The Middle East and North Africa (MENA) Transition Fund recently received $37.7 million from Canada, the United Kingdom, and France to support good governance, sustainable growth, and greater employment opportunities for youth.

The grant-based Transition Fund, established by the Deauville Partnership and housed in the World Bank, was launched during the World Bank/International Monetary Fund Annual Meetings last October in Tokyo. It will provide grants to Arab countries in transition, currently Jordan, Egypt, Libya, Morocco, Tunisia, and Yemen, to support institution building and implementation of critical policies in economic governance; trade, investment, and integration; and inclusive development and job creation.

“In a time of momentous and historic change, the scope of the Transition Fund is very flexible and responsive to people’s demands, and can accompany the implementation of reforms over several years if needed,” said Jonathan Walters, Executive Secretary of the Steering Committee. “The Transition Fund provides grants to help governments implement economic and governance reforms that will transform people’s lives.  The Fund can work with any public agency involved in reforms, including local government, parliaments, enterprises, ministries, and judicial systems.”

The Transition Fund’s Steering Committee held its inaugural meeting in Amman on December 11, 2012 and approved a first grant of US$1.5 million in support of improving performance of water sector institutions in Jordan. The project will help build sustainable technical capacity in the Jordan Water Authority and Yarmouk Water Company and lay the foundation for private sector involvement in the management of water services in Jordan. The project will be implemented by the Jordan Water Authority with support from the European Bank for Reconstruction and Development.

Donors have currently pledged about $165 million towards an overall Transition Fund target of $250 million. In addition to the contributions already received, Japan, Kuwait, Qatar, Russia, Saudi Arabia, and the United States have confirmed pledges.

The Transition Fund is a joint commitment among G-8 members, Gulf and regional partners, and international and regional financial institutions to support the efforts of the people and governments in transition in MENA as they aspire to change. Public entities and parliaments in transition countries can partner with the African Development Bank, Arab Fund for Economic and Social Development, Arab Monetary Fund, European Bank for Reconstruction and Development, European Investment Bank, International Finance Corporation, International Monetary Fund, Islamic Development Bank, Organization for Economic Cooperation and Development, OPEC Fund for International Development, or the World Bank once all agreements are in place.

SOURCE: WORLDBANK.ORG

LONDON , Oct., 2012 /PRNewswire/ – Crude oil output from the Organization of Petroleum Exporting Countries (OPEC) fell by 390,000 barrels per day (b/d) to 31.15 million b/d in September, with Saudi Arabia and Nigeria accounting for the bulk of the month-on-month drop, a Platts survey of OPEC and oil industry officials and analysts showed October 11. This follows August production of 31.54 million b/d and leaves OPEC overproducing its 30 million b/d ceiling by 1.15 million b/d.

Saudi Arabia pumped an average 9.85 million b/d in September, 150,000 b/d lower than August’s 10 million b/d, a level it had maintained since May.

“The continued ability for Saudi Arabia to continue producing 10-million b/d has been called into question by some skeptics; the decline to less than 10 million b/d, small as it is, will be viewed as significant,” said John Kingston , Platts global director of news. “Skeptics will also point to a big drop out of Nigeria . Still, OPEC output is above various estimates of what OPEC needs to maintain to keep inventories balanced.”

Nigerian output was down by 230,000 b/d at 2.05 million b/d in September from 2.28 million b/d in August, the survey estimated.

After a sharp drop in August, Iranian output showed a dip of just 30,000 b/d to 2.72 million b/d in September, the survey showed.

In Angola , maintenance helped push volumes down to 1.7 million b/d from 1.75 million b/d in August. Other smaller decreases came from Algeria , Qatar , and the United Arab Emirates (UAE).

The only countries to increase output were Iraq , whose exports climbed further in September, and Libya . Iraqi output was estimated at 3.18 million, up 80,000 b/d from August, and Libyan output at 1.48 million b/d, up 30,000 b/d from August.

