JOINT VENTURE OPERATORS
BONNY TERMINAL, BONNY ISLAND.
Seller’s Initials
Buyer’s Initials
SALES / PURCHASE AGREEMENT/CONTRACT
"BONNY LIGHT CRUDE OIL” ONSHORE TANK FARM DELIVERY
Buyer’s Ref:
Seller 's Ref:NNPC/OHRE/008A
This Contract agreement is entered into this day 14TH APRIL 2017
BETWEEN
NNPC/SHELL JV OPS
established under the laws of Federal Republic Nigeria which is hereinafter known as “The Seller”, (which statement shall, where the context so admits include its successor in title and assignees of the second part.)
AND
( ) hereinafter known as “The Buyer”, (which statement shall, where the context so admits include its successor in title and assignees of the second part.)
PROMISES.
Whereas the Seller with full authority, hereby agrees to supply and deliver the herein under mentioned crude oil and fulfill all the requirements referred to herein and shall provide the referenced crude under the conditions and at the times so agreed by the two (2) parties hereto.
Whereas the Buyer hereby agrees to fulfill the requirements as referred to herein and shall purchase, pay and take delivery for all shipments of full cargo of commodity
JOINT VENTURE OPERATORS
BONNY TERMINAL, BONNY ISLAND.
Seller’s Initials
Buyer’s Initials
“Nigerian Crude Oil” described below and under the terms and conditions hereun der, at the time so agreed by the two (2) parties hereto:
TRANSACTION.
Now it is hereby agreed that the seller shall sell and the buyer shall purchase the product as stated, under the following terms and conditions:
1). PRODUCT / ORIGIN AND QUALITY .
1.1. The product sold / purchased under this contract is Bonny Light Crude Oil.
1.2. Origin - Nigeria.
The quality or grade of crude oil under this contract shall conform to NNPC Specifications, as follows:
Specifications/Report of test analysis.
Specific Gravity at 150C, kg/l
ASTMD1298/P 160 0.8597 API at 60 Degrees F.
ASTM Table 51 33 - 37 Salinity
ASTMD 4006/1P 358 4.7P .T.B@60Degrees F
BS & W Content (Vol. %)
ASTMD473/1P 53 0.25 Average. Pour Point Degrees F
ASTMD 97/1P 15 +/-45 Degrees. F Sulfur % wt
ASTMD 0.14
2). DELIVERY QUANTITY .
2.1. The total quantity of crude oil sold / purchased under this contract is4 million barrels .
JOINT VENTURE OPERATORS
BONNY TERMINAL, BONNY ISLAND.
Seller’s Initials
Buyer’s Initials
3). DELIVERY
3.1. The delivery basis for the cargo sold under this contract shall beBLCOin tank farm in Qingdao bonded zoneCIF (Incoterms latest revision) ASWPin Buyer’s option.
4). QUANTITIES AND QUALITY DETERMINATION/INSPECTION.
4.1. An Inspection company SGS/Saybolt/CIQ will conduct the Quantity &Quality of the cargo at buyer delivery safe port of discharge to ensure the quality and quantity of the cargo.
5). CIF TANK FARM.
5.1. The Buyer expressly confirms that he will take delivery of the subject cargo in China. The seller expressly confirms his ability to deliver the subjected cargo to buyer’s nominated safe ports
6). DEMURRAGE.
6.1.
All demurrage charges at the loading port are for the Seller's account if caused by the seller vice visa.
7). PRICE.
7.1.
Gross discount off Dated Brent per barrel $3.00 and $2.00 net to buyer,
Seller’s mandate and Facilitatorscommission $1.00 per barrel
Buyer’s mandate and facilitators commission $1.00 per barrel
7.2. The Brent quotations shall be the three (3) consecutive mean quotations centered on the CIQ Test date.
7.3.. If CIQ Test date falls on a Saturday or holiday or a non-publishing day the effective date for pricing purpose shall be the following business day.