Subject: RE: LOI -. GPI/1016/2023 and GPI -1015-2023
From: Commercial <[email-masked]>
To: "[email-masked]" <[email-masked]>, "[email-masked]" <[email-masked]>
Cc: "[email-masked]" <[email-masked]>, Elyas Niroomand Toomaj <[email-masked]>, "[email-masked]" <[email-masked]>
Date: Thu, 22 Jun 2023 00:28:26 -0700

Dear Sir, 

With reference to your letter No. GPI/1016/2023 and GPI -1015-2023 , Thank you for your interest in establishing the business with SEJ, regarding your letter please consider below items for the next steps :

LOI GPI-1016-2023 for light blend crude oil 
                     
1-   Quantity: 2,000,000 barrels (VLCC size vessel which is in Chinese international waters )
2-  Quality : as attached in your letter, light blended crude oil
3-   Destination: it shall be mentioned in the contract so please advise the exact destination (discharge port) and name of the refinery 
4- Terms of delivery: CFR , one safe port in China
5- Payment terms:
 
5-1-Buyer shall make 5 million USD advance payment or other acceptable guarantees 
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
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
5-4- vessel will tender NOR at the destination port and buyer will start to make remaining payment before discharge
5-5- after 100% payment based on provisional value of the cargo, vessel will start for discharging
5-6- price shall be minus 14.00 USD/BBL based on ICE brent available quotations during July 2023 or other mutual confirmed pricing period  
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.
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.
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.
5-9-in case that pricing period will be determined before discharge, item no. 5-8 is not required.

LOI GPI-1015-2023 for light blend crude oil 
                     
1-   Quantity: 2,000,000 barrels (VLCC size vessel which is in Chinese international waters )
2-  Quality : as attached in your letter, Heavy crude oil
3-   Destination: it shall be mentioned in the contract so please advise the exact destination (discharge port) and name of the refinery 
4- Terms of delivery: CFR , one safe port in China
5- Payment terms:
 
5-1-Buyer shall make 5 million USD advance payment or other acceptable guarantees 
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
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
5-4- vessel will tender NOR at the destination port and buyer will start to make remaining payment before discharge
5-5- after 100% payment based on provisional value of the cargo, vessel will start for discharging
5-6- price shall be minus 16.00 USD/BBL based on ICE brent available quotations during July 2023 or other mutual confirmed pricing period  
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.
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.
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.
5-9-in case that pricing period will be determined before discharge, item no. 5-8 is not required.

In order to discuss further details please contact us at +989158518624.
 
We are looking forward to hearing from you soon.

Regards,
Commercial department 

Sent from Mail for Windows

From: [email-masked]
Sent: Thursday, June 15, 2023 4:39 AM
To: [email-masked]; [email-masked]
Cc: [email-masked]
Subject: LOI

Dear Sirs,

Enclosed, please find our two LOIs.

Regards
GPI