Iran has been under various U.S. and European sanctions since the beginning of Saddam Hussein’s war against Iran in 1980, for over 40 years. During the past three decades, Iran has been enriching Uranium it claims is for peaceful purposes, primarily producing electricity for domestic use. Sanctions has crippled Iran’s economy, an outcome Iran is […]
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Petroleum Industry In Nigeria
I have seen many articles scattered across the vast web about Bonny Light crude oil in Nigeria. However, I have come across a few sources that I think of highly. One source is in Wikipedia and can be found here. I sincerely hope you enjoy reading it.
Oil Theft In Nigeria
One of the most concise, yet easy reads, on theft of oil in Nigeria is on Wikipedia. A report analyzing the effect of oil theft in Nigeria revealed in July 2013 that Nigeria lost $10.9 billion in potential oil revenues between 2009 and 2011. That is a staggering amount by any standard. For a more […]
Performance Bond For Bonny Light Crude Oil
Nearly all procedures in a Sales Purchase Agreement (SPA) between a seller and a buyer call for the seller’s bank to issue a financing instrument such as DLC-MT700 or SBLC-MT760 first. These LCs trade drafts, not time drafts, and are non-operative, meaning they are not yet active and confer no obligation to the buyer’s bank […]
Bonny Light Crude Oil Journey
When I started in this business in fall of 2017, I had no idea how difficult it is to put a deal together for sale or purchase of Nigerian Bonny Light crude oil. I was not naive and knew I would face challenges, but I did not expect it to be as high as it […]
Bonny Light Payment Guarantee
This article serves to shed light on one of the most basic, yet misunderstood, aspects of payment for a crude oil transaction, in particular for Nigerian Bonny Light crude oil. In every Sales Purchase Agreement (SPA), the stipulation is for a buyer’s bank to issue and send to the seller’s bank either an SBLC-MT760 or […]
Bonny Light Crude Oil
Bonny Light crude oil is a great commodity with unique properties. Its low sulfur level makes it one of the most desirable crude oil in the world today. However, its popularity is matched only by the great number of very unsophisticated chain of completely unqualified brokers and agents–with few exceptions–and other hustlers on the streets […]