Aquip International confirms the allocation of Basra Light Crude Oil 34 API. We can
supply Basra Light Crude oil with possible extension and roll over’s as detailed in
the following assay report...Directly from allocation in buyer's name. We require a
formal purchase order from the end user / refinery that specifies quantity and
delivery schedule.
Seller discount for the European market up to $15.00 per bbl off Dubai Platt FOB and
for the U.S. market it is up to $24.00 per bbl off Dubai Platt FOB. The final
discount rate shall be offered to the buyer / end user at a table top meeting. A fee
of $1 per bbls will be deducted from the discount rate as broker fee for Aquip
International. Minimum order 1,000,000 bbl per month x 12 months or 140,000 MT
approximately with possible extensions.
SOMO will deliver additional 0.7% crude oil to account for possible fuel evaporation
plus provide $0.2 additional discount.
Payment Terms: For each cargo shall be effected by means of an Irrevocable,
Confirmed, One Time Transferrable, Revolving, Unconditional, Letter of Credit (L/C)
to cover 100% of each shipment to SOMO in USD from Top 25 World Bank against a full
set of shipping documents and certification of inspection for quality and quantity.
Inspection by SGS or equivalent at sellers cost at the port of loading. Proof of
product: (POP+POF) Bank to Bank. We await signed Letter of Intent or an Irrevocable
Corporate Purchase Order, by the Oil Refinery.
Initial Procedures
• Letter of Intent (LOI) addressed to Aquip International, on behalf of State
Oil Marketing Organization (SOMO). The LOI must come direct from the refinery and on
the refinery’s letterhead specifying the type of oil required
• Quantity requested as compared to refining capacity
• Notarized Bank Financial Capability Statement or Bank Comfort Letter
• Registration documents and profile of company/refinery.
• Capacity and location of refinery
• Appointment letter to our