FOB PROCEDURE

I. Buyer & Seller sign and seal SPA contract and exchange the signed copy by electronic mail. The electronic signed copy by both parties is
considered legally binding and enforceable.
II. Buyer’s send valid vessel details and  corporate authority to load.
III. Buyer’s bank issues MT760 according to the Seller’s/Buyer‘s agreed approved text, upon confirmation of POF, Seller issues NOR for
 loading.
IV. Buyers inspector /supercargo on board of the loaded cargo for Q/Q after confirmation of Q/Q.
V. Buyer issue seller MT103 for the total cargo.
VI. Seller hands over all relevant documents of the loaded cargo to the buyer and vessel sail to POD.


TTO PROCEDURE:

1. Buyer and Seller sign and seal SPA with full banking information.  The electronically signed copy is considered legally binding on both
parties. The parties shall deposit copy of the signed contract with their banks for record and information Buyer also attached the  complete
details of his Super Cargo and Inspectors, Marine Authority  to Board (MATB)/ Notice of Readiness (NOR) Format.
2. Within 72 hours of execution of this contract, the Buyer’s Bank issues a MT799 (BLOCK FUND) for Logistics  to the Seller’s Nominated  
Bank and sends a scan copy of the instrument via an MT799 (BLOCK FUND) issue for cargo $300,000.00 to Seller’s Nominated ( Bank for
confirmation.)
3. Seller upon confirmation of the issued MT799 (Block Fund)  for the sum of N100,000,000.00(One  Hundred Million Naira, Only)  the Seller’
s Nominated Bank, within 72hrs seller instructs Captain of vessel to issue marine NOR/ETA to Ghana Harbor Master in favor Buyers name,
and sails vessel to 10-12 Nautical miles TEMA,Ghana waters for product confirmation, attestation report and final Q&Q analysis.
4. Upon vessel’s arrival at 10-12 Nautical miles TEMA, Ghana waters, the Captain of vessel makes announcement on behalf of Buyer to the
Ghana Harbor, and issues marine ATB/NNPC Clearance, whereas Buyer’s Agent obtains Ghana Clearance for Buyer’s Supercargo and
Inspector team to be boarded for product confirmation, attestation report and final Q&Q analysis.
5. Upon physical confirmation of product and receipt of duly endorsed attestation report by Buyer’s supercargo issued from the vessel’s
captain email domain been sent to both Buyer and Seller, and Inspector Team comes down, While Buyer supercargo remain on board.
with samples from vessel for Q & Q analysis, (AND UPON POSITIVE Q & Q ANALYSIS RESULT), Buyer within 12-24 hours will instructs
his Bank to transfer a CASH amount of USD $500,000 for Logistics and documentation for each cargo of 2m barrels.
6. Upon successful Q&Q result and inspection company sends its copies of the report to both Buyer and Seller to enable Seller issue
Commercial Invoice based on calibrated barrels and quality of product on board the vessel.
7. Buyer within 48-72 hours less the CASH amount of USD $500,000 already
paid to Seller for Logistics and documentation, and make Direct SWIFT MT103
(wire transfer) payment for total cargo to the Seller's nominated account upon
presentation of final the trade commercial invoice & original cargo documents
issued in Buyer’s name and/or Buyer Assignee’s name, including the ATS and
other documents.
8. Payment of cargo is made to Seller’s nominated account via MT103.

CIF PROCEDURE I

1) Seller and Buyer sign SPA and deposit same with their respective Banks. (E-mail and Facsimile copies shall be accepted as originals).
2) Buyer’s issues RWA swift to the seller’s bank.
3) Seller confirms and loads vessel, Seller and the buyer as the Consignee on the shipping documents and sends same to the buyer for
confirmation.
4) Upon receipt and confirmation of cargo documents buyer's immediately issue swift MT760 SBLC for this transaction, Seller confirms buyer’
s instrument and issues both ETA and NOR.
5) Copies of CIF standard shipping documents will be made available to the buyer and with the following documents in buyer’s name which
includes:
a. Clean on board ocean Bill of Lading
b. Certificate of Quality
c. Certificate of Quantity
d. Certificate of Origin
e. Vessel Ullage Report
f. Receipt of Samples
g. Cargo Manifest
h. Authority to Sell (ATS)
i. Seller Commercial Invoice.
6) Buyer shows evidence of receipt of payment to the inspector/ agents at the port of Discharge. Buyer shows proof of payment for tank farm
facilities at port of Discharge.
7) Loaded vessel sails to buyer’s port of discharge.
8) Upon arrival at buyer’s port of Discharge, seller’s vessel captain issues NOR to tender the vessel’s arrival and issues Marine ATB from his
vessel domain via e-mail to the buyer.
9) Buyer’s appointed super cargo and inspectors board the vessel and conduct Quality and Quantity analysis test and the Result is tendered
to both the buyer and seller.
10) Upon positive Q & Q Result, the crude oil is discharged into the buyer’s tanks.
11) Payment is made within three banking days by MT103 directly to seller’s account by SWIFT for the total value of the crude oil and agents
nominated accounts as stipulated in the SPA per out-turn barrel upon presentation at the counter of buyer’s bank all the originals of the
shipping documents in the buyer’s name and seller’s commercial invoice.

