2 MILLION BARRELS OF CRUDE OIL (BLCO) IN ROTTERDAM

TRANSACTION: CIF

INSTRUMENT: DLC

PRICE: $13/4

CIF DELIVERY FOR ROTTERDAM

1. Seller issues transaction procedure and buyer issues an acceptance letter with the procedure inside the letter.
2. Seller issues SPA while Buyer signs and returns the SPA with CIS, port of discharge agent details, ATB/NOR/ETA formats.
3. Upon receipt of SPA, CIS and Passport information, the Seller signs and return the closed SPA with the seller’s CIS.
4. Buyer’s prime Bank issues RWA via MT799 stating readiness to issue SBLC, Seller’s bank responds via MT799 stating readiness to receive the SBLC. Buyer issue SBLC
5. Seller nominated and assigned cargo with full documentation in buyer’s name and send to the buyer. Buyer shipping agent register’s the product documents with the Customs.
   (Certificate of quality to be loaded is
   Certificate of Origin
   Certificate of authenticity
   Certificate of authority to sell), etc.
6. Seller’s Bank validates the SBLC
7. Seller issues a full set of cargo documents to the Buyer in the name of Buyer as the Consignee of record and authorizes Vessel Captain to move vessel to Buyer’s port of discharge with periodic NOR/ETA to the Buyer and Buyer’s Discharge Harbor/Tank Agent.
8. At the Buyer’s discharge port, Buyer’s shipping agent clears the vessel while the Captain Issues Authority To Board (ATB/DTA) to enable Buyer’s independent inspectors to perform Q/Q at mutually agreed location.
9. Upon successful conclusion of Q/Q analysis, Inspectors release report to both parties while Seller Issue Commercial Invoice to the Buyer with exact Q/Q report figures.
10. Buyer releases full payment for cargo to Seller’s nominated bank within 72 business hours after inspection against Q/Q Report, Commercial Invoice and Cargo Documents by MT-103 ).
11. Seller confirms payment and authorizes Captain to discharge cargo into Buyer’s storage tank.