NNPC definition
Examples of NNPC in a sentence
If the specification of the product as per inspection for NNPC Export Grade fails to conform with the Bonny light Crude Oil specification, as agreed to in the contract, the price per barrel shall decrease by USD 0.02 (two United States Cents) for each 1/10th (one tenth) of a percent above 0.15% wt., Sulphur for the Crude Oil.
Ashland may terminate this Memorandum having given one year's prior notice to NNPC to withdraw.
Will be as per NNPC export grade specification, only water and basic sediment (B.S&W) ascertained at the port of loading shall be deducted in computing the net quantity of the Crude Oil loaded and certified in the Bill of Lading, as per the inspection certificate issued at the supply Port by “SAYBOLT” or “SGS”, which shall be final and binding upon the parties.
The Crude Oil offered by the Seller and accepted by the Buyer is Nigerian National Petroleum Corporation (NNPC) standard and export grade of Bonny Light Crude Oil (BLCO) and shall comply with the NNPC Official Technical Specifications.
Quality shall be pursuant to NNPC export grade specification for BLCO and shall comply with the NNPC Official Technical Specification (See Appendix A) Only water and basic sediment (B.S&W) ascertained at the port of loading shall be deducted in computing the net quantity of the Crude Oil loaded and certified in the ▇▇▇▇ of Lading, as per the inspection certificate issued at the loading Port by “SAYBOLT”, “SGS”, or “Government Authority”, which shall be final and binding upon the parties.
The payment will be in US Dollars and made directly to an NNPC nominated account including both agent and facilitators account at the same time, payable at sight of Documents at Buyer*s bank in US Dollars per shipment.
NNPC shall develop a monthly material balance report that will capture actual volumes of Crude Oil and Petroleum Product delivered by the Parties respectively pursuant to this Contract.
The first sample shall be kept by the Master of the Vessel, the second sample shall be kept by CONSORTIUM, and the third sample shall be tested for quality at a laboratory nominated by NNPC, while the fourth sample shall be kept by NNPC for use as the need arises.
The letter of credit shall be considered opened when a swift is received by NNPC nominated bank and NNPC confirming that company has opened a letter of credit with NNPC as the beneficiary.
In the event such notification does not allow for a revised Combined Lifting Schedule on the part of NNPC, then any resultant costs will be charged to Operating Cost.