Presently MGO-Color 2 max, sulfur 0.5pct max selling at MOPS( 5days average) + USD1.95 per barrel FOB Singapore. Each shipment lot of 5000MT min per loading available upon receipt of buyer payment instruments.

Price:

US$ 1.95

Quantity Order:

Origin:

British Indian Ocean Territory

Payment Method:

L/C

Quantity:

Each shipment lot of 5000MT min per loading

Pack. & Delivery:

-

TO:

ATTN:

RE: L/ C OPENING FORMAT FOR GAS0IL SALE IN / MARCH/ 2010

---------------------------------------------------------------

WE WOULD LIKE TO REQUEST YOU TO KINDLY OPEN YOUR FIRST

CLASS IRREVOCABLE AND TRANSFERABLE LETTER OF CREDIT VIA AN INTERNATIONAL

BANK TO

SINGAPORE BRANCH, 9 RAFFLES

____________________, SINGAPORE 048619, SWIFT: _________________WITH

DETAILS AS FOLLOW : -

IN FAVOUR OF :

AMOUNT : UNITED STATES DOLLARS

AVAILABLE WITH ADVISING BANK BY DEFERRED PAYMENT AT 20 DAYS AFTER

B/ L DATE ( B/ L DATE TO COUNT AS DAY ONE) AGAINST PRESENTATION OF

THE FOLLOWING DOCUMENTS : -

AAA SIGNED COMMERCIAL INVOICE IN ONE ORIGINAL PLUS 3 COPIES

BBB FULL SET 3/ 3 ORIGINAL CLEAN ON BOARD OCEAN BILLS OF

LADING ISSUED OR ENDORSED TO THE ORDER OF BUYER OR THE

ISSUING BANK' S NAME

CCC DOCUMENTS REQUIRED

01. CERTIFICATE OF QUANTITY ISSUED OR COUNTERSIGN BY AN

INDEPENDENT INSPECTOR AT LOADPORT.

02. CERTIFICATE OF QUALITY ISSUED OR COUNTERSIGN BY AN

INDEPENDENT INSPECTOR AT LOADPORT.

03. CERTIFICATE OF ORIGIN

EVIDENCING SHIPMENT OF THE FOLLOWING GOODS :

COMMODITY : GASOIL

QUANTITY : MTS + / - 10 PCT AT SELLER' S OPTION

PRICE : THE PRICE OF PRODUCT SHALL BE FOB SINGAPORE

PRICE , BASED ON BILL OF LADING ( B/ L) METRIC TON QUANTITY

IN UNITED STATES DOLLARS ( USD) , SHALL BE CALCULATED AS FOLLOWS

100% OF THE AVERAGE OF THE MEAN OF LOW AND HIGH QUOTATIONS

FOR GASOIL UNDER THE HEADING ' SINGAPORE' AS PUBLISHED BY

PLATT' S ASIA PACIFIC/ ARAB GULF MARKETSCAN PLUS A

PREMIUM OF USD ( 0.00) PER BARREL OF PRODUCT.

THE TIMING OF PRICE DETERMINATION SHALL BE THE ARITHMETIC

AVERAGES OF THE FIVE ( 5) DAYS AROUND B/ L DATE ( TWO ( 2) DAYS

PRIOR THE B/ L, B/ L DATE ITSELF, AND TWO ( 2) DAYS AFTER THE B/ L

DATE) . IN CASE OF NON-PUBLICATION ON B/ L DATE, THE FIVE ( 5)

DAYS AVERAGE SHALL BE THREE ( 3) DAYS PRIOR THE B/ L AND TWO ( 2)

DAYS AFTER THE B/ L DATE.

PRICE SHALL BE CALCULATED BY ROUNDING UP THE

THIRD DECIMAL POINT IF AND ONLY IF THE THIRD DECIMAL

POINT IS FIVE ( 5) OR HIGHER, OTHERWISE THE THIRD

DECIMAL POINT SHALL BE ROUNDED DOWN.

PAYMENT TERM : TO BE PAID 20 DAYS AFTER BILL OF LOADING DATE ( B/ L

DATE TO COUNT AS DAY ONE) BY IRREVOCABLE

DOCUMENTARY LETTER OF CREDIT. IF THE DUE

DATE FALLS ON SATURDAY OR A BANK HOLIDAY OTHER THAN

MONDAY IN NEW YORK, THEN PAYMENT SHALL BE MADE ON

THE IMMEDIATELY PRECEDING NEW YORK BANKING DAY.

IF THE DUE DATE FALLS ON SUNDAY OR A BANK

HOLIDAY ON MONDAY IN NEW YORK, THEN PAYMENT SHALL BE

MADE ON THE IMMEDIATELY FOLLOWING NEW YORK BANKING DAY.

IN THE EVENT THAT PAYMENT IS NOT MADE ON THE DUE DATE AS

DETERMINED ABOVE, INTEREST SHALL BE PAID BY BUYER TO SELLER

AT A RATE EQUAL TO THE PRIME LENDING RATE AS QUOTED BY THE

BARCLAYS BANK, LONDON BRANCH ON THE DUE DATE PLUS TWO ( 2)

PERCENT FOR THE PERIOD FROM THE DATE PAYMENT WAS DUE TO THE

DATE OF SELLER' S RECEIPT OF PAYMENT.

