United States Crude Oil is a Crude Oil product. Key specs — Origin: United States.
Product Description
Specifications: Product: Nigerian Crude Oil Specification: Bonny Light Quality: NNPC Export Grade Quantity: 2 MBBLS per Shipment Price: USD $ 6 below London Brent price, Delivery: CIF or FOB Payment: Letter of Credit Procedure: 1.Seller and buyer signs sales and purchase agreement with banking coordinates. 2.
Buyers bank issues a confirmable proof of funds to sellers bank in favor of seller to cover a minimum of six million barrels (three shipments) to prove ability of buyer to pay for Cargo. 3. Sellers bank issues a 2% performance bond to buyers bank in favor of buyer. 4.
Seller nominates vessel in time charter for a minimum of three shipments and programmed vessel with ETA to reflect in Llyods London and Shell screen and forward details to buyer for confirmation. 5. Buyer issues a documentary letter of credit (DLC) to sellers bank in favor of seller. 6.
Seller loads vessel at ETA upon confirmation DLC and forward all relevant shipping document to all parties. 7. Vessel sails to buyers port of discharge. 8. Independent nominated inspection agents by both seller and buyer shall inspect at port of discharge and issue report on quantity for final settlement. 9.
Upon issuance of inspection report, buyer releases funds by wire transfer to sellers bank account. 10. Vessel discharges Cargo into buyer flange.
