We need 4 mln barrels of crude oil a month x 12 months.
Short contract procedures:
2. Within 3 banking days the Seller issues POP (Proof of Product)
to the Buyer's Bank by SWIFT MT 799 only, issued /confirmed by
International First Class Bank.
3. Then, within 7 banking days Seller's Bank sends 2% PB to Buyer's
Bank in favor of Buyer, issued and confirmed by International First
Class Bank, and simultaneously the Buyer issues a non-operative revolving
documentary letter of credit in favor of the seller covering one month's
4. CIF delivery
6. Full payment
Payment conditions: Irrevocable, Revolving, Non-Transferable Documentary
Letter of Credit, the covering one months volume.
Thanks and Regards
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