Foraminifera, a business development firm in the petroleum sector of the Nigeria economy, hereby express our desire to work with end sellers of NNPC standard grade of automated gas oil {AGO}, in the sourcing and sales of the product from our network of reliable buyers in Nigeria in order to remove the difficulty associated with the business.
Below is our standard procedure for a successful completion of a transaction.
Product: NNPC Standard Grade of AGO
Mode of Transaction: Tanker to Tanker {TTT}
Price: The price would be a reflection of the prevalent price and would be quoted in naira, the official legal tender in Nigeria.
Quantity: 5000 to 50,000 MT
Payment: BG, reinstated either per shipment or monthly. BG cannot be divisible and transferable.
Commission: Buyer strongly discourages fees that the total is greater than N 3. Buyer strongly discourages more than two groups; sellers' side and buyers' side and the fee should be 50/ 50.
Procedure {TTT}:
1. Seller signs SPA
2. Buyer signs SPA
3. Buyer sends CPA, Q88 and ATL
4. Seller's vessel master sends NOR to the buyer's vessel master
5. Buyers issues a BANK GUARANTEE {BG} to the seller for the payment of the product
6. Buyers vessel master send ETA to the sellers vessel master
7. Both vessels meet for trans-shipment. Transfer of product takes place and the total time required for the entire cargo to the transferred shall not exceed eight {8} days.
8. Buyer undertakes Q and Q inspection during transfer
9. Documentation formalities completed by buyers' vessel master including Q and Q inspection. Shipping and Q and Q documents are faxed and sent to the buyer and his bank.
10. Seller provides invoice based on actual quantity transferred. Buyer's bank upon confirmation and verification of shipping documents send payments by swift wire transfer to sellers and paymasters banking account as stated in the SPA.