In recent months rising Iraqi production has set a series of post-1990 records, but the September figure of 3.18 million b/d surpasses even anything seen in 1990 and is the biggest recorded since Platts started thorough monthly surveys of OPEC production in March 1988 .

Ecuador , Kuwait and Venezuela maintained production at August levels.

The OPEC production ceiling, agreed in December 2011 and extended in June 2012 , does not include individual country quotas.

Ministers are next scheduled to meet on December 12 in Vienna .

For production numbers by country, click here.  If prompted for a cost-free, one-time-only log-in registration, the log in is your email address and a password of your choosing.

Platts OPEC and oil experts are available for media interviews; please consult Platts Media Center to schedule an interview. For other oil, energy and related information, visit www.platts.com.

About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals and metals information and a premier source of benchmark prices for the physical and futures markets.  Platts’ news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency.  Customers in more than 150 countries benefit from Platts’ coverage of the carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, and shipping markets.  A division of The McGraw-Hill Companies (NYSE: MHP), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at www.platts.com.

About The McGraw-Hill Companies: McGraw-Hill announced on September 12, 2011 , its intention to separate into two companies: McGraw-Hill Financial, a leading provider of content and analytics to global financial markets, and McGraw-Hill Education, a leading education company focused on digital learning and education services worldwide. McGraw-Hill Financial’s leading brands include Standard & Poor’s Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts energy information services and J.D. Power and Associates. With sales of $6.2 billion in 2011, the Corporation has approximately 23,000 employees across more than 280 offices in 40 countries. Additional information is available at http://www.mcgraw-hill.com/.

CONTACT:
Kathleen Tanzy
212-904-2860
Kathleen_tanzy@platts.com

SOURCE Platts

ACCRA, Ghana, July 24, 2012/African Press Organization (APO)/ — IFC, a member of the World Bank Group, is providing an $80 million loan to Takoradi International Company (TICO), to help expand its gas-fired Takoradi 2 power plant (“T2″) in Ghana, increasing the generation of electricity in the country to spur economic growth.

TICO is a joint venture between Abu Dhabi National Energy Company PJSC

(“TAQA”) (90%) and Volta River Authority (“VRA”) (10%), the main generator and supplier of electricity in Ghana. TAQA is the operator of the facility.

T2 will use waste heat recovery technology for the expansion, which means the plant will be able to generate 50% more electricity with only marginal incremental fuel consumption and without increasing greenhouse gas emissions. The increased efficiency will also lower the cost of electricity generated by T2.

Alongside the $80 million, IFC will provide an additional $15 million loan to TICO on behalf of the Canada Climate Change Program, for which IFC is the implementing agency. The OPEC Fund for International Development will be providing $22.5 million, and the balance of the $330 million debt financing will be provided by a consortium of international development finance institutions, led by FMO.

T2′s expansion responds to increasing demand for electricity in Ghana.

While the country enjoys a relatively high electrification rate of 61%, Ghana’s growing economy has stretched the power sector, which mostly relies on hydro generated power from Lake Volta. The plant previously ran on light crude oil, but with increasing offshore gas finds in Ghana and Nigerian gas now flowing to Ghana through the West African Gas Pipeline, the existing turbines have been converted to dual fuel capability, to also run on natural gas.

Frank Perez, Executive Officer and TAQA’s Head of Power & Water said, “We are delighted to have jointly developed this landmark project with our partner VRA and the Government of Ghana. This is the culmination of hard work by all parties to ensure that we deliver the best possible electric tariff for the Ghanaian consumer in an environmentally responsible way. We have played a vital role during the last ten years in delivering a reliable source of electricity to the population with an excellent safety record, and this project will enable us to continue to do so for another 25 years.”

Yolande Duhem, IFC Director for West and Central Africa said, “The expansion of Takoradi 2 demonstrates how the private sector can help increase supply and reduce the cost of power generation in West Africa.

Takoradi 2 is the first commercial project financing for an independent power project in Ghana, and will serve as a landmark as the Government of Ghana continues to encourage private sector participation in power.”

