Home | Mazut-100 Specification | Contact Gazprom, Russia & Petronas, Malaysia

RUSSIAN HEAVY OIL, MAZUT M100 GOST 10585/75

(1 Month BG and RDLC – Block Fund)

WE, THE PRINCIPAL SELLER, HEREBY CONFIRM THAT, WITH FULL CORPORATE RESPONSIBILITY AND AUTHORITY THAT WE ARE READY, WILLING AND ABLE TO SUPPLY THE ABOVE PRODUCT COMMODITY AS PER THE TERMS AND CONDITIONS BELOW:

1- Out turn :

Is the quantity and quality of the product ascertained, according to the ASTM procedures,

on completion of the discharge operations. The so determined outturn quantity and

quality is the base on which the amount will be computed for the payment of the product

effectively delivered to the Buyer.

2- Bill Of Lading

Is the official document, issued at the load port after completion of the loading operations, stating the ship’s loaded quantity, expressed is Cubic Meters (Cub Meters) and in Metric Ton (MT) expressed as per above definitions. This document has to be signed in original by the ship’s Master .

3- Discharge Terminal

Is a safe port / berth designated by The Buyer as final receiving destination.

C.I.F. :

Cost Insurance and Freight is strictly referred to in the interpretation
defined by the INCOTERMS Edition 2000 with latest Amendment.

4- Execution Date

Is the date of this day, in which the Seller will receive undersigned Buyer Hard Copy return. The Seller informs per fax about this date the Buyer.

5- Proof of Product`

Documentation to be provided by the Seller to the Buyer through Bank to Bank Whereas, the parties mutually desire to execute this agreement which shall be binding upon and inure the benefit of the parties, their legal representatives, successor and assigns, in accordance with jurisdictional law negotiated and fully executed contract with terms and provisions hereunder agreed upon

6- Country of Origin : Russian.

7– TIME PERIOD

The duration of this contract is for the period of 12 months (12) consecutive calendaring months under the following terms and conditions.

The first delivery shall take place within 30 – 45 days from the acceptance of the Buyer’s financial instrument.

The time period shall commence to count from the date on which the nominated international Surveyor Company has ascertained the quantity and quality of the first batch discharged at the Buyer’s designated discharge terminal facilities.

The time period for the conclusion of each monthly supply shall terminate once the final batch of the current monthly lot has been assessed at the Buyer’s designated discharge port. However, the time period between the first and the final batch not to exceed thirty (30) days.

8– QUALITY

For the full duration of this contract, the Seller guarantees that the quality of the product sold will conform to the guaranteed specifications as reported on Annex “1” which constitutes an integral part of this agreement

The flow on documentataion

PROCEDURES

1 Buyer sends ICPO and Soft Funds Probe Authorization equal to first month’s shipment dollar amount for Seller’s verification ( Supplier’s name will mention after Buyer returns acceptance of this soft offer)

2 Seller sends Soft Corporate Offer with product specifications. Buyer signs and returns

3 Seller sends Draft Contract, Buyer signs, returns Contract and initiates an unconditional MT-760 blocking of funds as per no 9 , amount at Buyer’s bank in Seller’s Name as Beneficiary, confirmed by Seller’s bank. Blocked funds shall remain effective for a period not to exceed 60 days or until first month delivery is completed, which ever is less.

4 Seller sends Soft Proof of Product within (7-14) seven to fourteen business days for Buyer’s verification.

5 The Seller submits to Buyer’s Bank an operable Performance Bond equal to 2% of the first month shipment amount.

6 Shipments begin per contract .

Gazprom, Russia & Petronas, Malaysia