2 MILLION BARRELS OF BLCO IN SPAIN

TRANSACTION: CIF

DISCOUNT: $13/4

INSTRUMENT: BLOCKED FUNDS

PROCEDURE FOR SPAIN CIF

1) Seller issue SPA ,Buyer sign and return the SPA with details of inspection team

2A) Seller Provide Partial POP to buyer.

2B) Buyer confirm the Partial POP (Q88 excluded) and
BLOCK FUND $25million into the NNPC direct account or give SBLC

3) NNPC issues ATV to Buyer. Seller/NNPC issue MATV/CLR to Buyer’s inspection team to confirm Product

4)Seller/NNPC allows Buyer to do the full Quality and Quantity checks and SGS test.

5) Buyer make the payment to Seller /NNPC and all the Agent and Facilitators.

6 Upon confirmation of payment to all (Seller and agents ), Seller/NNPC allow the Vessel to Transhipped or Offload into Buyer Storage Tank. Seller/NNPC issues full cargo documents and vessel sails to buyer’s POD.