STORAGE FACILITY

Galactica Oil and Gas intend to construct its own 100,000 MT Capacity tank farms within the next one years in Port-Harcourt while plans to construct in Tema and Darkar is also underway.

 
LOCAL SOURCING

In order to maintain an uninterrupted and quality supply of products at all times, the company has bulk buying brokerage relationship with oil companies like, Ascon Oil Co. Ltd, Capital Oil & Gas Industry Ltd, Zenon Oil, Total Nigeria PLC, Integrated Oil, Wabeco Oil & Gas , Obat Oil & Gas, M.R.S etc.

 

OUR PROCEDURES !

We are engaged in TTO, TTT,CIF and FOB deals. Please find a procedure you are comfortable with and contact us immidiately.


OPTION A: TTO PROCEDURE


1.      Seller sends LOI template to buyer. Buyer signs and returns letter of intent (LOI) confirming acceptance of procedures along with company profile and bank confirmation letter. 
 
2.      Seller accepts LOI and forwards the draft sales and purchase agreement (SPA)
  
3.      Buyer signs and returns contract for seller to complete all codes in contract and pdf contract is returned to buyer. The electronic signed copy by both parties is considered legally binding and enforceable. 

 4.      Buyer and seller deposit the signed SPA to their various banks. 

 5.    Buyer issues proof of funds/ MT799 swift to seller’s bank as proof of funds. 

 6.      Seller loads vessel and sends loaded vessel documents to buyer along with ATB and ATS and copy all parties concerned. The super cargo will then go on board the vessel for confirmation either in Nigerian waters or vessel can sail to international waters for Q&Q. 
 
7.      Upon verification & confirmation by super-cargo the buyer makes payment for the cargo and to all parties concerned via KTT. 

8.      After confirmation of payment by all concerned, seller releases documents in buyer’s name and vessel is allowed to sail to its port of discharge.


 OPTION B: TTO PROCEDURE
 Below is a procedure where buyer’s supercargo goes on board the vessel before the instrument is placed    

 1.      Seller sends LOI template to buyer. Buyer signs and returns letter of intent (LOI) confirming acceptance of procedures along with company profile and bank confirmation letter.

2.      Seller accepts LOI and forwards the draft sales and purchase agreement (SPA)

3.      Buyer signs and returns contract for seller to complete all codes in contract and pdf contract is returned to buyer. The electronic signed copy by both parties is considered legally binding and enforceable.  

4.      Buyer and seller deposit the signed SPA to their various banks.    

5.      Buyer pays $350,000 us dollars for ATB, clearance, security and logistics for the supercargo to go on board the vessel. 

6.      Seller loads the vessel and gives partial documents for verification.   

7.      The supercargo goes on board and certifies that the cargo is on board.

8.      Upon confirmation by the supercargo, buyer issues proof of funds MT799 or BG to seller’s bank as proof of funds. 

9.      Upon confirmation of instrument the vessel will then sail to international waters and SGS will go on board and perform the q and q inspection.  

10.  On confirmation of the q and q then the full operative and irrevocable instrument is given, (MT103) and payment is made in full for cargo according to the MFPA section in the SPA. 

11.  After confirmation of payment by all concerned, seller releases documents in buyer’s name and vessel is allowed to sail to its port of discharge.


OPTION C: TTO PROCEDURES

1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer's bank contacts seller's bank by swift 199/799 for familiarization.  

5. Seller's bank responds by swift 199/799.

6. Buyer’s bank issues a non-operative SBLC to seller's bank.  

7. Seller's bank issues PB to buyer's bank to activate the SBLC.  

8. Buyer places pay order to intermediary accounts in the contract.  

9. Seller upon verification and confirmation, issues authority to board (ATB) to buyer’s appointed surveyors and supercargo at the agreed point.  

10. Buyer’s surveyors and supercargo go onboard; supercargo remain onboard while surveyor collect sample and come down for laboratory test analysis and release report to buyer and seller respectively.  

11. Seller grants buyer access to vessel owners through the agents and buyer perfects charter agreement, voyage charter or full charter.  

