CRUDE OIL (BASRA LIGHT) and (KIRKUK CRUDE)

1.  Commodity                     : Basra Light

2.  Origin                               : Iraq

3.  Specification                    :SGS or SAYBOLT

4.  Quantity                           :Up to 10.000.000. (Up to Ten millions) barrels per Months

5.  Delivery                            :Immediate, FOB BASRA, FOB GEYHAN                                           

6.  Term                                 : 1 year with Rolls and Extensions   

7.  Inspection                         : SGS or Saybolt

9.  Payment                           : D L/C

10.  Price                               :Basra Light Price Ex Basra Oil Terminal is based (Oman+Dubai)

                                                 / 2 as market crudes,

minus minimum (15-20 USD / BBLS for USA),

minus minimum (11-15 USD / BBLS for Europe),

minus minimum (6-7 USD / BBLS for Asia)

 PROCEDURES:

1. BUYER  ISSUES   ICPO  WITH «SOFT PROBE»  AND SELLER  REVERTS  FULL CORPORATE  OFFER. 

2.SELLER  ISSUES  DRAFT-CONTRACT  AND PROFORMA – INVOICE TO THE

BUYER.

3. BUYER RESPOND  WITH  SIGNING  AND SEALING  CONTRACT  AND BOTH   LODGE  IN RESPECTIVE BANKS.

4.BUYER’S  BANK  SENDS LETTER  TO  SELLER’S BANK  BY SWIFT MT199 OR MT799  CONFIRMING THAT BUYER IS READY  TO  SEND  MT103 FOR LIFTABLE QUANTITY  AND  D L/C FOR REMAINING  QUANTITY.

5.SELLER’S BANK  ISSUES TO BUYER’S BANK  PARTIAL POP (COMMERCIAL INVOICE, TANK RECEIPT, SGS REPORT AND DIP TEST   AUTHORIZATION FOR LIFTABLE QUANTITY).

6.BUYER  VERIFIES  PARTIAL POP AND UPON  SUCCESSFUL  VERIFICATION  BUYER’S BANK  ISSUES  D L/C.

7.UPON RECEIPT AND VERIFICATION OF ABOVE RDLC SELLER’S  BANK  SHALL  ISSUES PERFORMANCE  BOND (PB 2%). 

8.SELLER’S  BANK  ISSUES TO BUYER’S BANK FULL POP  .

9.BUYER’S BANK  RELEASES TO  SELLER’S BANK  PAYMENT FOR EACH  MONTLY  SHIPMENT SHALL  BE  BY  RDLC (MT 103 BASED  ON  LIFTABLE QUANTITY).

10. SELLER  TRANSFER  OF  TITLE.

11.SHIPMENT  COMMENCES.

On buyer  blank                                                  

To Principal Seller:                                                             xxxxxxxxxxxxxxx / General Director                                                                            

                        IRREVOCABLE CORPORATE PURCHASE ORDER

1. Product                  :

2.      Origin                    : Iraq

3.       Delivery terms: FOB  BAFOBSRA,  FOB GEYHAN,  CIF  ASWP – as will agree

4.      Price                      : Basra Light Price Ex Basra Oil Terminal is based(Oman +Dubai) /       

                                       2 as  market crudes, minus minimum 15-20 USD / BBLS

5.       Quantity             : Up to 10.000.000. (Up to Ten millions) barrels  TO 12 MONTHS

                              CONTRACT

6.       Delivery                 :  Immediate

7.      Term                 : 1 year with Rolls and Extensions  

8.       Payment terms     : D L/C

9.       POP                       :  POF (PROOF OF FUNDS)/MT799 TO BE PROVIDED

                                   AGAINST POP (PROOF OF PRODUCTS)  

10.   Inspection             :  SGS or Saybolt

 PROCEDURES:

11.1. BUYER ISSUES ICPO WITH FULL BANKING DETAILS

11.2. SELLER ISSUES FCO FOR BUYER TO COUNTER SIGN AND RETURN TO SELLER

11.3. SELLER ISSUES DRAFT-CONTRACT  AND PROFORMA – INVOICE AND  

         NCND/MFPA FOR BUYER TO SIGN AND RETURN TO SELLER

11.4. Buyer issues a Full Funded Operative bank Confirmable L/C via swift MT 700 or MT 799

        to seller’s (as POF) company nominated Bank WITHIN 48 HOURS AFTER SIGNED CI.