Increasing power generation is at the heart of IFC’s strategy for infrastructure development in sub-Saharan Africa. IFC invested $1 billion in infrastructure projects in Africa in fiscal year 2012, up from $200 million five years ago.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly US$19 billion.

For more information, visit www.ifc.org

SOURCE

International Finance Corporation (IFC) – The World Bank

GENEVA, July 9, 2012 /PRNewswire/ –

9th MidEast-North Africa Mediterranean Upstream Conference – focuses on new opportunities

With huge gas finds in the Mediterranean, new gas-LNG ventures afoot, accelerating acreage leasing and major capital investment projects across the region, the Middle East and North African oil and gas market remains one of the biggest and most dynamic energy markets in the world. Therefore, the regional exploration, oil/gas-LNG and energy game attracts a growing number of companies and investors who find new business opportunities.

The conference in Geneva focuses on the exploration and development ventures of national oil companies, governments and companies in this vast and complex region. New opportunities have attracted greater commitments from super-majors, a growing suite of independents, including local oil firms, and increased positioning by national oil companies from around the world.

Dr Duncan Clarke, Chairman & CEO of Global Pacific & Partners says: ” With the world’s largest oil reserves in the Middle East, major capital investment projects across the region, acreage openings, new oil/gas and LNG strategies across North Africa, plus huge gas finds in the Mediterranean, the meeting will once again highlight significant opportunities for companies and investors, financiers, traders and players across the value chain.”

During the intensive and high-level two-day program keynote speakers from major companies from all over the world report on key themes like state oil/gas policies, discoveries and development, regulation and interventions in the oil/energymarket, strategies of oil-gas/LNG-energy investors, private upstream projects and joint-venture interests, corporate assets/portfolio and strategies, as well as bid rounds, licensing, new ventures, business development, OPEC strategies and reserves, plus critical market issues impacting the Middle East-North Africa-Mediterranean zones.

Speakers like Pascal Laroche, Business Development Manager of Total UAE and Tarik Mokrane, Country Chairman Algeria of Shell International E&P, offer an inside look in their portfolio’s, with presentations including from Wadie Habboush, President & CEO of Habboush Group, and RWE, Apache, Iraq Institute, Botas, Cairn Energy, Noble Energy, MND, Petrogas E&P, MOL Group, Dana Petroleum, New Zealand Oil & Gas (Tunisia), Energean Oil & Gas, Oman Oil Company E&P, and government representatives and state oil companies from Tunisia, Cyprus and Morocco.

DOWNLOAD BROCHURE

9th MidEast-North Africa-Mediterranean 2012 Upstream Conference

10 & 11 September 2012, Four Seasons Hotel, Geneva, Switzerland

Hosted by: Global Pacific & Partners

More information: http://www.petro21.com

SOURCE Global Pacific & Partners

Overview

Over 60 percent of Morocco’s poor live in rural and isolated areas, where a lack of access to all-weather roads has cut them off from both economic opportunities and key social services such as health and education. The Rural Roads Project was designed to support the government’s second National Program of Rural Roads (NPRR-2,) aimed at identifying and upgrading strategic roads. As a result, the National Rural Road Accessibility Index rose to 70 percent in 2010, from an index of 50 percent in 2005.

Challenge

The majority of Morocco’s poor population lives in rural and isolated areas. A lack of access to all-weather roads has left them physically cut-off from economic opportunities and key social services such as health and education. The National Rural Road Accessibility Index stood at 45 percent for rural areas in 2002. There were also large differentials among provinces, ranging from 75 percent in the better-served provinces to 20 percent in the most isolated.

Approach

With its 2020 Rural Development Strategy, the Moroccan government set a goal of raising rural access to all-weather roads to 80 percent by 2015. The NPRR-2 was designed to support this goal, with a focus on roads that would improve rural access in a cost-effective manner. Strategic roads were identified through a participatory process, involving the provinces and municipalities. The project also contributed to developing a system to monitor and evaluate the achievement of accessibility targets, and formulating specific proposals to localize rural road management. Building up the capabilities of the Directorate of Roads (DoR), and the decentralized Regional Roads Directorates was also a goal, to empower them to conduct social and environmental assessments of rural road improvements.

