Italy SLCO Saudi Light Crude Oil

Specifications: SLCO quantity 50M barrels per month, for 60 months with possibile rolls and extension. Secondary contracts available. Supply: FOB. Price: Based on 3 day average saudi light platt\'\'s Dubai market wire day of bill of laden.

Discount: Gross USD 6.00, net USD 3.00 Special conditions: Seller furnish fco only after receiving ncnd & LOI on the refinery letter head including company information, signed and sealed.

The fco is subject to final approval and agreement by both seller and buyer of all the terms herein as well as the subsequent contract of sale including any amendments or variations thereof, all of which has to be reduced in writing and signed by both parties. Procedures: 1.

Buyer sends LOI/icpo with full coordinates together with full banking information (and comfort as to capability to comply for the new client/buyers) and including refinery name, refinery registration number in saudi aramco, refinery capacity, and refinery storage capacity (aramco procedure). 2.

A fully executed fco will be supplied by seller to buyer within agreed time frame. 3. Buyer returns signed acceptance of fco to seller with full banking information (and if required further, comfort as to capability to comply for new client/buyers within one to three international business days. 4.

Seller prepares full buy/sell contract signed by seller, together with relevant addenda, within one to four international business days and forwards to buyer and cc to mandate/agent/intermediary. (top table meeting at saudi aramco will be conducted between end buyer and aramco to finalise the deal). 5.

Buyer returns signed buy/sell contract to seller within one to three international business days. 6.

Buyer instructs his/hers/its banker to issue a pre-advice or non operative dlc by swift to seller\'\'s banker, on a bank to bank only basis, within one to three international banking days, as per the sample text supplied by the seller as part of the buy/sell contract from a top 20 European or United States bank, (or with aval) from a top 20 European or United States bank, in text/format acceptable to the seller\'\'s bank.

7. (a) seller after verification by the seller\'\'s banker of the pre-advice/non operative dlc instructs its banker to issue to the buyer\'\'s banker a swift bank to bank confirmation, as per reply required to pre-advice. And provide POP.

(b) the confirmation of pb on a top world bank to bank basis will activate any non-operative dlc immediately, or buyer will allow buyer\'\'s bank to comply as per below and the seller shall supply (pop) proof of product to the buyer or buyer\'\'s bank. 8.

(a) as per buy/sell contracts delivery of product/commodity begins as agreed and continue as agreed against payment as agreed. (b) the mandate/agents/intermediaries are paid as agreed per mfpa/ncnd.