TRANSACTION: TTO
DISCOUNT: $12/4
INSTRUMENT: IBPU OR BEC (N1 BILLION).
*IBPU MUST BE FROM A PRIME BANK NOT A LOCAL BANK
SELLER’S BLCO LOME/GHANA WATERS PROCEDURES FOR TTO DELIVERY WITH IBPU FOR TOTAL CARGO 12/4 DISCOUNT
- Seller forward SPA to Buyer.
- Buyer sign and return with IBPU via MT799 swift from a prime bank; complete MATB format to include supercargo and inspector’s details (int’l passport data page), shipping agent’s details and tugboat details. Buyer’s supercargo should be NNPC accredited.
- Upon confirmation of IBPU, Seller nominate a vessel and load or through NNPCL nominate a loaded vessel and moves a 1-2 million barrel vessel to Lome/ Ghana Waters
- Captain announce for the buyer and issue MATB and Clearance to buyer’s supercargo and inspector.
- Buyer’s shipping agent, within 12 hours of issuance of MATB, secures inward clearance from Togo port to enable captain position for boarding. Buyer immediately secures a tugboat for the boarding team.
- Buyer’s inspection team get on board the pregnant vessel.
- Inspector collects sample and disembark, while super cargo remains on board.
- Captain issues boarding attestation co-signed by the buyer’s supercargo
- Upon receipt of attestation, buyer releases USD $1 million to seller for logistics and documentation.
- Seller issues all cargo documents in buyer’s name.
- Q&Q results is released to buyer and seller. Seller issues commercial invoice per out-turn barrel to the buyer.
- Buyer pays for full cargo, commission to buyer’s and seller’s agent and facilitators (less $1 million already paid), via MT 103 / TT 12. Vessel is rechartered by buyer.
- Seller issues title of product to the buyer
FIRST SELLER NEEDS TO KNOW THE NAME OF THE BANK AND COUNTRY ISSUING THE IBPU
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