CIF PROCEDURE II

1. SPA / PFI is signed.
2. Buyer issues SBLC of Ten Million Dollars ($10,000,000.00).
3. Seller confirms SBLC of Ten Million Dollars ($10,000,000.00) and loads Cargo in buyers name and sends documents to buyer for
verification.
4. Sellers Bank confirm SBLC and move Cargo to port of Discharge and issue ATB for Buyer super Cargo to board and discharge.
5. Buyer contracts SGS to conduct Dip test.
6. Buyer issue full invoice payment by MT103 and pay within 3 banking days after Q&Q report is done.
7. Confirm payments including intermediary’s accounts.
8. Handover Cargo Documents to Buyer.

CIF Procedure III

I. Buyer & Seller sign and seal SPA contract and exchange the signed copy by electronic mail. The electronic signed copy by both parties is
considered legally binding and enforceable.
II. Buyer’s bank issues SBLC MT760 according to the Seller’s approved text, to
confirm instrument, upon confirmation of instrument, Seller proceeds to
nominate and load a vessel in the Buyer’s name.
Ill. Seller commences (POP) documentation and other logistics consigning the
cargo to the Buyer’s name and issues a Notice Of Readiness (NOR) to the
Buyer’s port of discharge.
lV. Vessel sails to Port of discharge, and simultaneously Buyer’s independent
inspection team alert seller via e-mail of their readiness to conduct
inspection at Buyers POD.
V. Within 72 hours after discharge of crude oil at Buyer’s port of destination the Buyer pays for the crude oil as per the Final Q & Q Report
issued by
BUYER’S NOMINATED independent inspector (CIQ, SGS, SAYBOLT, OR
EQUIVALENT) at the port of discharge.
VI. Payments are made by SWIFT wire transfer directly to the seller’s
authorized & nominated bank accounts within 72 hours after Product delivery
to buyer’s nominated port of discharge against presentation of stated
shipping documents, Q&Q reports, commercial invoice ETC (non-negotiable
copies) at buyer’s bank.
Vll. Payments confirmed next shipment scheduled.

PROCEDURE CIF IV

I. BUYER & SELLER SIGN AND SEAL THIS CONTRACT AND EXCHANGE THE SIGNED COPY BY ELECTRONIC MAIL. THE ELECTRONIC
SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE.
II. BUYER SENDS BANK PRE - ADVICE/NOR FORMAT/CIS/PASSPORT COPY/CERTIFICATE OF BUSINESS REGISTRATION.
III. SELLER RELEASES MANDATE LETTER/ATS TO BUYER
IV. Buyer’s bank issues a PRE-ADVICE by swift to Seller’s designated receiving bank to notify the readiness to issues  MT799 BLOCK
FUNDS for full cargo (Verbiage mutually accepted by parties and hereto attached).and the seller’s bank reply similarly via swift and confirm
on the seller’s readiness, willingness and ability to receive the MT799.
V.  Buyer’s bank will issue swift  MT799 BLOCK FUNDS to Seller’s designated bank coordinates, the copy of the delivered MT799 message
will be sent for the attention of Seller’s bank officer in-charge as notification of SWIFT delivery
VI. Seller upon  confirmation of the MT799 would within 48 hours loads vessel, the Captain issues NOR and vessel sails to BUYER PORT OF
DISCHARGE.
VII. THEREAFTER , SELLER ENSURES THAT THE ASSIGNED/NOMINATED CARGO ARE DOCUMENTED, REGISTERED AND OBTAIN
CERTIFICATE OF OWNERSHIP/TITLE OF WARRANTY AND PROGRAMMED IN BUYER’S NAME AND VERIFIABLE AT LONDON SHELL
SCREEN AND NNPC TOWERS ABUJA. A PASSWORD IS ISSUED TO BUYER FOR VERIFICATION ON SHELL SCREEN.
VIII. UPON ARRIVAL, SELLER ISSUE MATB AND BUYER’S INDEPENDENT INSPECTORS CONDUCT INSPECTION AND OBTAINS A CIQ – Q
AND Q REPORT.  PRODUCT IS DISCHARGED INTO BUYERS TANKS AND FINAL Q & Q AND REPORT ARE DONE.
IX. AFTER THE CIQ RESULT, SELLER RELEASES ALL ORIGINAL CARGO DOCUMENTS IN BUYERS NAME INCLUDING THE COMMERCIAL
INVOICE TO BUYER’S BANK.
X.  WITHIN (72) HOURS UPON THE RECEIPT OF COMMERCIAL INVOICE AND OTHER ORIGINAL DOCUMENTS IN THE BUYER’S NAME,
FULL PAYMENT WILL BE MADE IMMEDIATELY BY MT103TT IN US-DOLLARS TO SELLER’S NOMINATED BANK FOR THE PRODUCT AND
THE PRODUCT DISCHARGED TO THE BUYER'S STORAGE FACILITY.
XI. ALL BROKERS, CONSULTANTS AND FACILITATORS ARE PAID SIMULTANEOUSLY
THROUGH IMFPA BY SELLER.

