QUOTE
FROM : ING BELGIUM, BRUSSELS, GENEVA BRANCH
TO : ING BELGIUM, BRUSSELS, GENEVA BRANCH
DATE : 26/11/2010
MT700 : ISSUE OF A DOCUMENTARY CREDIT
(27 ) SEQUENCE OF TOTAL
MESSAGE NUMBER
1
(40A) FORM OF DOCUMENTARY CREDITIRREVOCABLE
(20 ) DOCUMENTARY CREDIT NB. XXX
(31C) DATE OF ISSUE
XXX
(40E) APPLICABLE RULES
UCP LATEST VERSION
(31D) DATE AND PLACE OF EXPIRY DATE 15.NOV,10
AT OUR COUNTERS IN GENEVA
(50 ) APPLICANT
SUMATO ENERGY PTE. LTD.
163, PENANG ROAD
02-01 WINSLAND HOUSE II
238463 SINGAPORE
(59 ) BENEFICIARY
ACCOUNT NUMBER
NAME + ADDRESS
SOCAR TRADING S.A.
RUE DE VILLEREUSE 22
1207 GENEVA SWITZERLAND
(32B) CURR. CODE, AMOUNT
CURRENCY CODE USD
AMOUNT
78’200’000.00
(39A) PERCENTAGE CREDIT AMOUNT TOLERANCE
05/05
(41A) AVAILABLE WITH ... BY ...
BY DEF PAYMENT
(42P) DEFERRED PAYMENT DETAILS 30 CALENDAR DAYS AFTER BILL OF
LADING DATE (B/L DATE TO COUNT
AS DAY ZERO)
(43P) PARTIAL SHIPMENTS
NOT PERMITTED
(43T) TRANSHIPMENT
NOT PERMITTED
(45A) DESCR. OF GOODS AND/OR SERVICES
950,000 US BARRELS +/- 5 PCT IN BUYER'S OPTION OF AZERI CRUDE OIL
DELIVERED FOB CEYHAN.
DELIVERY:
FOB CEYHAN IN ONE CARGO LOT PER M/T 'TBN'/SUB
CONSISTENT WITH B/L DATE IN CEYHAN IN THE PERIOD OF 29 NOVEMBER, 2010 TO 02 DECEMBER,
2010 (BOTH DATES INCLUSIVE)
.
PRICE:
IN US DOLLARS PER NET US BARREL SHALL BE EQUAL TO THE AVERAGE OF
THE FIRST FIVE (5) CONSECUTIVE MEAN (HIGH/LOW) QUOTATIONS
IMMEDIATELY FOLLOWING THE BILL OF LADING DATE (B/L DATE : DAY 0),
AS PUBLISHED BY PLATT'S CRUDE OIL MARKETWIRE FOR BRENT (DATED).
.
1) IF THE FOURTH DECIMAL PLACE IS FIVE (5) OR GREATER THAN FIVE
(5),THEN THE THIRD DECIMAL PLACE SHALL BE ROUNDED UP TO THE
NEXT DIGIT
2) IF THE FOURTH DECIMAL PLACE IS FOUR (4) OR LESS THAN FOUR (4),
THEN THE THIRD DECIMAL PLACE WILL BE UNCHANGED.
EACH PRICING ELEMENT SHALL BE CALCULATED TO 3 (THREE) DECIMAL PLACES.
.
. (46B) DOCUMENTS REQUIRED
IN ONE ORIGINAL AND THREE COPIES UNLESS OTHERWISE STATED:
.
1. BENEFICIARY'S COMMERCIAL INVOICE (FAX OR TELEX ACCEPTABLE)
SHOWING BILL OF LADING QUANTITY AND DATE
2. 3/3 ORIGINAL PLUS 3 NON NEGOTIABLE COPIES CLEAN ON BOARD BILLS
OF LADING ISSUED OR ENDORSED 'TO THE ORDER OF ING BELGIUM, BRUSSELS, GENEVA BRANCH
AND MARKED 'FREIGHT PAYABLE AS PER CHARTER PARTY'
.
3) ORIGINAL AND THREE (3) COPIES OF CERTIFICATE OF QUALITY AND
QUANTITY FOR THE SHIPPED CARGO ISSUED ON BAKU-TBILISI-CEYHAN
PIPELINE COMPANY'S LETTERHEAD AND DULY SIGNED BY THE TERMINAL
REPRESENTATIVE, MESSRS BOTAS INTERNATIONAL LTD.
.
4) CERTIFICATE OF ORIGIN
.
IN THE EVENT ABOVE-MENTIONED DOCUMENTS 2 TO 4 ARE NOT
AVAILABLE WHEN PAYMENT BECOMES DUE, THEN PAYMENT WILL BE
EFFECTED AGAINST PRESENTATION OF :
A) BENEFICIARY'S COMMERCIAL INVOICE ISSUED AS PER THE ABOVE
REQUIRED DOCUMENT NO 1 (FAX ACCEPTABLE)
.
