RUSSIAN EXPORT BLEND CRUDE OIL

Product: RUSSIAN EXPORT BLEND CRUDE GOST 51 858- 2002 [R.E.B.C.O]
Minimum Quantity: 50,000 Barrels per Month
Maximum Quantity: 500,000 Barrels per Month
Price: Gross $29.00 USD/ $ 26.00 USD NET on CIF/ASWP

TRANSACTION PROCEDURES

1. Buyer issues official LOI/ICPO with seller working commercial procedure.
2. Seller issues official draft contract to the Buyer for review and endorsement along with the NCNDA/IMFPA document.
3. Buyer signs and returns back to Seller for Russian authorities Notarization.
4. Seller officially registers, legalizes and notarizes the endorsed draft Contract.
5. Buyer issues a Bank Readiness Letter on Bank’s Letter head confirming the receipt of the countersigned contract in their bank and readiness to issue Letter of Credit. (Negotiable).
6. Seller issues Partial Proof of Product documents.
— Copy of license to export. — Certificate of Origin issued by Russian Chamber of Commerce. — Attestation of Allocation issued by the Ministry of Energy. — Affidavit/Letter of affirmation issued by the Ministry of Justice. — Allocation Transaction Passport Code Certificate. — Copy of Transneft company contract to transport the product to the loading port. —

7. Seller issues Commercial Invoice and Buyer responds by issuing DLC (MT700) to be activated by 2% PB. Seller proceed to submit all documentation stating Buyer as legal Title Holder and Owner of Allocation to the shipping company.
8. Within 4 banking days, Seller issues to Buyer Full Proof of Product documents Bank to Bank.
— Copy of license to export. — Certificate of Origin issued by Russian Chamber of Commerce. — Attestation of Allocation issued by the Ministry of Energy. — Affidavit/Letter of affirmation issued by the Ministry of Justice. — Allocation Transaction Passport Code Certificate. — Copy of Transneft company contract to transport the product to the loading port. — Copy of approval to export. — Copy of the port storage agreement — Copy of the charter party agreement(s) to transport the product to discharge port. — Product Passport (Dip Test Result) — The customs formalities — Bill of Lading — Title of Ownership

9. Shipment commence as Scheduled in the Contract and upon arrival of the first cargo at the Discharge port.
10. Buyer makes payment for the Shipment via T/T MT103 within 5 banking days after CIQ/SGS Inspection at discharging Port.
11. Commissions will be released to intermediaries in Seller sides and Buyer sides within 24 hours of Buyer’s payment confirmation according to and based on the NCNDA/IMFPA and its Paymaster.

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