Results

The project has led to a significant increase in rural access to all-weather roads:
Some 11,500 km of rural roads have been constructed or rehabilitated under the program out of a target of 15,500 km.
The National Rural Road Accessibility Index rose to 70 percent in 2010, compared to an index of 45 percent in 2002 and 50 percent in 2005. Some 1.9 million rural people are already benefiting from the project out of a target population of 3 million.
The accessibility gap between the 10 highest-accessibility provinces and the 10 lowest-accessibility provinces rose from 0.38 in 2002 to 0.63 in 2010.
The intercity transport service quality, measured by the Transport Service Improvement Indicator (TSII), indicates that 80 percent of sample roads that have been open for at least two years show an improvement in the quality of service, reflected in higher service frequency, more comfortable vehicles, and lower rates. The frequency of services, quality of vehicles in use, and service rates were improved.
Bank Contribution

The International Bank for Reconstruction and Development’s (IBRD) financing supported physical rural road works and institutional capacity building. About euro 141 million of financing (first project, second project and an additional financing to the second project) was provided to rehabilitate and upgrade rural roads all over the country. In addition, the IBRD provided support to establish an accessibility monitoring and evaluation system in collaboration with the Directorate of Roads and the Center for Road Studies and Research (CNER), and develop a manual for design and appraisal of rural roads.

Partners

A number of partners are supporting the NPRR2, including: the European Union (EU), the French Development Agency (AFD), the European Investment Bank (EIB), the African Development Bank (AfDB), the Islamic Development Bank (IsDB), the Kuwait Fund for Arab Economic Development, the Arab Fund for Economic and Social Development, the Japan International Cooperation Agency (JICA), the Italian Development Cooperation, and the OPEC Fund for International Development. The World Bank (WB) and the French AFD agreed to adopt a joint approach to financing: pool money to fund an agreed list of roads, use Bank procurement and safeguards guidelines, no prior reviews, and disbursements in tranches following post-reviews and based on results.

Moving Forward

The WB and the French AFD have both approved additional financing for their respective loans under the same programmatic approach which has proved successful so far. The WB, JICA and the EU are supporting the preparation of a comprehensive socio-economic impact study of the NPRR2. This study will be a benchmark for the country for further accessibility initiatives in the rural areas, and an experience to exchange with other countries and other regions.

Source: WorldBank.org

VIENNA, Austria, April 12, 2012/African Press Organization (APO)/ – The Governing Board of the OPEC Fund for International Development (OFID) (http://www.ofid.org), meeting in its 138th Session, has approved over US$46 million in new loans and one grant to pursue socio-economic development in African countries. The loans are as follows:

Country: Chad

Project: Massakory-Ngouri-Bol Road. To construct a 99 km-long paved stretch to enhance the country’s trade opportunities and boost access to social services, marketplaces for some 800,000 people living in 40 villages.

US$m: 12.0

Country: Congo, Republic of

Project: Blanche Gomes Hospital-Phase II. To expand this maternal/child care hospital located in the capital Brazzaville through the construction and equipping of a new 100-bed facility, thus doubling in-patient capacity.

US$m: 5.0

Country: Lesotho

Project: Metolong Water Supply (Supplementary Loan). To build dams, pumping stations and related infrastructure to deliver reliable water supplies to some 300,000 people in the capital Maseru and three outlying towns.

US$m: 3.0

Country: Malawi

Project: Rural Livelihood and Economic Enhancement Program. To strengthen and improve farmers’ linkages to value chains and establishing more efficient production, transport, storage, processing and marketing systems, and in turn raise incomes and living standards. US$m: 10.0

Country: Senegal

Project: Dalal Jamm Hospital (Supplementary Loan). To construct and equip a 300-bed referral hospital that will serve over 1.4 million inhabitants living in Greater Dakar.

