OILENERGY LLP , UAE, ready to organize the sale of the specified commodities according to terms and conditions outlined below:
PRODUCTS: ENOC BLEND CRUDE OIL
LOADING PORT: PORT JEBEL ALI, UAE
SPECIFICATION: IN THE APPENDIX
QUANTITY: TRIAL SHIPMENT OF 700,000 +/- 5% BBL, UP TO 4,000,000 BBL PER MONTH
DELIVERY TERM: CIF EUROPEAN PORT
FIRST DELIVERY PERIOD: JANUARY 2015
PRICE: PLATTS BRENT (DATED) 30 PUBLISHED QUOTATION DAYS BEFORE THE DAY OF DELIVERY OR TO BE DISCUSSED
DISCOUNT: TO BE DISCUSSED
PAYMENT METHOD: DOCUMENTARY LETTER OF CREDIT
PAYMENT DELAY: POSSIBLE
SELLER: TIME ENERGY GENERAL TRADING CO. (L.L.C.), UAE
1. Buyers issues LOI with banking details.
2. Seller proves its ability to supply commodities.
3. Seller’s and Buyer’s bankers verify payment terms.
4. Seller issues Draft Contract.
5. Seller and Buyer sign the Contract.
6. Seller provides to Buyer Proof of Product.
7. Buyer’s bank issues ICDLC to Seller’s bank.
8. Seller’s bank issues 2% Performance Bond.
9. Shipping will commence as per contract.
Blend will be produced by the state owned company ENOC (Emirates National Oil Company) and can be done according to the particular refinery’s requirements that will yield maximum economic efficiency of the crude oil processing.
Time Energy General Trading Co. has entered into a joint ventures agreement with ENOC for exclusively supply of ENOC Blend Crude Oil.
As an option, the Seller can discuss the possibility to supply its Blend under the Processing Agreement with a refinery.