SALES & PURCHASE AGREEMENT/CONTRACT
“BONNY LIGHT CRUDE OIL” TTO
BONNY TERMINAL NIGERIA”
14TH December, 2012
Seller’s Ref: Colonel/sil/2012/10
This Contract agreement is entered into this 14 December 2012
STOWVAT INVESTMENTS LIMITED
established under the laws of Federal Republic Nigeria which registered address, is situated at NNPC Office, Bonny Island, Bonny and which is represented by Platform Operators in his capacity as the LOADER as duly authorized, hereinafter known as “The Seller”, (which statement shall, where the context so admits include its successor in title and assignees of the
As the Buyer/Rep of the company and as duly authorized, hereinafter known as “The Buyer”,
Whereas the Seller with full authority, hereby agrees to supply and deliver the herein under mentioned crude oil and fulfill all the requirements referred to herein and shall provide the referenced crude under the conditions and at the times so agreed by the two (2) parties hereto.
Whereas the Buyer hereby agrees to fulfill the requirements as referred to herein and shall purchase, pay and take delivery for all shipments of full cargo of commodity “Nigerian Crude Oil” described below and under the terms and conditions hereunder, at the time so agreed by the two (2) parties hereto:
Now it is hereby agreed that the seller shall sell and the buyer shall purchase the product as stated, under the following terms and conditions:
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PRODUCT / ORIGIN AND QUALITY.
1. The product sold / purchased under this contract is Bonny Light Crude Oil.
2. Origin - Nigeria.
The quality or grade of crude oil under this contract shall conform to NNPC specifications.
QUANTITY. 280,000mts (2MILLION BARRELS of BLCO)
2.1. The total quantity of crude oil sold / purchased under this contract is 280,000mts.
1. The delivery basis for the cargo sold under this contract shall be TTO Basis (Inco terms latest revision)-
QUANTITIES AND QUALITY DETERMINATION/INSPECTION.
1. An Inspection company SGS/Say bolt or any other inspection company will conduct the inspection at buyer’s expense after seller issues ATB with to ensure the quality and quantity of the cargo.
SHIPPING TERMS AND VESSEL NOMINATION.
1. The Buyer expressly confirms that he will take delivery of the subjected cargo TTO Basis.
1. All demurrage charges at the loading port are for the Seller's account if caused by the Seller vice visa.
1. The PRICE $12.00 less a discount of $2.00 per barrel to be shared as Commission to the Buyer’s Agent/Facilitators ($2.00) AND Seller’s Agent/Facilitators ($2.00) respectively
2. The Platt quotations shall be the three (3) consecutive mean quotations centred on the loading date.
3. If loading date falls on a Saturday or holiday or a non-publishing day the effective date for pricing purpose shall be the following business day.
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4. The price per barrel shall escalate or de-escalate by USD 0.0012 per one tenth (1/10) of each API degree above or below API 33 to 37 at 60 Deg. F.
TERMS OF PAYMENT.
1. The payment will be made at sight upon presentation to the seller’s bank, one original and three copies of the following documents:
a) Original Commercial Inviolés plus (3) non-négociables copies. b) Certificate of Quality (SGS/Say bolt)
c) Certificate of Quantity (SGS/Say bolt)
d) Certificate of Country of Origin.
(e) Cargo Inspection Report.
(f)Tanker Time Sheet....
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