Official quoted price of January
*Validity until January 31.
*Term of validity bases date that buyer completes pre-advice BG/Non-operative DLC.
*Contract price is not guaranteed before seller signs to contract.
PRODUCT: Russian Export Blend Crude Oil (REBCO)
SPECIFICATIONS: GOST 51858-2002.
ORIGIN: Russia
PRICE: “PLATT’s CRUDE OIL MARKETWIRE” for URAL FOB-MED
DISCOUNT:
1) Transferable bank instrument
1,000,000 bbls (136,370 mton) x 12 ; - US$ 4 gross / - US$ 2 net
5,000,000 bbls (681,850 mton) x 12 ; - US$ 5 gross / - US$ 3 net
10,000,000 bbls (1,363,700 mton) x 12 ; - US$ 6 gross / - US$ 4 net
30,000,000 bbls (4,091,100 mton) x 12 ; - US$ 7 gross / - US$ 5 net
50,000,000 bbls (6,818,500 mton) x 12 ; - US$ 7 gross / - US$ 5 net
2) Non Transferable bank instrument
1,000,000 bbls (136,370 mton) x 12 ; N/A
5,000,000 bbls (681,850 mton) x 12 ; - US$ 3 gross / - US$ 1 net
10,000,000 bbls (1,363,700 mton) x 12 ; - US$ 4 gross / - US$ 2 net
30,000,000 bbls (4,091,100 mton) x 12 ; - US$ 5 gross / - US$ 3 net
50,000,000 bbls (6,818,500 mton) x 12 ; - US$ 6 gross / - US$ 4 net
*. Supply price can be ‘-US$ 8 gross/ -US$6 net’ in terms of cash 20% plus BG 80%.
COMMISSION: US$ 1.00 per bbls to Seller side (Close)/US$ 1.00 per bbls to f.h.u pro and Buyer side (Open).
INCORTERM: CIF ASWP. CIF mean that it include all costs to destination port paid by seller
PB: 2% max. Seller opens 2% PBG after receiving in Sellers Bank non- operative BG/LC from the Buyer. Not allow upfront PBG.
PAYMENT TERMS: By Irrevocable, confirmed, fully funded, transferable and revolving Documentary Letter of Credit on the one month delivery payable 100% at sight after presentation to the Buyers Bank full set of Documents required for payment with validity of 12 + 3 months (in case of delay) Or by TT paymentprotected by Bank Guarantee MT760 on the amount of one month delivery in 7 days after receiving by Buyers bank full set of Document required for payment indicated in the Contract.
INSPECTION: SGS, CCIC certificates of quality and quantity, radioactivity and all shipping documents listing in the Contract would be issued in the port of loading.
POP: Seller give POP before buyer’s payment instrument.
DESTINATION PORT: Any Safe World Port, to be determined by Buyer
DELIVERY PERIOD: 30 to 45 Days after receipt of Operative LC/BG for the First Shipment and 30 Days for subsequent shipments
PROCEDURES: Procedure shall be in accordance with the chronological procedure and rules promulgated by the International Chamber of Commerce (ICC),
Paris, France for the sale and purchase of crude oil and petroleum products.
{1} Buyer’s issues LOI or ICPO on company Letter head with permission for Soft Probe.
{2} Seller issues FCO or Draft Contract in the name of Buyer and the Buyer signs seal and return to Seller.
{3} After Buyer signs and seal and returns.
{4} Seller forwards Final Sales Contract signed and sealed to Buyer.
{5} Seller issues and Intermediaries sign IMFPA.
{6} Buyer opens the non operative Financial Instrument (DLC) or pre-advice Bank Guarantee.
{7} Within 3 banking days, Seller’s sends soft Proof of Product (POP) along with non operative PB to buyer.
{8} The buyer’s Financial Instrument (DLC) or Bank Guarantee shall be activated automatically.
{9} Seller bank response and swift PROOF OF PRODUCT to Buyer bank. From the date of operative Performance Bond 2% receipt in Buyer’s Bank.
{10} Seller agrees that the 2% Performance Bond (PB) will be activates the Financial Instruments (DLC) after receipt of the Buyer’s Operative Financial Instruments.
{11} The first shipment will commence no later than (45) days from date of issued Operative Letter of Credit. The remaining consignments will be shipped in each (30) day periods.
{12} Effect of payment for each consignment shall be effect within three (3) banking days after receipt by the Seller’s Advising Bank of all documents required for payment.
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