11.5. WITHIN 24 BANKING HOURS OF BUYER΄S POF, SELLER ISSUES

        DTA, TSR AND SGS REPORT FOR BUYER΄S VERIFICATION.

11.6  UPON VERIFICATION OF QUANTITY & QUALITY OF THE PRODUCT,

        SELLER TRANSFERS TITLE TO BUYER

11.7. UPON RECEIPT OF FULL TITLE FROM SELLER, BUYER PAYS

        IMMEDIATELY VIA SWIFT MT103

11.8. BUYER LIFTS IMMEDIATELY FROM SELLERS TANK IN ROTTERDAM

 Onbuyer  blank                                                        

2        BUYER LEGAL ADDRESS FOR ALL CORRESPONDACES

3        BUYER BANKING INFO

This document provides the legal basis to apply the above terms and condition in order to prepare a contract. We are here by confirm that we issue our DLC/BG/SBLC by authenticated swift from our bank to you bank upon receipt of your contract within 2 banking days.

This ICPO is valid for 5 banking days.

Kind Regards,        

                                              Signature        SEAL

Onbuyer  blank                                                       

Name              :

Title                : President

Passport No    :

Nationality      :

Date                :

SignatureandSEAL: ________________________________________

 SAMPLE BANK COMFORT LETTER

Ref. No:          xx

Date:               xx

TO:                Dr.                  

FOR:  

BANK COMFORT LETTER

We, (Buyer’s Bank Name), on behalf of Chairman of Board of bank (Surname, Name, Patronymic) confirm solvency of the company (Buyer’s Company Name).

Also we render all-round financial support in maintenance of the contract number, seller’s transaction code and Buyer’s transaction code below with contract made on (XX^TH, XXX 2012), at the conclusion the specified company of the contract on Sales and Purchase for – CRUDE OIL : Up to 10.000.000. (Up to Ten millions) barrels per Month.

We, (Buyer’s Bank Name) acknowledge presence of financial means for the company (Buyer’s Company Name), being our client on payment of volume the goods according to contract number, seller’s transaction code and Buyer’s transaction code below.

Contract Number:                  XXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Seller’s Transaction Code:     XXXXXXXXXXXXXXXXXXXXXXXXXXXXX

Buyer’s Transaction Code:    XXXXXXXXXXXXXXXXXXXXXXXXXXXXX

We hereby, irrevocable acknowledge with full liability manufacture (issue) in Bank of the Vender evocative “SOMO” in the contract and matched by our client the obligation of payment on all period of contract relations, immediately after granting in our Bank of the following documents:

1.      Number of distribution.

2.      Contract signed by the Parties.

3.      Documents on resource verifying presence of goods.

4.      Monthly chart of goods.

Sincerely,

[Officer #1 Signature & Seal]                                              [Officer #2 Signature & Seal]

. . . . . . . . . . . . . . . . . . . . . . . . . . . .                           . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Officer Name:                                                            Officer Name:

Officer Designation:                                                  Officer Designation:

Officer Code:                                                             Officer Code:

DOCUMENTATION FROMTHE BUYER:

1.  ICPO

2.  Certificate of Incorporate

2.  Business Registration

3.  Corporate Resolution

4.  Bank Letter (necessarily signature of two officers of bank)

5.  Contract (the documents confirming presence in the property of oil refining factories or 

     Contracts with oil refining factories on Processing of bought volumes of oil)

6.  Pass. Copy of the Transactional Signatory Authorized by Corporation

Email: satoil.kz@gmail.com  

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