DELIVERY : FOB SINGAPORE DURING -----

EXPIRY DATE : ------

SPECIALCONDITIONS :

-THIRD PARTY B/ L AND DOCUMENTS ACCEPTABLE.

-PARTIAL SHIPMENT NOT ALLOWED.

-T.T. REIMBURSEMENT ACCEPTABLE.

-CHARTER PARTY B/ L ACCEPTABLE.

-PHOTOCOPIES IN LIEU OF COPY DOCUMENTS ACCEPTABLE.

-ALL BANKING CHARGES INCURRED IN OPENING BANK ARE FOR THE

ACCOUNT OF APPLICANT AND BANKING CHARGES INCURRED IN ADVISING BANK

ARE FOR THE ACCOUNT OF BENEFICIARY. ALL BANKING CHARGES OUTSIDE

SINGARPORE FOR APPLICANT' S ACCOUNT INCLUDING CONFIRMATION CHARGE.

-TELEX/ HARDCOPY INVOICE AND LETTER OF INDEMNITY ARE ACCEPTABLE.

-THE TOTAL AMOUNT OF THIS LETTER OF CREDIT IS AUTOMATICALLY

INCREASED OR DECREASED IN ACCORDANCE WITH THE PRICE CLAUSE

WITHOUT FURTHER AMENDMENT FROM OUR SIDE.

-DOCUMENTS PRESENTED LATER THAN 21 DAYS AFTER BILL OF LADING DATE

BUT WITHIN CREDIT VALIDITY, ARE ACCEPTABLE.

-IN THE EVENT THE ORIGINAL BILLS OF LADING AND OTHER SHIPPING

DOCUMENTS ARE NOT AVAILABLE AT TIME OF PAYMENT IS DUE, PAYMENT

WILL BE MADE AGAINST DOCUMENTS REQUIREMENT ITEM ( AAA) ABOVE AND

A LETTER OF INDEMNITY IN A FORMAT AS FOLLOWS :

QUOTE

-----

DATE:

TO: APPLICANT

LETTER OF INDEMNITY

-------------------

WE HAVE BEEN UNABLE TO PROVIDE YOU WITH THE ORIGINAL BILLS OF

LADING AND NORMAL SHIPPING DOCUMENTS COVERING THE SALE TO YOU

OF.......... MTS OF ............... PER THE VESSEL ...........

WHICH IS LOADED ON ...........

IN CONSIDERATION OF OUR EXPRESSED WARRANTY, INDEMNIFICATION AND

AGREEMENT SET FORTH BELOW, YOU HAVE AGREED TO RELEASE PAYMENT

HEREWITH FOR THE SHIPMENT, TITLE TO WHICH IS EVIDENCED BY THE

ORIGINAL BILLS OF LADING, WITHOUT SUCH DOCUMENTS PRESENTLY IN

HAND.

WITH DUE ATTENTION TO YOUR RELEASING PAYMENT ON THE AFORESAID, WE

HEREBY EXPRESSLY WARRANT TITLE TO YOU AND THAT WE HAVE THE FULL

RIGHT AND AUTHORITY TO TRANSFER SUCH TITLE AND TO EFFECT

DELIVERY OF THE ABOVE MENTIONED FUEL OIL TO YOU. WE FURTHER AGREE

TO EXERCISE OUR UTMOST EFFORT TO LOCATE AND SURRENDER TO YOU AS

SOON AS POSSIBLE THE ORIGINAL BILLS OF LADING AND THE SHIPPING

DOCUMENTS AND WE PROTECT, INDEMNIFY AND HOLD YOU HARMLESS FROM

AND AGAINST ANY AND ALL DAMAGES OR COSTS WHICH YOU MIGHT SUFFER

BY REASON OF THE ORIGINAL BILLS OF LADING REMAINING OUTSTANDING,

INCLUDING BUT NOT LIMITED TO ANY CLAIMS OR DEMANDS WHICH MAY BE

MADE BY THE CARRIER, CONSIGNOR, CONSIGNEE OR ANY HOLDER OR

TRANSFEREE OF THE ORIGINAL BILLS OF LADING OR ANY OTHER THIRD

PARTY CLAIMING ANY INTEREST IN OR LIEN IN THE CARGO OR PROCEEDS.

THIS INDEMNITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH

ENGLISH LAW.

THIS INDEMNITY SHALL BE AUTOMATICALLY CANCELLED UPON RECEIPT BY

YOU OF THE ORIGINAL BILLS OF LADING AND NORMAL SHIPPING DOCUMENTS.

OIL PTE LTD

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UNQUOTE

UPON NEGOTIATION, NEGOTIATING BANK MUST ADVISE US BY TESTED TELEX/ SWIFT

STATING DATE AND AMOUNT NEGOTIATED, B/ L DATE AND MATURITY DATE AND

CERTIFYING THAT ALL TERMS AND CONDITIONS OF THIS CREDIT HAVE BEEN

STRICTLY COMPLIED WITH AND THAT ALL DOCUMENTS HAVE BEEN COURIERED TO

US IN ONE LOT. WE SHALL REMIT PROCEEDS TO YOU AT MATURITY BY T.T. AS

PER YOUR INSTRUCTIONS.

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