US$m: 6.0

Country: Sierra Leone

Project: Matotoka-Yiye Road. To rehabilitate a 70 km road that traverses key agricultural areas, thereby improving the transport of produce and inputs, as well as links to social services for some 960,000 people.

US$m: 10.0

TOTAL in loans approved: US$46 million

A grant of US$600,000 will help upgrade the Radiation and Isotopes Center in Khartoum, the Sudan, the largest radiotherapy facility in the country.

Since its inception, OFID has committed over US$13.8 billion in much-needed concessional development financing to 132 developing countries around the world, with priority given to the poorest amongst them.

Distributed by the African Press Organization on behalf of the OPEC Fund for International Development (OFID).

Logo: http://www.apo-mail.org/ofid.jpg

SOURCE

OPEC Fund for International Development (OFID)

Angola attracted international attention this quarter, as it hosted the 2010 games as well as the latest OPEC meeting, and both exemplified contradictions in a country that has become one of Africa’s leading oil exporters. The games helped boost construction and tourism in Angola, while the fatal attack on the Togolese team in Cabinda demonstrated the continuing security risk in the country and marred its business environment.

Dallas, TX, May 07, 2010 –(PR.com)– ReportsandReports Announce it Will Carry Angola Infrastructure Report Q2 2010 Market Research Report in its Store.

Browse the complete Report on: http://www.reportsandreports.com/market-reports/angola-infrastructure-report-q2-2010/

Report Description:
The latest quarter saw activity in Angola’s construction sector reach its peak on the back of the Africa Cup of Nations 2010 games. Although, held in January, the games are still providing a momentum for infrastructure projects and will push growth in the sector to 22.71% in 2010.

Angola attracted international attention this quarter, as it hosted the 2010 games as well as the latest OPEC meeting, and both exemplified contradictions in a country that has become one of Africa’s leading oil exporters. The games helped boost construction and tourism in Angola, while the fatal attack on the Togolese team in Cabinda demonstrated the continuing security risk in the country and marred its business environment. Meanwhile, Angola’s first-time hosting of the OPEC meeting illustrated the country’s increasing importance as an oil producer but also highlighted its lack of compliance with called for production cuts, partly as a result of its dependence on oil revenue for infrastructure development. In any case, Angola is set to continue as one of Sub-Saharan Africa’s growth areas. Building materials company Pretoria Portland Cement (PPC), the continent’s largest cement producer, saw increased demand from Angola between October and December 2009, compared with the same period in the previous year. While PPC expects regional demand to drop in 2010, with improvement expected in the following year, BMI sees Angola’s construction sector growing to US$4.03bn in 2010.

Much of this growth is a result of preparation for the 2010 games, from which impetus for overall infrastructure development is spilling over into subsequent years. Outside the hydrocarbon markets, Angola’s push to modernise its airports continues to drive its construction sector. A series of airports across the country saw progress in development in the latest quarter, while little or no activity was seen in the road, rail and port sub-sectors. As this spill-over subsides beyond 2010, growth in Angola’s construction sector will drop in 2011 and ease y-o-y thereafter. BMI expects growth to decelerate sharply to 13.55% in 2011, from 22.71% in 2010.

The growth of the country’s construction industry and wider infrastructure sector has been partly hinging on negotiations with the IMF, which has allowed consideration of infrastructure spending as it approved a US$1.4bn loan in November 2009. News of the loan came shortly before the government announced its aim to pay debt owed to construction firms beginning in 2010 after at least a year of deferred payments. While oil output is set to rise in the next several years, the country moves sluggishly towards becoming an electricity exporter and, although hydropower provides around 70% of the country’s total electricity supply, this source is still underdeveloped. After expansion in Angola’s construction industry drops sharply in 2011 compared to 2010, BMI expects the rate of growth to hover just above the 11% mark in 2012 and 2013, before easing again to 10.89% in 2014 when the sector will be worth US$9.86bn.

