Commodity:
Bonny Light Crude Oil.
Origin:
Federal Republic of Nigeria.
Total Quantity:
24,000,000 Barrels minimum.
Quantity:
2,000,000 Barrels per Month with possibility of rollover or extensions.
Quality:
Standard Export Quality as described in the Specification by NNPC.
Term:
12 Months Contract with Option for Rollovers or Extensions.
Price:
The price shall be determined by the average of the three days around the Unloading date (the day before, the day of Unloading and the day after) referred to in Platts publication, heading: DTD BRENT
Discount:
gross, with net to buyer. ( to buyer’s agent and to seller’s agent).
Payment Instrument:
Stand By Letter of Credit (SBLC)
Delivery Basis:
CIF basis