B) BENEFICIARY'S LETTER OF INDEMNITY (FAX ACCEPTABLE) ISSUED AS
PER FOLLOWING WORDING :
.
QUOTE
.
PLACE AND DATE OF ISSUE : . . .
FROM : SOCAR TRADING S.A., GENEVA, SWITZERLAND
.
TO : SUMATO ENERGY PTE LTD
C/O ING BELGIUM, BRUSSELS, GENEVA BRANCH .
RE : DOCUMENTARY CREDIT XXX ISSUED BY ING BELGIUM, BRUSSELS, GENEVA BRANCH
.
DEAR SIRS,
.
WE REFER TO A CARGO OF . . . NET U.S. BARRELS OF AZERI CRUDE OIL
SHIPPED ON BOARD M/T '. . .' AT THE PORT OF . . .PURSUANT TO
BILL(S) OF LADING DATED . . .TO DATE WE ARE UNABLE TO PROVIDE YOU
WITH THE REQUISITE SHIPPING DOCUMENTS IN RELATION TO THE SAID
SALE WHICH CONSIST OF :
+ FULL SET OF 3/3 ORIGINAL CLEAN ON BOARD BILLS OF LADING ISSUED
OR ENDORSED TO THE ORDER OF ING BELGIUM, BRUSSELS, GENEVA BRANCH
+ ORIGINAL AND THREE COPIES OF CERTIFICATE OF QUALITY AND
QUANTITY FOR THE SHIPPED CARGO ISSUED ON BAKU-TBILISI-CEYHAN
PIPELINE COMPANY'S LETTERHEAD AND DULY SIGNED BY THE TERMINAL
REPRESENTATIVE, MESSRS BOTAS INTERNATIONAL LTD.
+CERTIFICATE OF ORIGIN
.
IN CONSIDERATION OF YOUR AGREEING TO PAY US AND EFFECTING DUE
PAYMENT OF THE FULL SALE PRICE OF U.S. DOLLARS . . .(INVOICED
VALUE OF THE GOODS SHIPPED) AT THE DUE DATE FOR PAYMENT WITHOUT
PRESENTATION OF THE ABOVE SHIPPING DOCUMENTS AS REQUIRED IN THE
DOCUMENTARY CREDIT XXX ISSUED BY ING BELGIUM, BRUSSELS, GENEVA BRANCH
, WE HEREBY EXPRESSLY WARRANT THAT WE HAVE
MARKETABLE TITLE TO SUCH SHIPMENT, FREE AND CLEAR OF ANY LIEN OR
ENCUMBRANCE, AND THAT WE HAVE FULL RIGHT AND AUTHORITY TO
TRANSFER SUCH TITLE AND EFFECT DELIVERY OF THE GOODS TO SUMATO
ENERGY PTE LTD (BUYER) AND THAT WE ARE ENTITLED TO RECEIVE SAID
DOCUMENTS FROM OUR SUPPLIER AND TRANSFER THEM TO YOU.
.
WE FURTHER AGREE TO MAKE ALL REASONABLE EFFORTS TO OBTAIN AND
SURRENDER TO YOU AS SOON AS POSSIBLE AND TO PROTECT, INDEMNIFY
AND SUMATO ENERGY PTE LTD (BUYER) HARMLESS FROM AND AGAINST ANY
AND ALL DAMAGES, COSTS AND EXPENSES (INCLUDING REASONABLE LEGAL
FEES) WHICH YOU MAY SUFFER OR INCUR BY REASON OF THE ORIGINAL
BILLS OF LADING AND OTHER DOCUMENTS REMAINING OUTSTANDING OR
BREACH OF WARRANTIES GIVEN ABOVE INCLUDING, BUT WITHOUT PREJUDICE
TO THE GENERALITY OF THE FOREGOING, ANY CLAIMS AND DEMANDS WHICH
MAY BE MADE BY A HOLDER OR TRANSFEREE OF THE ORIGINAL BILLS OF
LADING, OR BY ANY THIRD PARTY CLAIMING AN INTEREST IN OR LIEN ON
THE SHIPMENT OR THE PROCEEDS THEREOF, PROVIDED ALWAYS THAT YOU
GIVE US PROMPT NOTICE OF THE ASSERTION OF ANY SUCH CLAIM AGAINST
YOU AND THE OPPORTUNITY TO JOIN IN DEFENCE THEREOF.
