Technical Specifications of the crude oil

1 Specific Gravity 150c kg/l ASTMD 1298/P 0.8397 – 9.8498

2 API at 60°F ASTM Table 51 34 – 37

3 Salinity ASTMD 4006/1P 358 4.7 P.T.B @ 60°F

4 Colour BS & W Content (Vol. %) ASTM 473 / 1P 53 Dark Brown 0.25

Average
5 Sulphur % WT ASTMD 0.14% WTF

6 Pour Point °F water Content ASTMD 97/1P.15 40°F 0.2% Vol Max

7 REIB Vapour Pressure 6.52PSIG

Brand: Bony Light Crude

duration

Delivery: 50days from Date of Receipt of LC on First Delivery, from Second Consignment will be
30days if LC is Valid for 1 year and Qty is 2 M barrel / month (minimum) for 1 year supply

- producer :

Nigerian National Petroleum Corporation (NNPC)

- transportation

By NNPC
- insurance

Terms and condition for payment By NNPC

Terms of Payment: by means of confirmed, Transferable Letter of Credit - MT 103 and
payable within 72hrs from completion of offloading ( Refer Payment Procedures)
Standby Time: Not Allowed.

Offloading time and Acceptance Certificate: 72 hrs maximum

PAYMENT PROCEDURES

1. Buyer and seller signs The (SPA) Sales And Purchase Agreement; upon receipt of the
signed SPA, Buyers bank writes to be back seller’s NNPC nominated fiduciary account
requesting NNPC Bonny Terminal reply to buyer confirming awareness on the transaction
and also providing the buyers nominated bank details thus the Seller will issue a 2%
Performance Bank Guarantee (PBG) (NON-NEGOTIABLE) on Value of Letter of Credit.
PBG will provide after receipt of Letter of Credit
 2. First lift, buyer’s bank will immediately swift to seller’s bank, a pre advice via MT199 or
MT999 on NNPC acceptable verbiage by swift only from buyer’s bank to seller’s NNPC
nominated fiduciary account, confirming their readiness to issue MT799 block fund or
MT760 SBLC valid for one year. (ATV to speed up compliance).

3. Upon Receipt of The MT199 swift from the buyer, seller will program and load vessel,
with full set of cargo documents in buyers name and send to buyer for verification. These
must include the bill of lading (in buyer’s name). NNPC-Bonny Terminal will also write an
official letter stating the nominated account to issue a 2%PB upon receipt of buyer's
operative instrument.

4. Buyer within 72 working hours shall swift a bank instrument MT760 SBLC or MT799
block fund in favour of seller’s nominated account. Buyer also sends NOR / ETA / ATB
format which shall include the nominated inspection company at discharge port and their
contact details.

5. Seller shall place a 2% PB upon receipt of buyer’s instrument and instruct vessel
master to send NOR/ETA according to buyer’s format.

6. Buyer acknowledges NOR/ETA and confirm receipt of soft copies of document.

7. Seller shall cause vessel to sail towards buyer’s Port of delivery for quality and
quantity inspection at buyer’s nominated Port.

8. Within 72 hours of successful conduct of inspection, buyer's inspectors Send

Inspection report to buyer and seller.

9. Within 72 Hours of the Receipt of the Report, Buyer's Bank Swift Total Payment for
Inspected Cargo Via MT103 To Seller's Bank.

10. All Original Cargo Documents and Title Documents Are Transferred to Buyer's Name.

11. Vessel Discharges Inspected Product into Buyer's Nominated Storage as Provided.
Payment for The Full Product Is Released or Made To First account (Seller’s Nominated
Bank) Including second And Third Accounts As Listed In This Contract.