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Iraqi Crude Oil

Product:Basrah Crude Oil
Origin:Iraq
Quality:See Specifications below
Quantity:10'000'000 BBL (Ten Million Barrel) with possibility for roll and extension up to 130'000'000 BBL
Lifting:According To SOMO Delivery Schedule
Delivery:FOB Um Qaser Port - Iraq
Payment:By Irrevocable, Transferable ONCE, Automatic Revolving Documentary Letter of Credit, Payable 100% after at sight
Price:The Average Mean of Dubai Platte - 3 (Three) days average mean. Covering the day prior, Day of Delivery and the next day after delivery
Discount:Gross Discount Seven (7) USD per Barrel, Net Discount Four (4) USD Per Barrel
Commission:Commission should be paid by the buyer shared 50% / 50% Seller Side / Buyer Side.
  1. Seller Side 1.50 USD (Seller Side Closed)
  2. Buyer Side 1.50 USD
Inspection:By SGS, Lloyds, Or Similar; the two Parties mutually Agreed the Inspection will be at Loading Port to guarantee the Quality and Quantity of the Product as stated in the Contract

Specifications

Reference IDOGJ 99
API Gravity33.
Sulphur Wight1.95
Pour Point (°C) -15
Kinematic Viscosity (mm²/s Or cST) Temperature (°C) 1015
Yield On Crude (Weight %)
Boiling (°C)
C1-C41
Light Naphtha (C5-65)4
Heavy Naphtha (65-175)16
Kerosene (175-225)8
Gas Oil (225-360)23
Heavy Gas Oil (360-525)25
Residue (>525)23

Procedures

  1. Buyer / Buyer's Mandate issue ICPO (Irrevocable Corporate Purchasing Order) address to seller (DOMACOIL (OFFSHORE) SAL) with
    1. Bank Conformity Letter (BCL)
    2. Refinery Details
  2. Seller / Seller's Mandate issue F.C.O (Full Corporate Offer) and send to the Buyer.
  3. Buyer within 5 (Five) Banking Days Sign and Seal the FCO and Return It Back To The seller.
  4. Seller within 3 (Three) banking Days issue SOFT COPY CONTRACT and send it Electronically to The Buyer.
  5. Buyer Review , Amend , Sign and Seal the Soft Copy Contract and Within 3 (Three) banking Days return Soft Copy Contract to the Seller By International Courier Services Or Electronically to The Seller .
  6. Seller issue (If Requested By The Buyer) Hard Copy Contract within 5 (Five) days 6x Copies to the Buyer who will return within 5 (Five) Days to the Seller Via International Courier Services.
  7. Within 5 (Five) International Banking Days from Return of the Courier , The Seller's Bank received the required Financial Instrument WHICH WILL BE FULLY OPERATIVE AT THE RECEIPT.
  8. The Seller Send Performance Bond to Buyer's Bank , The Performance Bond Will BE PRE ADVICE WHICH WIL BECAME OPERATIVE AT RECEIPT OF FINANCIAL INSTRUMENT.
  9. Seller's Performance Bond Will Be FULLY OPERATIVE OR PASSED THROUGH TO BUYER'S BANK.
  10. Buyer's Financial Instrument being Fully Operative and The Contract will be Full in EFFECT.

NOTE: All Facsimiles Documents are treated as ORIGINAL & ACCEPTED AS LEGAL BINDING ON BOTH PARTIES

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