Executive Summary
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Table: Selected VAS Services
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Table: Telstra Fixed Lines In Service (mn)
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Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2012
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Table: Vital Statistics
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the new OPEC headquarters in Vienna. Wikipedia.org

OPEC’s decision on production quotas this week may be complicated by hostilities in Libya as members meeting in Vienna find themselves supporting opposing camps of a military conflict for the first time in 21 years.

Not since Saddam Hussein invaded Kuwait in 1990 has the producer group gathered with some nations giving financial and military support to a movement seeking to topple the government of a fellow member. While Libyan leader Muammar Qaddafi is trying to quash a rebellion in a country that holds Africa’s largest crude reserves, Qatar, Kuwait and the United Arab Emirates are backing the insurgents.

Please read more: http://www.bloomberg.com/

[adv]

MANY FAKES BLCO OFFERS. ALL NOT VALID
PROOF OF PRODUCT/CARGO INFORMATION ALLOCATION DETAILS:

The product offered by the Seller and accepted by the Buyer is Bonny Light Crude Oil that shall be lifted from NNPC Bulk approved equity agent’s share Off OPEC Record.

LIFTING FROM FIRST QUARTER BULK APPROVED OF OUR MPR.

1. PROOF OF PRODUCT/CARGO REF: XXXXXXXXXXX

2. EXPORT PERMIT LICENSE NO: XXXXXXXXXXXXXXX

3. BULK APPROVED MPR REF NO: XXXXXXXXXXX

4. TRANSACTION CODE: XXXXXXXXXXXXXX

5. PRODUCT: NIGERIA BONNY LIGHT CRUDE OIL MINIMUM OF 280,000 M/TONS UP TO MAXIMUM QUANTITY OF 2,000.000+-5% BARRELS VOLUME AS CORRECTED TO PER-PT-(5)

6. QUANTITY: 2,000.000+-5%BARRELS MONTHLY {TOTAL APPROVED FOR LIFTING /EXPORT 25,502,400 BARRELS}

7. PORT OF LOADING: BONNY TERMINAL BONNY

8. SUPPLIERS: NNPC JV OPERATORS, BONNY TERMINAL

9. CONSIGNEE: TO BE ADVICED (TBA)

10. VESSEL: TO BE NOMINATED (TBN)

11. PAYMENT OF PRODUCT: SHALL BE BY CONFIRMED RED CLAUSED LETTER OF CREDIT

12. INSPECTORS: S.G.S OR ITS EQUIVALENT – BONNY TERMINAL VIA PORT     HARCOURT

NNPC CIF PROCEDURE

DISCOUNT- $10 GROSS; $5 NET TO BUYER; $5 TO BROKERS-shared equally between buyer and seller sides ($2.50 each)

I. Buyer and Seller sign and seal this Contract including banking coordinates and exchange the signed copy by electronic mail. The electronic signed copy by both Parties is considered legally binding and enforceable.

II. Buyer confirms the POP (BULK ALLOCATION DETAILS) as shown on the first page of the contract and returns the signed contract with PROOF OF FUNDS (POF). The format for the POF is shown below transmitted by swift MT-799.

III Seller, upon receipt of POF from Buyers bank, within (3) banking days issues PROVINSIONAL LIFTING RIGHT. The Lifting Right will include the Quantity to be lifted, the cargo Authority Number, Stem number, Window Number (ETA), Name of Nominated Vessel, IMO no. of Nominated vessel for one way voyage charter  to Buyers port of destination

IV. Buyer upon receipt and confirmation of  Para III within three (3) banking days, issues confirmed, irrevocable, Non-transferable and Operative Letter of Credit (Red Clause) for two million barrels, allowing draw-down for charter and insurance of vessel^***, in favour of Seller and validity to cover 25 – 45 banking days. The LC must come from top US/European Bank. (SEE LC FORMAT BELOW)

