For presentation to Seller LOI – Letter of Intent No. L-05.04.20
We are pleased with full corporate authority and responsibility,
we herewith transmit this LOI confirming that we are acting
as Buyer’s Mandate buying in Buyer’s name,
with destination for Far Eastern Refineries, the commodity specified
hereunder, under the terms and conditions as specified hereunder:
Commodity: REBCO – Russian Export Blend Light Crude Oil
Kazakhstan Light Crude Oil (quality not below REBCO)
Quality: as per contract
Quantity: 15,000,000 barrels per month and more
Duration of Contract: 12 to 36 to 60 months at Seller’s choice
a) FOB Ventspils or Primorsk
b) FOB Novorossiysk Price Basis: Platt’s “Crude Oil Market wire
a) Baltic Sea port under heading “URALS (Ex-Baltic)“
b) Black Sea port under heading “URALS (Ex-Novorossiysk)”
Discount: USD 3.00 per barrel gross, USD 2.70 per barrel net
Brokers: USD 0.15 per barrel Seller’s side and 0.15 per barrel
Payment: Irrevocable Revolving Letter of Credit (DLC), not transferable,
face value covering 1 (one) month’s delivery volume
Performance Bond: non-operative, covering 2% of face value of L/C,
issued or re-issued by prime European Bank in standard
format, rendered operative thru opening of L/C by our
1.) Acceptance of this LOI by Seller.
2.) Definition of Contract details between ourselves as Buyer and
you as Seller, and presentation of POP documents by Seller at signature
(minimum: Resursnaya Spravka and Export License)
3.) Opening of non-operative Performance Bond by Seller covering 2% of
nominal value of DLC, in the form as agreed upon in the contract.
4.) Opening of DLC by us, in the form as agreed in the
Contract, thus automatically activating P/B.
Contact between banks: only after opening of Seller’s PB by European prime
bank after pre-advice to Buyer immediately upon acceptance of this LOI,
We will mail you our draft contract. We are interested to close quickly.
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