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Omani light crude oil 24 Milion Bbl

  • Slovenia Slovenia  
  • Last Updated:
    Posted on: 12 Nov 2020

  • Buying Frequency: Daily
  • Payment Terms: T/T

RFQ Details

DELIVERY OF OMANI LIGHT CRUDE OIL UNDER CONTRACT FOR 24 MILLION BARRELS SHIPPED OVER 12 MONTHS AT 2 MILLION BARRELS PER MONTH.
PRICE DETERMINED BY 3 DAY AVERAGE BASED ON BRENT CRUDE OIL INDEX LESS USD 4.5 GROSS (USD 4.00 NET) DISCOUNT USING DATE FOB PORT BASIS.

PROCEDURES
1. The BUYER SUBMITS AN OFFICIAL LETTER OF INTENT (LOI) CONFIRMING HIS INTEREST IN NEGOTIATING THE FINAL SUPPLY OF 24 MILLION BBLS OF CRUDE OIL DETAILED IN THE SPECIFCATIONS AS LISTED AND DELIVERED IN MONTHLY LOADS OF 2 MILLION PER MONTH FOR 12 MONTHS. THE LOI MUST BE FRESHLY DATED.
2. THE SELLER SENDS THE DRAFT CONTRACT AMENDABLE.
3. AFTER SIGNING CONTRACT THE SELLER PROVIDES A DETAILED POP GUARANTEE
4. THE BUYER GIVES HIS POF.
5. THE BUYER WILL ALSO GIVE A 100% Bank GUARANTEE LETTER (AS APPROVED BY SELLER’S BANK) VALID FOR A PERIOD OF ONE YEAR AND ONE MONTH AS GUARANTEE TO SELLER THAT BUYER WILL HONOR ALL THE 12 MONTH SHIPMENTS, AND THIS GUARANTE E SHALL BE VALUED FOR THE AMOUNT OF 20% OF 2,000,000 BARRELS.
6. BUYER WILL OPEN 100% REVOLVING LC ACKNOWLEDGMENT.
7. BUER WILL MAKE THE PAYMENT BY TT/MT103 AT THE DISCHARGE PORT BOTTOM TEST SGS REPORT APPROVAL.