SALES AND PURCHASE AGREEMENT
For NIGERIAN BONNY LIGHT CRUDE OIL (BLCO)
TANKER TO TANKER (TTT) TRANS-SHIPMENT
2,000,000 BARRELS (BLCO) - TTT
SOL AGENCIES AND PETROLEUM COMPANY
HOUSE COCONUT CLOSE COMMUNITY 20 TEMA GREATER ACCRA GHANA
Represented by Prince Solomon Eleogu ?ˆ“ GROUP PRESIDENT
(SELLER)
AND
Telephone:
Email:
Represented by ?ˆ“ President
(BUYER)
The provisions of this Contract are detailed below and provide the conditions applicable to the SALE and PURCHASE of Nigerian Light Crude Oil by the above named parties.
This Agreement is entered into on the date specified by each party respectively affixing their signatures in the sections provided.
WHEREAS
The Seller, with full legal and corporate authority and responsibility, under penalty of perjury, certifies, represents and warrants that he is ready, willing and able to sell the product referred to herein. The Seller makes an irrevocable commitment to sell and deliver in each shipment for the (TTT) delivery method, a quantity of about 2,000,000 (TWO Million) barrels of the Nigerian crude Oil (Bonny light,) (+/-10%) equivalent to about 280,000 (Two Eighty Thousand) Metric Tons per Month of the specification as described in this Agreement. Each delivery would be in 2 Million Barrels (+-10%).
The total quantity to be supplied by the Supplier in this contract is 2 Million Barrels.
The Seller also certifies, represents and warrants that it can fulfill the requirements of this Agreement and provide herein mentioned in a timely manner and under the terms specified and agreed upon.
WHEREAS
The Buyer agrees and makes a firm commitment under penalty of perjury to purchase about 2,000,000 (Two Million) barrels of the Nigeria?ˆ™s crude Oil (+/-10%) equivalent to about 280,000 (Two eighty Thousand) Metric Tons of the specification as described in this Agreement.
The total quantity to be purchased in this Contract is 2 Million Barrels.
NOW THEREFORE
In consideration of the mutual covenants, promises, benefits and terms of this Agreement and for good and valuable consideration, the parties hereto agree as follows:
ARTICLE ONE
Annex to this Contract: The following are attached hereto and incorporated by reference This Letter of Credit can be a onetime transferred Letter of Credit from the End Buyer Refinery through BUYER?ˆ™S to the Seller?ˆ™s Bank.
ARTICLE TWO: EFFECTIVE DATE OF AGREEMENT AND TERMS
2.1 This Agreement shall come into effect on the date that the Agreement is signed by duly authorized representative of each party to the Contract.
2.2 This is a transaction of approximately 2,000,000 (TWO Million) barrels of Nigerian Light Crude Oil (+/-10%) equivalent of about 280,000 (TWO EIGHTY Thousand) Metric Tons to be delivered on the TTT basis. Subject to Terms and Provisions hereof, this Agreement shall and continue in force until the delivery of the contractual total revolving quantity is completed or the Buyer and Seller cancel this monthly revolving Contract through mutual agreement.
ARTICLE THREE: QUALITY/SPECIFICATION
STANDARD EXPORT SPECIFICATION NIGERIA BONNY LIGHT CRUDE OIL (BLCO)
1. Specific Gravity at 60??C 0.8397 - 0.8498
2. API Specific Gravity at 60??C 37.0
3. Density at 60 ??C 0.85 max
4. Pour Point Below 40??F
5. Sulfur Content, % Wt. 0.14 max
6. Colour Dark Brown
7. Salinity TB at 0.10% BS&W 47 max
8. Acid Number 0.39 max
9. Reid Vapour Pressure 6.52 psig max
10. Water Content, Pct.(%) 0.50 max
11. Sediment Content, Pct.(%) 0.50 max
12. Iron Wt. Ppm 1.00 max
13. Nickel Wt. Ppm 4.00 max
14. Vanadium Wt. Ppm 2.00 max
ARTICLE FOUR: ORIGIN
The Federal Republic of Nigeria
ARTICLE FIVE: QUANTITY AND CARGO SIZE
The total quantity is TWO MILLION (2,000,000) Barrels of Nigerian Light Crude Oil (+/- 10%) equiv |
