Subject: RE: LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUST |Confirmed Pricing
From: "George Thomas" <[email-masked]>
To: Info <[email-masked]>,"[email-masked]" <[email-masked]>,"[email-masked]" <[email-masked]>,"[email-masked]" <[email-masked]>,Elyas Niroomand Toomaj <[email-masked]>
Date: Fri, 01 Sep 2023 18:12:54 +0400

Dear Sirs,

My thanks for your email and proposed draft document.

We accept the pricing you have specified and have corrected the error in that regard in the draft document supplied by you.

Also, as previously stated, we offer to make the advance payment of two million USD in USD or any other currency you have specified in the draft agreement AFTER we are in receipt of the PPOP Document package, viz. Product Specification, TSR showing tank number(s), DTA with ATV.
The draft document has been amended accordingly and a number of small typographical errors and structural issues have been corrected.
I have attached both an MS Word (original) and a PDF (control) copy of the amended document.
I look forward to receiving your early response (acceptance?) and to concluding this business with you.
One small point, Clause 22 has been left in situ and unaltered, but I wish to request that you review the practicality of obtaining and listing all the documents noted in the said clause.

Regards

George A. Thomas

GM, Legal and Administrative Affairs
Emirates International Holdings Group

Tel: +971 4 255 2929
Cell: +971 55 781 7599
Email: [email-masked]

