Bonny Light Crude Oil
CIF Procedures
PRODUCT SPECIFICATION AND REQUIREMENT1) Product: Crude
2) Name: Nigerian Bonny Light Crude Oil (NBLCO)
3) Country of origin: Nigeria.
We have two (2) million barrels of Crude Oil, Direct from the
Nigerian National Petroleum Corporation (NNPC
It is a CIF transaction.
1. Buyer issue irrevocable purchase order ICPO with
corporate registration of Buyer Company and company profile. With confirmable
Proof of Fund (POF)
2. Seller SCO with Proof of Product (POP), issues the
Contract for review and endorsement by the buyer.
3. Buyer’s bank issues pre-advice to Seller’s account via
MT799, confirming readiness to swift operative STANDBY LETTER OF CREDIT (SBLC)
or BANK GUARANTEE (BG) via SWIFT MT760 for the entire quantity value of the
spot lift from Seller’s tanks/vessel, and for Seller to lodge and activate a 2%
PB (Performance Bond/ Performance Guarantee in favor of the Buyer.
4. Seller’s bank issues pre-advice confirming readiness to
activate the SBLC / BG with a 2%PB.
5. Upon confirmation, within twenty–four (24) hours, Buyer’s
bank swift confirmed, operative SBLC / BG by swift via MT760 in favor of the
Seller, Seller issues 2% PB.
6. Subsequently Seller ensures that the cargo is registered
and programmed in buyers’ name. Seller provides cargo documents programmed in
Buyer’s name for the loaded vessel which includes:
• Clean Ocean Bill of Lading, One (1) Original and three (3)
copiers.
• Seller’s Commercial Invoice, One (1) Original and three
(3) copies.
• SGS/SAYBOLT Certificate of Quality and Quantity, One (1)
Original and three (3) copies.
• Certificate of Origin, One (1) Original and three (3)
copies.
• Cargo Manifest
• Charter Party
Agreement
• Vessel Ullage
report.
• Vessel Q88
7. Seller issues periodic NOR/ETA for the buyer to prepare
clearance for seller’s vessel at Buyer’s POD. At POD, Seller’s Captain Issues a
Marine ATB and invites Buyer’s inspectors to board seller’s loaded vessel, at
buyer’s cost, to conduct Quality and Quantity.
8. Upon satisfactory SGS Quality and Quantity report, the
buyer makes payment via MT103 OR TT wire transfer to seller designated account
for the total product available.
9. Seller changes the title of ownership of the product to
buyer’s name and changes the POP documents to the name of the buyer, Henceforth
the buyer is the owner of the product.
A. Bill of lading
B. Certificate of origin
C. Certificate of analysis Report
D. Certificate of Q&Q (SGS or equivalent)
E. Seller’s
commercial invoice
F. Vessel ullage
report
G. Cargo Manifest
H. Title
NOTE: BLOCKED FUNDS Via MT799 WILL ALSO BE ACCEPTED, 2% PBG
WILL NOT BE AVAILABLE FOR THE BLOCKED FUND OPTION.
• Technical Specifications
BONNY LIGHT (BLCO) Specific Gravity: 0.8459.
Water Content: 0.2% Vol. Max
BSW: 0.6% Vol., max.
Pour point: Below 40 Degree F. max
Salt: LB per 1,000 bbl, 12, max
Total Sulphur, wt%: 0.14 max
Reid Vapor Pressure: 6.52 PSIG, max
Carbon Residue, wt%: 1.0, max.
VINI, PPM wt:, 2.0
Vis, cst @ 37.8 Deg C.: 3.47, min.
Yield C1-C4 wt%: 2.10
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