BLCO Bonney Light Crude Oil

PROCEDURE - SUMMARY / BRIEF-DESCRIPTION : FOB - Offshore floating facilities of Qingdao, Lanshan, Rizhao/ China with Sellers additional transport to CIF - China by a SGS- Diptest / Q&Q / CIQ at Onshore-storage/ China with subsequent Payment. 

1. Buyer sends his LOI to Sellers-Mandate.
   SPA / Contract signed & sealed by both parties (Buyer and Seller) + NCNDA & IMFPA signed & sealed.

2. Seller provide the Offshore-POP- Storage- Documents for Verification with the Tankmaster :2.1) Tank-Receipts of the requested purchase-amount.
   2.2) Discharge- Certificate.
   2.3) Storage- Certificate.
   2.4) Storage- Information.

3. Seller also provide the Storage Master of Qingdao and/ or Lanshan or Rizhao direct for Information and assistance/ support to the Buyer. (for Verification/ Confirmation)

4. Buyer confirms the Cargo at Storage via POP. (After verification with Storage-Master.)

5. Buyer issue Proof of Fund by a SWIFTMT**0(SBLC) for the first trial of abt.2 Mill. Bbls or more from Buyers-Bank to Sellers-Fiduciary- Bank-Account according to Sellers agreed Bank SBLC-wording/ text.

6. Logistic : Basis of FOB - Offshore- storages Qingdao, Lanshan or Rizhao :

   6.1. Seller secures Vessel/ VLCC to transfer cargo from FOB-Offshore-storage to CIF China + transport to Onshore-tankfarm/ China of the Buyer. Buyer provides port of discharge / Onshore- tankfarm- details and Seller confirms.

7. Seafreight- Cost- Sharing between Seller and Buyer of FOB loadingports to CIF - China + discharge of the Tanker at Buyers Onshore-Tankstorage.
   Buyer pays abt.*0% of the seafreight direct to the Shipping-Company according to the Comm.-Invoice of the Shipping-Line / Agency and Documents-Reassignment of the Seller.

8. Upon arrival at destination, Buyer conducts SGS /CIQ/ Q&Q in China at Buyers Onshore-Tankdepot.

9. Sellers Comm.-Invoice : Final Payment by SWIFT-MT**3according cargo-out-turn barrels using SGS/ CIQ/ Q&Q- results of the Report.

10. The Sellers pays the Commission according to the IMFPA to the Recipients.

11. The Seller are prepared to continue the next shipments according to the agreed Procedure to CIF- China and transport to Buyers Onshore- Tankfarm.

    The annual Contract should be based on the same above steps.