Trader Essay

2039 words - 9 pages

Key Terms of prepaid export contract

Joint Stock Company “Oil Company Rosneft” (“Rosneft”), Sinopec Group (“Sinopec”), and Industrial and Commercial Bank of China (“ICBC”) as financing partner of Sinopec, collectively referred to as the Parties, willing to develop their successful cooperation set forth these Key Terms of the prospective Prepaid Supply Transaction (hereunder the “Transaction”).

1. The Seller and the Buyer will enter into a prepaid export contract (the “Contract”) which will consist of the Export Contract (setting out the agreed sale and delivery terms) and the Prepayment Addendum (setting out the agreed prepayment terms). The Export Contract ...view middle of the document...

|Price |Price formula for ESPO: |
| |Monthly average of the daily midpoint quotations for Dubai first line as published in Platts’ crude oil market-wire of |
| |the Nomination Month+the actual weighted average selling prices of ROSNEFT selling in the same month flat. |
| |Price formula for REBCO: |
| |Rosneft Pricing Formula with no differential. |
| |Rosneft Pricing Formula with a Fixed Differential (0.2-0.25) |
| |Rosneft Formula with the differential determined as the Verifiable Weighted Average of the bids in the 6 monthly |
| |Rosneft tenders up to the volume of cargoes allocated to load in the corresponding 6 monthly period. |
|Payment |Payment under the Contract shall be made on open account terms subject to deduction of Monthly Discharge Amounts as |
| |described in section 2 below, unless the outstanding balance of Prepayment is equal to or below the aggregate of (i) |
| |the amount due for the cargo being delivered, and (ii) the amounts that will become due for cargo that has been |
| |delivered but for which payment has not yet been received, upon which time payment shall be by letter of credit from a |
| |first-class bank to be provided before each delivery. 30 days from B/L date of deferred payment will be provided. |
| | |
| |If any amounts due from the Buyer under the Contract are delinquent after becoming due Rosneft shall be entitled to set|
| |off any such amounts against the Prepayment. |

2. The Prepayment Addendum will be in the form of an addendum to the export contract and on the following terms:

|Prepayment |USD15 billion paid in two tranches of USD 7.5 billion each (25% of the total value of the Main Product to be delivered |
| |on the basis of notional price of USD 82 per barrel). |
|Prepayment Schedule |The first tranche shall be made [ ] and the second tranche shall be made in 5 years after the first tranche. |
|Interest Rate |1M...

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