Subject: Answer to Letter of Interest - SEJ Company
From: <[email-masked]>
To: <[email-masked]>, <[email-masked]>, "'Elyas Niroomand Toomaj'" <[email-masked]>, "'Majid'" <[email-masked]>
Date: Wed, 4 Oct 2023 15:56:32 -0700

Dear Marco,

Good evening,

Thank you for the follow up regarding crude oil subject.

Please consider following items to move forward for the next steps:

1.	We are governmental supplier, cargo owner and title holder and we
provide the budget for the government, we can supply different type of
crude oils with using trustee companies in UAE or Hong Kong at this
moment.

2.	Different Types of crude oil consist of light crude oil with
different sulfur contents ( 1.46, 1.82 and 2.14) , heavy crude oil and
light blended crude oil 

3.	Please consider following procedure for all subjects to continue:

3-1- Refinery name confirmation

3-2-LOI shall be send by customer

3-3- Answer to LOI

3-4- Draft of the contract will be sent to the customer

3-5- Both parties will comment on the contract

3-6- Contract signature with both parties

3-7- Providing advance payment or banking instruments by buyer and after
confirmation Dip test or inspection of the cargo permission will be issued
by seller 

3-8- dip test confirmation 

3-9- Payment 

3-10- Cargo delivery based on the delivery terms

4.	At this moment we have one VLCC available in Singapore light crude
oil with sulfur content of 1.82 and several vessels in China waters with
light and heavy ranges 

5.	Detailed Procedure for some available cargoes :

 

5-1- For light pure crude oil

1-   Quantity: 1,000,000 barrels (Suez size vessel which is in Chinese
international waters )

2-  Quality : as attached, light pure crude oil, sulfur content of 1.46 %

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 as per contract

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
at OPL 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 register to the port of discharge after receiving 10%
payment and get entry notice

5-5- after tendering NOR, buyer shall make 20% of the total value of the
cargo and after that vessel shall get berthing order, after receiving
berth order and before discharge buyer shall make the remaining payment up
to  100% payment based on provisional value of the cargo, vessel will
start for discharging after receiving 100% of the value of the cargo

5-6- price shall be minus 12.50 USD/BBL based on dated brent available
quotations during 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.

5-2- light  crude oil (1.82 sulfur content ) Singapore international
waters 

1-   Quantity: 2,000,000 barrels (VLCC size vessel which is in Singapore )

2-  Quality : as attached, light blended crude oil sulfur content 1.82 %

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: STS Malaysia/Singapore 

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 STS location, 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 STS point 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 15.00 USD/BBL based on ICE brent available
quotations during 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.

6.	For further information I have attached a CFR draft of agreement,
but please consider that draft of the contract depends on the terms of
delivery ( DDU, DES, CFR, STS , TTO or FOB ) and we will finalize based on
our negotiations.

Looking forward to hearing from you and in case of having any questions do
not hesitate to ask from us.

Best Regards,

Commercial department 

SEJ Company