Petroleo crudo

QUANTITY: 150.000 BBL per day
LOADING PORT: Rotterdam port - product in tank ready for delivery
UNIT: Barrels (BBL)
PRICE: PLATTS minus $TBC Net and $TBC Gross
TERMS: CIF Cost, Insurance and Freight
COMMISSION: To be paid by the seller
PAYMENT METHOD: Contract - Standby Letter of Credit (SBLC) irrevocable,
transferable, revolving, divisible and operative confirmed issue by a
Top 25 bank for the value of first shipment and subsequently
activated for each delivery for the duration of the full contract period
to seller's bank. Payment at port of destination per each shipment
as per commercial invoice against SGS report and shipping
documents on a bank-to-bank basis.