THIS LETTER OF INDEMNITY SHALL BE GOVERNED BY AND CONSTRUED IN
ALL RESPECTS IN ACCORDANCE WITH ENGLISH LAW, BUT WITHOUT DEFENCE
TO ANY CONFLICT OF LAW RULES, EACH PARTY SUBMITS TO THE EXCLUSIVE
JURISDICTION OF THE HIGH COURT SITTING IN
LONDON AND TO SERVICE OF PRECESS BY REGISTERED MAIL.
.
THE VALIDITY OF THIS LETTER OF INDEMNITY SHALL EXPIRE UPON OUR
PRESENTATION TO YOU C/O ING BELGIUM, BRUSSELS, GENEVA BRANCH
OF
THE AFORSAID ORIGINAL SHIPPING DOCUMENTS INCLUDING THE FULL
SET(S) OF 3/3 ORIGINAL CLEAN ON BOARD BILLS OF LADING ISSUED OR
ENDORSED TO THE ORDER OF ING BELGIUM, BRUSSELS, GENEVA BRANCH
, AS REQUESTED IN THE DOCUMENTARY CREDIT NO XXX, IN
EXCHANGE FOR WHICH YOU AGREE TO RETURN TO US FORTWITH ANY SIGNED
ORIGINAL HEREOF AND CONFIRM BY RETURN TELEX CANCELLATION OF THE
TELEX VERSION OF THIS LETTER OF INDEMNITY.
SIGNED BY : . . .
(NAME AND TITLE OF BENEFICIARY'S DULY AUTHORISED SIGNATORY)
UNQUOTE
(47B) ADDITIONAL CONDITIONS
1. CHARTER PARTY BILLS OF LADING/TANKSHIP BILLS OF LADING AND/OR
BILLS OF LADING SIGNED BY THE MASTER OR AGENTS ARE ACCEPTABLE.
.
2. THIRD PARTY COMBINED AND SEPARATED DOCUMENTS ACCEPTABLE,
EXCEPT FOR SELLER'S ORIGINAL SALES INVOICE AND SELLER'S LETTER
OF INDEMNITY
.
3. PHOTOCOPIES IN LIEU OF COPY DOCUMENTS ACCEPTABLE.
.
4. TELEX/FAX INVOICE AND TELEX/FAX LOI ARE ACCEPTABLE.
.
5. TYPOGRAPHICAL AND SPELLING ERRORS, IF ANY, NOT TO BE
CONSIDERED AS DISCREPANCIES (EXCEPT FOR FIGURES AND VESSEL
NAME)
.
6. THE AMOUNT OF THIS LETTER OF CREDIT AUTOMATICALLY FLUCTUATES
IN ACCORDANCE WITH THE PRICE CLAUSE ABOVE WITHOUT FURTHER
AMENDMENT FROM OUR PART.
.
7. IN CASE THE PAYMENT FALLS DUE ON A SATURDAY OR NON-MONDAY NEW
YORK BANK HOLIDAY THEN PAYMENT TO BE MADE VALUE PRECEEDING
NEW YORK BANKING DAY.
IN CASE THE PAYMENT FALLS DUE ON A SUNDAY OR MONDAY NEW YORK
BANK HOLIDAY THEN PAYMENT TO BE MADE VALUE THE IMMEDIATE
FOLLOWING NEW YORK BANKING DAY.
(71B) CHARGES
APPLICANT'S BANK CHARGES ARE FOR
ACCOUNT OF THE APPLICANT,
BENEFICIARY'S BANK CHARGES
(IF ANY) ARE FOR ACCOUNT OF
BENEFICIARY.
(48) PERIOD FOR PRESENTATION DOCUMENTS PRESENTED LATER THAN 21
DAYS AFTER BILL OF LADING DATE BUT
WITHIN L/C VALIDITY ARE ACCEPTABLE.
(49) CONFIRMATION INSTRUCTIONS WITHOUT
(78 ) INSTRUCTIONS TO PAY./ACCEPT./NEGOTIAT. BANK
UPON RECEIPT OF YOUR AUTHENTICATED SWIFT MESSAGE CONFIRMING THAT YOU HAVE TAKEN UP
THE DOCUMENTS ISSUED IN STRICT CONFORMITY WITH CREDIT TERMS AND CONDITIONS WE SHALL
COVER YOU AT MATURITY DATE AS PER YOUR INSTRUCTIONS. PROVIDED SUCH MESSAGE IS
RECEIVED BY US AT LATEST TWO NEW YORK/ LONDON BANK WORKING DAY PRIOR TO DUE DATE.
OTHERWISE PAYMENT WILL BE EFFECTED WITH VALUE TWO NEW YORK/ LONDON BANK WORKING
DAY AFTER RECEIPT OF SAID MESSAGE
(72) SENDER TO RECEIVER INFORMATION
DOCUMENTS MUST BE SENT IN ONE LOT
BY COURIER TO : XXX
(-) END OF MESSAGE
UNQUOTE