Classic Oil Nigeria Ltd

We represent Genuine Crude Oil Seller in Nigeria with OPEC Procedure

Transaction Procedure:

BUYER AND SELLER SIGN THE SPA AND FORWARD TO THEIR BANKERS.

SELLER ISSUES SBLC / BG.

SELLER CHARTERS, LOADS AND MOVES LOADED VESSEL TO NIGERIAN WATER FOR Q&Q INSPECTION CONFIRMATION BY BUYER'S INSPECTORS.  

SELLER ISSUES ATB AND SECURITY CLEARANCE TO BUYER'S INSPECTOR'S AND SUPER CARGO  TO BOARD VESSEL TO CONDUCT CONFIRMATION Q&Q  ANALYSIS IN NIGERIAN  WATERS.

UPON SATISFACTORY COMPLETION OF Q & Q INSPECTION, SELLER SHALL AUTHORIZE THE DISCHARGE OF CARGO INTO BUYER'S RECEIVING VESSEL FOR TTT OPERATION OR BUYER'S STORAGE TANK.

UPON COMPLETE DISCHARGE OF CARGO INTO BUYER'S VESSEL, SELLER WILL BE PAID BASED ON THE OUT-TURN BARRELS CALCULATED BY BUYER'S INSPECTOR'S, COPIES SENT TO BOTH PARTIES, DOCUMENTS AND TITLE EXCHANGE, BUYER'S BANK RELEASE PAYMENT BY  WIRE TRANSFER WITHIN 24-48 HOURS OF COMPLETE DISCHARGE OF CARGO INTO BUYER'S RECEIVING VESSEL IN TEMA WATERS.


All commissions due to the facilitators and brokers shall be paid same time