Bonny Light Crude for sale
LM Global Resources Inc.

Prospective Buyers Only!


Our BLCO Supplier is the Department of Petroleum Resources (DPR), a branch of NNPC. Our procedure is in strict accordance with DPR requirements.

We sell mostly on FOB or CIF terms. The procedure we use is simple. The key process for CIF is as follows:


Procedure


1) Seller and Buyer sign electronically Sales/Purchase Agreement (SPA) containing Banking Coordinates of both parties.

2) Seller, after receiving the signed contract and destination port from the Buyer, registers the Buyer with DPR (Department of Petroleum Resources); Seller then makes payment for the reassignment fee and programming fees; DPR sets the Laycan date in the Seller's and Buyer's name and sends confirmation to the Buyer, which is normally available within 48 business hours of payment submission.

3) DPR places the contract and shipping information on the Lloyd's and Shell screens as verification of contract.

4) Seller provides to buyer the screen codes or a printout to buyer and a copy of the Charter Party Agreement as Proof of Product (POP).

5) Buyer's bank, in no more than four (4) banking days from acceptance of POP provides the Seller's Bank with an operative, revolving (renewable) Documentary Letter of Credit issued or confirmed by a prime Bank for the value of the cargo and other charges as agreed.

6) The Seller issues a Performance Bond of in the amount of 1% of the value of the cargo for first shipment to the Buyer. This Performance Bond shall be in the form of a Standby Letter of Credit. Seller will automatically renew the SLC for the next cargo.

7) Upon satisfactory acceptance of Bank Instruments, Seller will notify Buyer of chartered ship’s full particulars (general dimensions, cargo system arrangement, maximum loading capacity rate, cargo tank capacities at 98% loaded, manifold sizes and reductions available on board). This information must be provided to the Buyer at least three (3) days prior to the vessel nomination, so as to assure compliance at the Seller’s load port and Buyer’s discharge port.

8) Seller loads vessel. All relevant documents from the Port of Loading, Transport Contract, certificate of Ownership and Origin will form part of the documentation presented at the port of loading.

9) Q & Q test at discharge port is done by Buyer's appointed Inspection Agent who sends his Q & Q report to the Buyer and the Seller.

10) Discharge takes place. Copies of the below-listed documents are handed over to the Buyer's representative.



11) Seller's Bank delivers to the Buyer's Bank the original copies of the following documents:

1. Bill of Lading

2. Cargo Manifest

3. Certificate of Origin, Quantity and Quality

4. Seller's Invoice on his Letter Heading.

12) Payment is effected by the Buyer's Bank to Seller and all Paymasters simultaneously by Telegraphic Transfer upon presentation of all relevant shipping documents to Buyer's bank.

13) Next shipment process begins


I assure you that your Buyer’s will love doing business with us because we deliver. In 40+ years of Business, we have not failed any of our Buyers. I hope you are able to join us and enjoy the reputation of trading with a Supplier you can count on.

Sincerely,

LM Global Drilling & Production, LLC.

newday2c@gmail.com