Iran (Islamic Republic of) Crude Oil

Specifications: Full Corporate Offer (FCO) We are Consultant and Authorized Mandate of the Seller and forward to you this offer to confirm that Seller is willing and ready to offer the Russian Export Blended Crude Oil (REBCO) based on the following Specification and Price Terms and Conditions. 1. Commodity: Russian Export Blended Crude Oil (REBCO) 2.

Specification: attached 3. Origin: Russia 4. Quantity: 500,000 MT (3.6 Million Barrels +/- %5) per Month for a period of 12 Months with possible rolls and extension up to Five Years negotiated yearly. 5. Price:The average of three consecutive days around the Bill of Lading (B/L), Platt European Marketscan, under the Heading Cargoes REBCO under CIF.

NWE/Basis 6. Discount: Gross Tow Dollars US $2.0/ Barrel, Net One Dollar and Seventy Cents US $1.70/ Barrel. 7. Commission: Thirty Cents US$0.30/Barrel based on 50/50 shared between the Buyer Side /Seller Side (Closed) paid by the buyer as Irrevocable FPA. 8. Payment: Irrevocable, Confirmed, Transferable, and Revolving Documentary Letters of Credit (DLC).

9- Performance Bond: %2 Performance Bond is issued by Seller\'\'s Bank based on the first month shipment value. 10- Delivery: CIF Any Safe World Port (ASWP) Procedures: 1- Seller or its representative issues this FCO for the Buyer. 2- Buyer issues the ICPO with full Bank Information. 3- Seller issues the draft contract for the Buyer to review.

4- Buyer amends or accepts the draft contract terms by entering full banking information, Sign and Seal and returning the draft contract back to the Seller.

5- Buyer\'\'s bank issues a pre-advised letter to the Seller\'\'s bank that within 48 hours of receiving the %2 Performance Bond(PB) and Proof of Product (POP) by the Seller, an Irrevocable, Confirmed, Transferable, and Auto revolving Documentary Letter of Credit will be issued by the Buyer\'\'s bank to the Seller\'\'s bank.

6- Seller issues a 2% Performance Bond with Proof of Product. 7- Seller issues the Hard Copy of the Contract for the Buyer and Buyer Sign/Seal and Returns the Hard Copy of the Contract back to the Seller. 8- Buyer issues an Irrevocable, Confirmed, Transferable, and automatically Revolving DLC within 48 hours of receiving the %2 PB and POP.

9- Shipment commences according to the contract schedule