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Egerdako Energy Services Limited specializes in the sale and supply of bonny light crude oil (BLCO) of Nigerian origin. Egardako has agreements with major suppliers to act as the consignee for their cargo allowing them a vast supply of product to fill the needs of any size buyer. Their agreements give Egerdako an advantage over smaller suppliers allowing them more flexibility when it comes their offers. Egerdako is currently offering spot deals and contracts on a TTO and TTT basis, and can supply up to 8 million barrels per month.
Our relationship with Egerdako came about by way of our reputation throughout Africa as a leading supplier of cement and other commodities. Our decision to work with Egerdako was based on their ability to provide product, issue ATB’s and the agreements in place with their major suppliers. We work with the seller signatory and have full authority to issue contracts and negotiate on behalf of Egerdako which allow buyers the comfort of dealing with a US based company. We can provide you with the product you need with procedures that are easy to meet.
TTT Procedures
1. Seller and buyer sign sales purchase agreement (spa) with 1 million dollar non performance clause.
2. Buyer releases his vessel details / CPA/ Q88/ captain trans/code; pre-advices his letter of credit (LC) to seller’s bank; admits seller/seller’s representative on board vessel while receiving nor. Buyer must also have his inspectors on board as well before long siding, ready to conduct Q&Q immediately upon transshipment.
3. Seller loaded vessel sails long side and transship to buyer’s vessel.
4. Buyer places confirmed/irrevocable LC or BG, which allows seller make payment for security clearance fees, then conducts Q &Q.
5. Seller releases discharge certificate and master tank sheet receipt.
6. Buyer effect full cargo payment including all agents commissions.
7. Seller programs and sends all the shipping documents in buyer’s name. Vessel sails away.
TTO Procedures
1. Seller and Buyer sign, seal and bank lodge Seller issued SPA contract with full banking and coordinates.
2. Seller provides proper Navy/Marine trained Supercargo and re-assigns concession ATB to Buyer inspectors by electronic mail.
3. Seller will issue POP, loading documents Bill of Laden etc., loaded by and consigned to "NNPC/JV/CONSIGNEE SELLER" when on board ship. Buyer will provide discharge Tank Farm/Refinery address prior to boarding.
4. Buyer organizes Tug Boat, settles his inspectors. Seller clears both for Security and Pass. Boarding takes place and Q + Q is performed.
5. Buyer places a confirmable, irrevocable Letter of Credit covering total amount of Cargo commitment within 48 hrs after Q+Q. With Buyer’s conditional commitment to accept TTO delivery, Seller instructs his bank to clear vessel through Nigeria waters/security.
6. With results of Quantity and Quality test reports Seller assists Buyer to complete Voyage Charter Agreement; and transfers/programs all necessary documentation to Buyer’s name. Buyer’s confirmed, irrevocable, divisible LC on the cargo becomes operable within 24 hrs.
7. Full payment is made based on inspection out-turn barrels to Seller/Fee/Commission accounts below as per this contract within 24 hrs.
CIF Europe Procedures
1. Buyer and Seller sign, seal and exchange copies of this Contract / SPA. Buyer releases Storage/Refinery details and destination.
2. Seller issues to Buyer: Bill of Laden and other loading manifests, reports and necessary loaded vessel docs., Q88 information with vessel name and particulars etc.
3. Buyer bank to bank places/swifts Documentary Letter of Credit or MT 103 to enable sail. Captain sends NOR and ETA as part of a more relevant physical confirmation of product from M/T Vessel Captain.
4. Vessel commences voyage to Buyer's discharge port. From the commencement of the voyage, the Vessel Master shall issue at 24hr. interval, regular E.T.A. communications, including current marine coordinates to Buyer, Buyer's Designated Port Agent and Seller. Buyer's Port Agent shall be responsible for safe anchorage at disport, arrangements for cargo Q&Q inspection and berthing. Any and all communications pertinent to the successful delivery of the cargo shall be copied to Seller, Buyer and delivering vessel.
5. Upon arrival at discharge port, Buyer's International Petroleum Inspectorate shall conduct Q&Q. Buyer issues a full UNCONDITIONAL payment instrument for the value of the cargo based on outturn. Vessel shall then berth and discharge her cargo, concluding with the issuance of the discharge out-turn report, evidencing the quality and quantity of accepted barrels. Copies of both inspection report and out-turn report, shall be forwarded to both Buyer and Seller.
6. Seller's documents shall be forwarded by Seller's Bank to Buyer's Bank for payment.
7. Such payment for the Crude Oil cargo delivered should be effected to the Seller, not later than 2 banking days after discharge. Payment to all parties, including any and all commissions, shall be made simultaneously with full payment for cargo.
SPECIAL CLAUSES AND TERMS 3 - Lifting
3.1 Lifting has already been completed and vessel will proceed to Buyer’s destination port as soon as all necessary arrangements are in place.
3.2 Title to and risk of loss or damage to the crude oil to pass from Seller to Buyer at the discharge port as the crude oil passes the flange connecting the shore offloading facilities to the vessel's manifold. Retention of the shipping documents remains with the Seller until payment.
3.3 The Seller is selling and the Buyer has agreed to buy, on CIF basis, two million (2,000,000 +/-) barrels of Bonny Light on a SPOT basis.