CIF Procedure V

I. BUYER & SELLER SIGN AND SEAL THIS CONTRACT AND EXCHANGE THE SIGNED COPY BY ELECTRONIC MAIL. THE ELECTRONIC
SIGNED COPY BY BOTH PARTIES IS CONSIDERED LEGALLY BINDING AND ENFORCEABLE.
II. BUYER SENDS BANK PRE-ADVICE/NOR FORMAT/CIS/PASSPORT COPY/CERTIFICATE OF BUSINESS REGISTRATION.
III. SELLER RELEASES MANDATE LETTER/ATS TO BUYER.
IV. Buyer’s bank issues a PRE-ADVICE by swift to Seller’s designated receiving bank to notify the readiness to deliver a Bank Guarantee via
MT760 for full cargo (Verbiage mutually accepted by parties and hereto attached), and the seller’s bank reply similarly via swift and confirm
on the seller’s readiness, willingness and ability to receive theMT760.
V. Buyer’s bank will issue and swift fully operative SBLC MT760 to Seller’s designated bank coordinates, the copy of the delivered MT760
message will be sent for the attention of Seller’s bank officer in-charge as notification of SWIFT delivery. Seller's Bank upon confirmation of
the MT760 would within 48 hours  issue 2% Performance Bond in favor of Buyer.
1. SELLER loads vessel, issues NOR and vessel sails to BUYER PORT OF DISCHARGE.
2. THEREAFTER, SELLER ENSURES THAT THE ASSIGNED/NOMINATED CARGO ARE DOCUMENTED, REGISTERED AND OBTAIN
CERTIFICATE OF OWNERSHIP/TITLE OF WARRANTY AND PROGRAMMED IN BUYER’S NAME AND VERIFIABLE AT LONDON SHELL
SCREEN AND NNPC TOWERS ABUJA. A PASSWORD IS ISSUED TO BUYER FOR VERIFICATION ON SHELL SCREEN.
VI. UPON ARRIVAL, SELLER ISSUE MATB AND BUYER’S INDEPENDENT INSPECTORS CONDUCT INSPECTION AND OBTAINS A
CIQ – Q AND Q REPORT.  PRODUCT IS DISCHARGED INTO BUYERS TANKS AND FINAL Q & Q AND REPORT ARE DONE.
VII.  AFTER THE CIQ RESULT, SELLER RELEASES ALL ORIGINAL CARGO DOCUMENTS IN BUYERS NAME INCLUDING THE
COMMERCIAL INVOICE TO BUYER’S BANK.
VIII. WITHIN (72) HOURS UPON THE RECEIPT OF COMMERCIAL INVOICE AND OTHER ORIGINAL DOCUMENTS IN THE
BUYER’S NAME, FULL PAYMENT WILL BE MADE IMMEDIATELY BY MT103 TT IN U.S.DOLLARS TO SELLER’S NOMINATED
BANK FOR THE PRODUCT AND THE PRODUCT DISCHARGE TO THE BUYER'S STORAGE FACILITY, THIS WILL BE DONE
ON A BANK TO BANK BASIS.
IX. ALL BROKERS CONSULTANTS AND FACILITATORS ARE PAID SIMULTANEOUSLY THROUGH IMFPA BY SELLER.
COPYRIGHT: CRESGNOCK INTERNATIONAL LLC 2019 ALL RIGHTS RESERVED.
CRESGNOCK
INTERNATIONAL LLC
OIL AND GAS WORLDWIDE
We are direct mandate to
authorized seller of Nigerian Bonny
light crude oil (BLCO).
BLCO in Tank Farm China available
Procurement of AGO, D2, Jet Fuel (JP54 &
Jet A-1), D6,
EN590, MGO of Russian
specifications are readily available through
us.
BLCO TRANSACTION PROCEDURES