CLOSING PROCEDURES

1. Seller’s mandate provides Soft Offer(this document)

2. Buyer sends ICPO.(Bank detail of soft prove)　with BCL and NCNDA signed

3. Seller issues draft contract to be reviewed (recommend amendment, if any),signed and sealed by the buyer.

4. Buyer issues Letter Payment Guarantee (LPG) as per attached format.

5.Within seven (7) banking days upon receipt, confirmation and acceptance of the LPG,Seller issues via SWIFT MT799 the Delivery Allocation Number as initial Proof of Product (POP). (This document can be directly verified with the refinery by buyer party as per authorization by the seller.)

6.Seller and buyer sign final contract.

7.Within seven (7) banking days following the complete signing and execution of the final contract, buyer issues via SWIFT the RWA (Readiness,Willingness,and Ability) to assign Operative BG for One (1) Month Purchase Order Value.

8.Within seven (7) banking days upon receipt of Buyer’s RWA by SWIFT to assign

operative bank instruments, seller shall send RWA to issue Performance Bond (PB)

of 2% via SWIFT.

9.Within seven (7) banking days upon receipt of the Pre-advise BG, seller shall issue operative PB with with the rest of the POP documents via SWIHT to automatically activate the BG.

10.Buyer issues conditional MT103/23

11.Seller nominates vessel and provides buyer a copy of the Charter Party Agreement with Estimated Time of Arrival (ETA).

12.Delivery commences as per contract.

13 .First shipment shall be on arrival at the buyer’s designated port of discharge within forty-five (45) days after receipt of the BG.

14.All banking charges incurred by the buyer’s bank shall be borne by the buyer and all banking charges incurred by the seller at the seller’s bank shall be borne by the seller.

15.The full Proof of Product （POP） comprises the following documents

�. Copy of the Statement of Product Availability / Product Allocation

�. Copy oｆ the License to Export issued by the Ministry of Energy

�．　　　Copy of the Approval to Export issued by the Ministry of Justice

�. Copy of the Refinery’s Commitment to Produce the Product

�. Copy of Charter Party Agreement（s）　to transport the product to

discharge ports

PAYMENTTERMS：

A) BANK GUARANTEE (BG)-The payment shall 　be　ｇｕａｒａｎｔｅｅｄ ｂｙ ａ　ｃｏｎｆｉｒｍｅｄ，ｉｒrｅｖｏｃａｂｌｅ，ａｓｓｉｇｎａｂｌｅ，ｔｒａｎｓｆｅｒａｂｌｅ，ｄｉｖｉｓｉｂｌｅ　ａｎｄ　ｕｎｃｏｎｄｉｔｉｏｎａｌ　100% fully cash back Bank Guarantee via SWIFT MT760, covering the amount equivalent to One (1) Month Purchase Order Value of the commodity, issued by Top 25 Western European Bank。 (WEB), with maturity of One (1) Year and One (1) Day。

B）　MONTHLY PAYMENT OF CARGO - The payment for the monthly

shipment of cargo shall be made either of the following at buyer’s

option By Telegraphic Transfer （TT）　via SWIFT MT103 from buyer’s bank directry to seller’s bank within five （５） international banking

days upon delivery in the buyer designated discharge port。

C) By Non-transferable　,Revolving Documentary Letter of credit(RDLC)

NOTE：

ｉｆ　buyer uses any bank in China, bank instruments have to be

confirmed by Top 25 Western European Bank。

The payment for the last month delivery may be effected against the

Bank Guarantee at buyer’s option。