12. Seller issues the complete shipping document to enable buyer process the full cash payment for the cargo.  

13. Payment is released by KTT (swift transfer) at out turn barrels to seller’s bank and intermediary accounts, upon presentation of transaction document at the buyer’s bank within 72hours of surveyors report.  

14. Buyer’s vessel sails to discharge port

OPTION A: TTT PROCEDURE
1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer's bank issues a performance guarantee of one million dollar to seller's bank.  

5. Buyer communicates seller with complete vessel details.  

6. Seller's vessel master contacts buyer's vessel master and agree on transshipment point  

7. Buyer's bank within three banking days confirms by swift to seller’s bank an operative irrevocable transferable, divisible and confirmed SBLC in favor of the seller.  

8. Buyer places a payment order (LC) to all   agents and brokers.  

9. The two vessels longside and transshipment takes place.    Payment is made simultaneously by TT within three days after q and q to seller and all agents/brokers respectively upon buyer’s confirmation of all necessary documents.

OPTION B: TTT PROCEDURE
1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer's bank contacts seller's bank by MT199/799 for familiarization

5. Seller's bank responds with MT199/799.
     
6. Buyer's bank within three banking days confirms by swift to seller’s bank operative irrevocable transferable, divisible and confirmed SBLC in favor of the seller.  

7. Buyer places a payment order (LC) to all agents and brokers.   

8. Buyer sends valid vessel details to seller.    

9. Seller’s vessel master contacts buyer’s vessel master and agree on transshipment point.   

10. Transshipment takes place.   

11. Payment is made simultaneously by TT within three days after Q and Q to seller and all agents/brokers respectively upon buyer’s confirmation of all necessary documents.   

OPTION A: FOB PROCEDURES

1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer releases his vessel valid CPA, Q88 and ATL (plus all other documents showing that buyer is in control of the vessel)

5. On confirmation of the vessel documents, seller programs buyer’s vessel for loading at the terminal/platform/loading bay
buyer and her vessel captain confirm its programming.

6. Buyer pays n50million naira for the clearance of her vessel into the terminal/loading bay

7. Seller clears buyer’s vessel into the terminal, vessel is loaded and buyer’s inspectors conduct Q&Q on-board the vessel.

8. Q&Q result is released and buyer issues BG/LC for entire cargo and commission.

9. Seller completes formalities for the loading document to be in buyer’s name.

10. Buyer pays for the crude oil & all commissions as recorded in the MFPA section of this contract agreement by swift or KTT to all concerned.

11. After confirmation of payment by all concerned seller releases documents to the buyer’s bank and vessel is allowed to sail to the port of discharge.

 OPTION B: FOB PROCEDURE
1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer's bank contacts seller's bank by MT 199/799 for familiarization.  

5. Seller's bank responds with MT199/799.  

6. Buyer’s bank, in no more than 7 banking days of execution of SPA, issues an operative, irrevocable, standby letter of credit in favor of the seller, transmitted by swift MT760 to seller’s nominated bank.  

7. Buyer shall provide to the seller the necessary information pertaining to vessel eta to facilitate the smooth loading of cargo at designated loading port.  

8. Buyer's vessel called into the terminal and loading takes place.  

9. As per SPA and SBLC payment terms, payment is made by swift issuing directly to seller, intermediaries, facilitators and brokers on Q&Q at the loading port.


OPTION A:  CIF PROCEDURE

1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.

2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.

3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.

4. Buyer's bank contacts seller's bank by MT 199/799 for familiarization

5. Seller's bank responds with MT199/799.

6. Buyer’s bank, in no more than 7 banking days of execution of SPA,
issue an operative, irrevocable, standby letter of credit in favour of the
seller, transmitted by swift mt760 to seller’s nominated bank.

7. Seller issues information on LAYCAN to the buyer.

8. Seller shall provide the buyer with the confirmed charter party agreement vessel and notification of estimated time of arrival (eta) to the buyer’s designated discharge port.

9. Loading takes place as per LAYCAN date and shipping documents formalities completed.

10. Vessel sails.

11. Vessel discharges cargo at destination port.

12. Payments are made by swift wire transfer directly to the seller's and intermediaries' nominated bank accounts, within two banking (2) days after delivery of crude oil at buyer's discharge port against presentation and confirmation of stated shipping document.

