{"id":1411,"date":"2021-03-28T18:35:59","date_gmt":"2021-03-28T18:35:59","guid":{"rendered":"http:\/\/ndpreston.com\/?p=1411"},"modified":"2021-03-28T18:43:19","modified_gmt":"2021-03-28T18:43:19","slug":"bonny-light-crude-oil-blco-cif-europe-usa-singapore-india","status":"publish","type":"post","link":"https:\/\/ndpreston.com\/?p=1411","title":{"rendered":"Bonny Light Crude Oil (BLCO) CIF: Europe – USA – Singapore – India with N D Preston"},"content":{"rendered":"\n

BLCO TRANSACTION <\/u><\/strong>PROCEDURE ON CIF – EUROPE – USA – SINGAPORE – INDIA\u00a0<\/u><\/strong><\/p>\n\n\n\n

  1. THE BUYER ISSUES LOI\/ICPO<\/li><\/ol>\n\n\n\n
    • THE SELLER ACKNOWLEDGES THE LOI AND ISSUES THE SPA; THE BUYER AND SELLER SIGN THE SPA. <\/li><\/ul>\n\n\n\n
      • THE SELLER APPROVES THE SIGNED SPA, SENDS ACKNOWLEDGEMENT LETTER WITH ACCOUNT TO RECEIVE THE BUYER\u2019S SBLC VIA MT760 (TOTAL OR PARTIAL FACE VALUE)<\/li><\/ul>\n\n\n\n
        • BUYER AND SELLER LODGE CONTRACT IN THEIR RESPECTIVE BANKS. BUYER SUBMITS INSPECTOR\/SHIPPING AGENT DETAILS AND ATB\/NOR FORMAT TO THE SELLER AND PROVIDES THE KYC \/CIS OF THE ACCOUNT HOLDER TO ISSUE SBLC.<\/li><\/ul>\n\n\n\n
          • THE BUYER\u2019S BANK SWIFTS PRE-ADVICE MT799 TO SELLER’S BANK. SELLER CONFIRMS THE PRE-ADVICE MT799 VIA REFERENCE SWIFT.<\/li><\/ul>\n\n\n\n
            • WITHIN 72 HOURS ISSUES A STANDBY LETTER OF CREDIT (SBLC) MT 760 IN FAVOR OF SELLER TO SELLER’S BANK.<\/li><\/ul>\n\n\n\n
              • SELLER CONFIRMS SBLC AND THEN THE VESSEL\u2019S CAPTAIN ISSUES ETA TO THE BUYER\u2019S SHIPPING AGENT, HARBOR MASTER IN THE POD \/DISCHARGE PORT ONCE THE VESSEL IS CHARTERED AND LOADED AND MOVES TO THE PORT OF DESTINATION (POD).<\/li><\/ul>\n\n\n\n
                • VESSEL SAILS TO THE PORT OF DESTINATION WATERS FOR Q&Q. THE LOADED VESSEL WILL ANCHOR IN INTERNATIONAL WATERS PENDING CLEARANCE FROM BUYER’S SHIPPING AGENT. ANY EXPENSES, SUCH AS PORT CHARGES, LEVIES, SECURITY, TUGGING ETC., THAT MIGHT ARISE AS A RESULT OF VESSEL COMING INTO THE PORT OF TAKE OVER COUNTRY HARBOR\/PORT\/TERMINAL\/STORAGE OR WATERS WILL BE BORNE BY THE BUYER. ALL CLEARING PROCESSES WILL BE CARRIED OUT BY THE BUYER’S SHIPPING AGENT.<\/li><\/ul>\n\n\n\n
                  • AT THE POD, THE VESSEL\u2019S CAPTAIN ISSUES ATB TO INSPECTORS\/SHIPPING AGENT TO BOARD THE VESSEL AND COLLECT SAMPLES. NNPC ISSUES UDTA \/CLEARANCE TO INSPECTORS\/SHIPPING AGENT TO BOARD THE VESSEL PERFORM Q&Q<\/li><\/ul>\n\n\n\n
                    1. Q&Q REPORT SUBMITTED\/RELEASED TO BOTH BUYER AND SELLER.<\/li><\/ol>\n\n\n\n
                      1. SELLER ISSUES COMMERCIAL INVOICE ACCORDING TO THE REPORT OF THE Q&Q AND PAYMENT IS MADE BY SWIFT MT103 FOR THE FULL CARGO TO SELLER’S SPECIFIED ACCOUNT. TITLE IS TRANSFERRED TO BUYER WITHIN 72 HOURS.  CONCURRENTLY. <\/li><\/ol>\n\n\n\n
                        1. VESSEL CAPTAIN CONNECTS BUYERS TO SHIPPING COMPANY FOR BUYER\u2019S TANK FARM FOR DISCHARGE.<\/li><\/ol>\n\n\n\n
                          1. THE BUYER AND THE SELLER SIGN AND AGREE ON 12 MONTHS DELIVERY SCHEDULE.<\/li><\/ol>\n\n\n\n

                            WE DO NOT ACCEPT ANY ICPO OR LOI or SPA WITH DIFFERENT PROCEDURE THAN THE SELLER\u2019S.<\/p>\n\n\n\n

                            *Seller reserves the right to reject any Buyer’s CP & ICPO\/LOI, SPA, Logistics after DD or Request Payment <\/em>   <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

                            BLCO TRANSACTION PROCEDURE ON CIF – EUROPE – USA – SINGAPORE – INDIA\u00a0 THE BUYER ISSUES LOI\/ICPO THE SELLER ACKNOWLEDGES THE LOI AND ISSUES THE SPA; THE BUYER AND SELLER SIGN THE SPA.  THE SELLER APPROVES THE SIGNED SPA, SENDS ACKNOWLEDGEMENT LETTER WITH ACCOUNT TO RECEIVE THE BUYER\u2019S SBLC VIA MT760 (TOTAL OR PARTIAL FACE […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/posts\/1411"}],"collection":[{"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ndpreston.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1411"}],"version-history":[{"count":4,"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/posts\/1411\/revisions"}],"predecessor-version":[{"id":1417,"href":"https:\/\/ndpreston.com\/index.php?rest_route=\/wp\/v2\/posts\/1411\/revisions\/1417"}],"wp:attachment":[{"href":"https:\/\/ndpreston.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1411"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ndpreston.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1411"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ndpreston.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1411"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}