Use of SINCE FOR AGO

SALES AND PURCHASE AGREEMENT

FOR THE PURCHASE OF

AUTOMATED GAS OIL (AGO)

BETWEEN

NNPC- JV OPERATORS

THROUGH

FREDNWEGS INTERNATIONAL LIMITED

Hereinafter referred to as the “Seller” which expression shall, where the context so admits, includes its Assignee and Successors in title on one part, has offered to sell AUTOMATED GAS OIL (AGO) of Nigerian origin especially of the lighter streams in the total volume of Ten thousand MT on TTO Bases.

AND

Hereinafter referred to as the “Buyer” which expression shall, where the context so admits, includes its Assigns and Successors in title on one part, has offered to buy AUTOMATED GAS OIL (AGO), of Nigerian origin especially of the lighter streams in the total volume of gross Ten thousand MT on TTO Bases.

Buying Company and third party BUYER'S/SELLER'S AGENT & ALL FACILITATORS INVOLVED (LISTED IN THIS PAYMENT AGREEMENT).

This PAYMENT/COMMISSION Guarantee made this day stated above supersedes any other Agreement or Understanding ORAL, WRITTEN, EXPRESS OR IMPLIED IN RESPECT OF TRANSACTION: Of the Sell & Purchase of AUTOMATED GAS OIL (AGO) per each purchase

.                                                        

PRODUCT:        AGO

QUANTITY: 50,000MT

PRICE:119 less 2

In the event of successful transshipment and delivering a product from Seller's Vessel,

I,...............  the paymaster {off taker} of the company do hereby guarantee and agree that I will pay the respective business SELLER,BUYER'S /SELLER'S AGENT & ALL FACILITATORS INVOLVED (LISTED IN THIS PAYMENT AGREEMENT) according to the Payment invoice from THIS COMPANY after Transshipment the cost of product and agreed commission of stated amount below per liter to each Agent/Facilitator, immediately the PRODUCT is Deliverd into the Buyer's tank Farm , the PRODUCT value in Naira

Procedure TTO:

1.         Seller and buyer sign and return signed SPA with atb format and supercargo/inspectors details

2         Buyer’s bank request POP through seller’s bank and buyer’s bank issue BG or IBPU THROUGH HER BANK SELLER”S BANK

3.  Seller issue atb and board buyer inspectors for confirmation of product and block fund become cashable after confirmation of product

4.         Buyer’s inspector boards loaded vessel to conduct Q&Q.

5.         Buyer’s inspector confirms to buyer that seller’s vessel is loaded and does Q&Q and report back to buyer and seller and buyer hire another vessel for transshipment and buyer place BG from entire cargo

8.         Buyer makes all payment by electronic Swift wire transfer to seller and brokers accounts within 24 hours and seller transship to buyer vessel

9.  Seller issues all relevant documents to buyer.

NOTE: FINAL PAYMENT SHALL BE ACCORDING TO THE FOLLOWING:

SELLER AND BUYER RESERVE THE RIGHT TO CHANGE BANK COORDINATES BEFORE CARGO PAYMENT IS DUE PROVIDED THERE IS PRIOR WRITTEN NOTICE.

THE PRICE QUOTED HERE ONLY VALID FOR TWO DAY IF THERE IS CHANGE IN DAILY MARKET PRICE MUST BE APPLIES ACCORDINDLY

SELLER’S BANK COORDINATES TO RECEIVE THE TOTAL CARGO PAYMENT  N117.00K

SELLER’S AGENT BANK COORDINATES TO RECEIVE  N1.00K PER MT

...