OPTION B: CIF PROCEDURES
1. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure and instrument verbiage. Buyer will complete, sign and address to the seller. This will be returned to seller along with full company profile.
2. Upon acceptance of LOI and attached documents the seller shall issue sales & purchase agreement with seller's full banking co-ordinates.
3. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable. The contract is lodged with the buyer and seller’s respective banks.
2. Buyer's bank issues a bank performance guarantee of one million dollar to seller's bank.
3. Seller presents full loaded vessel in buyer's name sends document including ATB to allow buyer's inspectors on board for Q&Q
4. Buyer’s bank, in no more than 7 banking days of the confirmation of the loaded vessel, buyer issues an operative, irrevocable, DLC/SBLC/BG in favor of the seller, transmitted by swift to seller’s nominated bank.
 
5. Seller shall provide the buyer notification of estimated time of arrival (eta) to the buyer’s designated discharge port.
6. Vessel sails.
7. Vessel discharges cargo at destination port.
8. Payments are made by swift wire transfer directly to the seller's and intermediaries' nominated bank accounts, within two (2) banking days after delivery of crude oil at buyer's discharge port against presentation and confirmation of stated shipping document.

OPTION C: CIF PROCEDURES
a. Buyer shall receive a template of the letter of intent (LOI), along with attached procedure, bank confirmation letter and instrument verbiage. Buyer will complete, sign and address to the seller’s mandate company WII. This will be returned to seller with bank confirmation letter completed by bank and full company profile.

B. Upon acceptance of LOI and attached documents seller NNPC shall issue sales & purchase agreement with seller's full banking co-ordinates and with full proof of product (pop) via world int’ ltd which can be confirmed through ministry of petroleum (MPR) (such confirmation shall not be in the name of the buyer.) It will only be in the name of the buyer after (upon confirmation of the swift buyer’s bank instrument) the crude oil allocation reassignment and programming on the shell screen in favour of the buyer as the owner and consignee of the month cargo shipment. This is secondary contract allocation under the custody of the ministry of petroleum (MPR)

c. Buyer and seller sign and seal this contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both parties is considered legally binding and enforceable; however, a final hard-copy contract must be signed by both the seller and buyer and exchanged via courier.

D. Buyer’s bank will, within two (2) banking days of send proof of funds (POF) via MT 760 to seller’s bank (NNPC) and request a scanned copy of the instrument which must be sent to the seller mandate via e-mail for documentation and confirmation.


E. Within two (2) banking days the seller provides buyer’s bank by swift and buyer by e-mail proof of product (POP) in seller’s name detailed.

F. Within two (2) banking days seller shall reassign allocation to buyer’s name and program for verification via shell network loading screen and bonny loading terminal. Seller shall provide the bonny oil terminal loading program notification form” verifiable on the shell screen London with barrels in the name of the buyer.

G. Within 48 hrs of the above, seller shall provide the ASPATANKVOY charter party agreement (CPA) for the designated vessel marked "freight prepaid" to buyers destination. Failure of seller to do so shall be a default event and buyer shall collect the PB.

H. Within 48 hrs of the above, the seller will give the buyer verifiable vessel name, call letters, and captain’s name of the vessel that is to load for CIF delivery and buyer signs a copy of the charter party agreement with the shipping agency.

I. Within ten (10) days of the above, vessel shall proceed to the bonny loading terminal and load cargo. Inspectors shall conduct quality and quantity assessment; and all relevant shipment documents shall be endorsed/receipted by the vessel captain, with a copy forwarded to buyer.

J. After the vessel has discharged its cargo at buyers destination port and buyer has received the post discharge q & q report from SGS and after all documents are presented by the seller after the time of cargo delivery as required by the POF. Buyer shall make payment by telegraphic transfer to seller’s bank account for oil and by separate transfer to seller beneficiaries named in master fee protection agreement in the contract for fees.

K. Payments are made by swift wire transfer directly to the seller’s bank accounts and commission agents as stipulated in the MFPA in this contract within three (3) international banking days after product delivery to buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at buyer’s bank.

L. The signature of this contract by the buyer and by seller means both accept all the content as for quantity, discount and procedures