On 30/08/23 05:16 PM, Info  <[email-masked]> wrote: 
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> Dear Thomas,
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> Thank you for your kind feedback.
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> Light Crude: the requested price does not meet our target price, we can offer minus 11 as per previous email, in case of cash payment we can reach to minus 12 
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> Light blend CFR : we have available vessels, we have already offered minus 14 and in case of cash payment we can reach minus 15, we should have your storage tank agreement to arrange for berth , please advise 
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> Light blend DDU: attached please find draft of contract 
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> Looking forward to hearing from you very soon.
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> Regards,
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> Commercial department 
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> Sent from Mail(https://go.microsoft.com/fwlink/?LinkId=550986) for Windows
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> From: George Thomas <[email-masked]>
> Sent: Tuesday, August 29, 2023 8:17 AM
> To: Info <[email-masked]>; [email-masked]; [email-masked]; [email-masked]; Elyas Niroomand Toomaj <[email-masked]>
> Subject: LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUST |Confirmed Pricing
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> Dear Sirs,
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> Further to our negotiation and agreement on price discounts, I am writing to confirm the said agreement:
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> Light Crude: CFR any safe China Port - ICE Brent 5-day average (-2 / +2) minus fourteen US dollars per barrel (- $14/bbl.)
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> Light Blend (1): CFR any safe China Port ICE Brent 5-day average (-2 / +2) minus sixteen US Dollars per barrel (- $16/bbl.)
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> Light Blend (2): DDU Dongjiaku - ICE Brent 5-day average (-2 / +2) minus sixteen US Dollars per barrel (- $16/bbl.)
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> Your written confirmation of this agreement along with the draft SPA and PPOP/POP will be appreciated.
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> Regards,
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> George A. Thomas
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> GM, Legal and Administrative Affairs
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> Emirates International Holdings Group
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> Tel: +971 4 255 2929
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> Cell: +971 55 781 7599
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> Email: [email-masked]
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> On 29/08/23 09:43 AM, Info <[email-masked]> wrote:
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> > Thank you for the LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUSt , With reference to the meeting, appreciate for your interest in establishing the business with SEJ, regarding crude oil please consider below items for the next steps : 
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> > light blend crude oil  
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> > 1-   Quantity: 2,000,000 barrels (VLCC size vessel which is in Chinese international waters ) 
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> > 2- Quality : as attached, light blended crude oil sulfur content 1.73 % 
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> > 3- Destination: it shall be mentioned in the contract so please advise the exact destination (discharge port) and name of the refinery  
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> > 4- Terms of delivery: CFR , one safe port in China 
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> > 5- Payment terms: 
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> > 5-1-Buyer shall make 5 million USD advance payment or other acceptable guarantees  
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> > 5-2- Seller shall provide Vessel name, BL , CCIC and other POP documents with laycan to the destination port, further more permission for dip test will be issued to the buyer 
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> > 5-3- buyer will make 10% of the payment based as per provisional invoice which will be issued as per provisional pricing period and after confirmation of the test and POP verification 
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> > 5-4- vessel will tender NOR at the destination port and buyer will start to make remaining payment before discharge 
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> > 5-5- after 100% payment based on provisional value of the cargo, vessel will start for discharging 
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> > 5-6- price shall be minus 14.00 USD/BBL based on ICE brent available quotations during August 2023 or other mutual confirmed pricing period  
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> > 5-7- The final value of Cargo shall be determined and paid based on contractual unit price calculated as per final pricing period (deducting the provisional paid amount) to Seller latest by three calendar days from the last calendar day of the respective pricing period of the contract. 
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> > In case the final value of the whole Cargo is less than the provisional paid amount by Buyer under the terms and conditions of this contract, Seller will settle such difference, in the buyer’s nominated bank account. 
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> > 5-8- for covering price fluctuation buyer shall provide guarantee for 20% of the total provisional value of the cargo in order to guarantee the payment of the price difference between provisional and final price. 
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> > 5-9-in case that pricing period will be determined before discharge, item no. 5-8 is not required. 
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> > light pure crude oil  
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> > 1-   Quantity: 1,000,000 barrels (Suez size vessel which is in Chinese international waters ) 
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> > 2- Quality : as attached, light pure crude oil, sulfur content of 1.46 % 
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> > 3- Destination: it shall be mentioned in the contract so please advise the exact destination (discharge port) and name of the refinery  
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> > 4- Terms of delivery: CFR , one safe port in China 
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> > 5- Payment terms: 
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> > 5-1-Buyer shall make 5 million USD advance payment or other acceptable guarantees  
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> > 5-2- Seller shall provide Vessel name, BL , CCIC and other POP documents with laycan to the destination port, further more permission for dip test will be issued to the buyer 
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> > 5-3- buyer will make 10% of the payment based as per provisional invoice which will be issued as per provisional pricing period and after confirmation of the test and POP verification 
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> > 5-4- vessel will tender NOR at the destination port and buyer will start to make remaining payment before discharge 
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> > 5-5- after 100% payment based on provisional value of the cargo, vessel will start for discharging 
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> > 5-6- price shall be minus 11.00 USD/BBL based on ICE brent available quotations during August 2023 or other mutual confirmed pricing period  
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> > 5-7- The final value of Cargo shall be determined and paid based on contractual unit price calculated as per final pricing period (deducting the provisional paid amount) to Seller latest by three calendar days from the last calendar day of the respective pricing period of the contract. 
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> > In case the final value of the whole Cargo is less than the provisional paid amount by Buyer under the terms and conditions of this contract, Seller will settle such difference, in the buyer’s nominated bank account. 
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> > 5-8- for covering price fluctuation buyer shall provide guarantee for 20% of the total provisional value of the cargo in order to guarantee the payment of the price difference between provisional and final price. 
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> > 5-9-in case that pricing period will be determined before discharge, item no. 5-8 is not required. 
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> > light blend crude oil -DDU- 
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> > 1-   Quantity: 2,000,000 barrels 
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> > 2- Quality : as attached, light blended crude oil sulfur content 1.73 % 
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> > 3- Destination: Dongjiakou  
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> > 4- Terms of delivery: DDU 
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> > 5- Payment terms: 
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> > 5-1-Buyer shall make 5 million USD advance payment or other acceptable guarantees  
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> > 5-2- Seller shall provide tank receipts, custom declarations and tank numbers , Vessel name, BL , CCIC and other POP, further more permission for dip test will be issued to the buyer 
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> > 5-3- buyer will make 100% of the payment based as per provisional invoice which will be issued as per provisional pricing period and after confirmation of the test and POP verification 
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> > 5-5- price shall be minus 14.00 USD/BBL based on ICE brent available quotations during August 2023 or other mutual confirmed pricing period  
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> > 5-6- The final value of Cargo shall be determined and paid based on contractual unit price calculated as per final pricing period (deducting the provisional paid amount) to Seller latest by three calendar days from the last calendar day of the respective pricing period of the contract. 
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> > In case the final value of the whole Cargo is less than the provisional paid amount by Buyer under the terms and conditions of this contract, Seller will settle such difference, in the buyer’s nominated bank account. 
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> > 5-7- for covering price fluctuation buyer shall provide guarantee for 20% of the total provisional value of the cargo in order to guarantee the payment of the price difference between provisional and final price. 
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> > 5-8-in case that pricing period will be determined before discharge, item no. 5-8 is not required. 
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> > Please consider that for other terms of delivery we can negotiate and also if we receive LOI from your good company we can provide SPA to get it signed and proceed. 
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> > In order to discuss further details please contact us at +989158518624. 
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> > We are looking forward to hearing from you soon. 
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> > Regards, 
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> > Commercial department  
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> > Sent from Mail(https://go.microsoft.com/fwlink/?LinkId=550986) for Windows
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