CIF Procedure

CIF Purchase Procedures:

1. Buyer and Seller execute and seal this Agreement, and exchange a facsimile (EDT) copy by FAX or electronic mail. The electronically transmitted copy, signed by both Parties, shall be considered legally binding and enforceable. These signed electronic copies are lodged in their respective banks.

2. Buyer verifies Proof of Product (NNPC Allocation Number, Export License Number, and Authority Number) from the Seller. Within three (3) banking days, the Buyer provides to the Seller’s Fiduciary bank a MT799 POF issued through a Prime World Bank as a proof of capability. Buyer provides complete details of their POD/Shipping Agents for NOR.

3. Within five (5) banking days upon verification of the Buyer’s MT799, Seller nominates vessel{s} and makes preparations to load cargo{s} in Buyer’s name as the Consignee. Seller releases AIS Transponder, CPA and SGS report and all loaded

vessel{s} documentation to the Buyer directly via e-mail.

4. Captain issues NOR and ETA to Buyer’s POD/Shipping Agents.

5. Upon arrival at Buyer’s POD waters, Captain shall issue ATB to Buyer’s Supercargo and Inspectors inviting them to board

the loaded vessel.

6. After successful Q&Q including Dip Test, Buyer gives permission for vessel(s) to enter the port for discharge.

7. Within three (3) banking days after the transfer of the cargo into the Buyer's storage, Buyer pays for product via Wire

Transfer / Swift MT-103 into the Seller’s account, based on out-turn barrel and verification of the SGS discharge report, and

upon the Seller's presentation at the counters of the Buyer's bank of documents as specified in the executed contract.