Oil IssueCrude Oil and Petroleum Product´s
Procedure BLCO:
Above all, a Offer via E-Mail needed!
Questions and Answers!
1. Buyer´s mandatory issues this Letter of Intent to the Seller
2. Seller issues FCO and notarized copies of
a) Allocation document issued by NNPC in the name of the seller
b) Certificate of ownership issued to the seller
c) Export license issued to the seller
d) Authority to sell issued to the seller
to buyer´s mandatory
3. After positive verification of the documents buyer signs and seals the FCO as accepted and buyer and seller sign and seal sales and purchase agreement with full details and buyers bank will respond with confirmation of readiness to place instrument upon receipt of a non–operative two percent (2%) performance bond and the copies of the full set of POP from the Seller.
4. Seller places a non operative two percent performance bond within 5 Banking days of receipt of communication from Buyer’s bank.
5. Seller issues full set of POP (incl. shipping documents)
6. Buyer’s bank within 5 banking days after verification of POP places via swift MT760 a Letter of Undertaking to activate the performance bond.
7. Shipment commences as scheduled in the contract