ESPO CRUDE OIL
Min. Quantity: 2,000,000 Barrel
Max. Quantity: 5,000,000 Barrel per Month
CIF/FOB Price: USD 60/BBL.
CIF ASWP APPROVED STANDARD BANKING WORKING PROCEDURES (1)
1. Buyer confirms SCO and issues an official ICPO inserting seller's terms and procedures.
2. Seller issues FCO for buyer's signing, buyer returns signed FCO and a letter of acceptance procedures. Seller
issues draft contract/SPA which is open for amendments.
3. Buyer returns the signed draft contract with NCNDA/IMFPA and a letter of guarantee to perform. Seller submits the signed SPA for registration and legalization with the appropriate authorities.
4.Seller sends the below listed partial pop documents to buyer via government secured courier service or mail, on buyer choice.
a. Statement of availability of product
b. commitment to supply the product
c. certificate of origin
d. Product Passport
e. Proforma Invoice
5. Buyer within 5 to 6 banking days issues SBLC swift MT760 according to Seller's fiduciary bank verbiage to seller
nominated fiduciary offshore bank account for first month shipment, and whereby buyer fail to issue payment
instrument within 7 banking days, buyer will make cash deposit of $480,000 by TT wire transfer for allocation
and security guarantee to enable seller charter vessel and commence shipment, and this payment shall be deducted
from the total cost of product after inspection at discharge port.
6. Seller bank issues the full set of proof of product (pop) and shipping documents with 2%pb (performance bond) to
buyer's bank. QQ Certificate & Product passport docs, all will be issued on time.
7. Shipment commences immediately as scheduled in the contract.
8. Buyer pays for the total product value via TT/MT103 to the seller's bank after successful SGS/CIQ inspection at
discharge port and title of product ownership transferred to buyer.
9. Seller pays all intermediaries involved in transaction as per signed NCNDA/IMFPA within 72 hours.
