Subject: RE: LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUST |Confirmed Pricing
From: <[email-masked]>
To: "'George Thomas'" <[email-masked]>, <[email-masked]>, <[email-masked]>, <[email-masked]>, "'Elyas Niroomand Toomaj'" <[email-masked]>
Date: Mon, 4 Sep 2023 09:00:09 -0700

Dear Thomas,

Good evening,

I discussed internally with Mr. Moghaddasi and due to some reasons which has 
explained to Mr. Moghaddasi we offered for the first cargo we can nominate 
the cargo which is onboard of the vessel with below conditions :

1.	Vessel name and BL shall be provided and dip test in OPL is also can be 
arranged if buyer has representative to perform it
2.	Buyer shall make 2 million USD as down payment and buyer shall nominate 
storage tank agreement
3.	20 % after entry notice to the anchorage
4.	80% after berthing notice
5.	Vessel will be discharged after full payment received into seller 
nominated bank account

Looking forward to hearing from you very soon.

Regards,

Commercial department

Elyas

From: George Thomas <[email-masked]>
Sent: Friday, September 1, 2023 7:13 AM
To: Info <[email-masked]>; [email-masked]; 
[email-masked]; [email-masked]; Elyas Niroomand Toomaj 
<[email-masked]>
Subject: RE: LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUST 
|Confirmed Pricing
Importance: High

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] <mailto:[email-masked]>

On 30/08/23 05:16 PM, Info <[email-masked] <mailto:[email-masked]> 
 > wrote:

Dear Thomas,

Thank you for your kind feedback.

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

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

Light blend DDU: attached please find draft of contract

Looking forward to hearing from you very soon.

Regards,

Commercial department

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From: George Thomas <mailto:[email-masked]>
Sent: Tuesday, August 29, 2023 8:17 AM
To: Info <mailto:[email-masked]> ; [email-masked] 
<mailto:[email-masked]> ; [email-masked] 
<mailto:[email-masked]> ; [email-masked] 
<mailto:[email-masked]> ; Elyas Niroomand Toomaj 
<mailto:[email-masked]>
Subject: LOI NO. EIHG/LBCO0SE/1/08252023/001 DATED 25TH AUGUST |Confirmed 
Pricing

Dear Sirs,

Further to our negotiation and agreement on price discounts, I am writing to 
confirm the said agreement:

Light Crude: CFR any safe China Port - ICE Brent 5-day average (-2 / +2) 
minus fourteen US dollars per barrel (- $14/bbl.)

Light Blend (1): CFR any safe China Port ICE Brent 5-day average (-2 / +2) 
minus sixteen US Dollars per barrel (- $16/bbl.)

Light Blend (2): DDU Dongjiaku - ICE Brent 5-day average (-2 / +2) minus 
sixteen US Dollars per barrel (- $16/bbl.)

Your written confirmation of this agreement along with the draft SPA and 
PPOP/POP will be appreciated.

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] <mailto:[email-masked]>

On 29/08/23 09:43 AM, Info <[email-masked] <mailto:[email-masked]> 
 > wrote:

Dear  Sir ,

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 :

light blend crude oil

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

2-  Quality : as attached, light blended crude oil sulfur content 1.73 %

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 August 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.

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 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 11.00 USD/BBL based on ICE brent available 
quotations during August 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.

light blend crude oil -DDU-

1-   Quantity: 2,000,000 barrels

2-  Quality : as attached, light blended crude oil sulfur content 1.73 %

3-  Destination: Dongjiakou

4- Terms of delivery: DDU

5- Payment terms:

5-1-Buyer shall make 5 million USD advance payment or other acceptable 
guarantees

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

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

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

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.

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.

5-7- 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.

5-8-in case that pricing period will be determined before discharge, item 
no. 5-8 is not required.

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.

In order to discuss further details please contact us at +989158518624.

We are looking forward to hearing from you soon.

Regards,

Commercial department

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