V. Within seven (7) banking days of III above, Seller furnishes CPA & Q88 and the following documents to Buyer and/or Buyer’s bank:

*1      Clean – on – board ocean Bills of Lading

*2      Certificate of quantity (SGS or equivalent)

*3      Certificate of Analysis (optional)

*4      Certificate of Origin

*5      Certificate of Quantities

*6      Seller’s commercial invoice

*7      Vessel ullage report {optional}

*8      Receipt of samples (optional)

*9      Cargo Manifest

VI. After the vessel has discharged its cargo at Buyer’s designated port outlined above and Buyer has received the Discharge Report as shall be confirmed by the captain of the vessel, including all relevant documents presented by the Seller after the time of cargo delivery as required by the LC, Buyer must make payment by KTT Wire Transfer to Seller’s Bank Account payable at it’s counter for this transaction and to beneficiaries named in Master Fee Protection Agreement in the contract for fees.

VII. Payments are made by Swift Wire Transfer directly to the Seller’s bank accounts and commission agents as stipulated in the MFPA in this contract within three (3) international banking days after product delivery and discharge at Buyer’s nominated port of discharge against presentation of stated shipping documents (non-negotiable copies) at Buyer’s bank.

VIII. The signatures on this contract by the Buyer and by Seller means both accept all the content as for Quantity, Discount and Procedures.

IX.  A letter of intent to purchase (LOI) is required to commence this procedure. The addresee for the Letter of Intent (LOI) will be supplied upon request.

^*** $3m for Europe, and $5m for Asia and America. LC validity is 25days for Europe / America, and 60days for Asia

FORMAT FOR P.O.F

“PROOF OF FUNDS. (MT 799)”

We…….Bank…. hereby inform you that, following instruction of our client…..we are ready and prepared to issue our irrevocable, transferable, (auto revolving) divisible Letter of credit for the amount of US$…………………………….; as per the following text:

Quote

…………TEXT OF LC TO BE ISSUED……………..

Unquote

The L/C will be issued upon receiving the following:

1)      PROVISIONAL LIFTING PERMIT WITH STEM AND WINDOW DETAILS

2)      NAME AND IMO. NUMBER OF NOMINATED VESSEL.

We engage with you with full bank responsibility that, upon receiving the above documents, within three (3) days we shall issue the letter of credit with the verbiage as above or with the changes you could require and our client will approve.

Bank Officer One                                                                                     Bank Officer Two

FORMAT FOR LETTER OF CREDIT

WE, (BANK OF)……………………………………. HEREBY OPEN OUR IRREVOCABLE, AND CONFIRMED LETTER OF CREDIT IN FAVOUR OF ______________Address: _______________________

ACC. _______________________(FULL NAME AND ADDRESS), FOR THE AMOUNT 0NE HUNDRED AND EIGHTY MILLION UNITED STATES DOLLARS ONLY ($180,000,000).  VALID FOR 25 days AND ONE DAY AFTER DATE OF ISSUANCE.

PAYMENT UNDER THIS LETTER OF CREDIT IS AVAILABLE UPON BENEFICIARY’S FIRST WRITTEN DEMAND AGAINST PRESENTATION OF FULL SET OF DOCUMENTS AS AGREED IN THE CONTRACT AND CLEARIFICATION OF NON-FULFILLMENT OF OBLIGATIONS BY THE BUYER (VIA SWIFT WIRE) DEMAND HEREUNDER MUST BE MARKED DRAWN UNDER LETTER OF CREDIT NUMBER __________DATED ______AVAILABLE WITH US FOR PAYMENT AT SIGHT AGAINST PRESENTATION OF THE FOLLOWING DOCUMENTS:

1) COPY OF COMMERCIAL INVOICE

2) NON-NEGOTIABLE COPY OF BILL OF LADING

3) BENIFICIARIES WRITTEN STATEMENT CERTIFYING, THAT MESSRS _____________________________HAVE FAILED TO FULFILL THEIR PAYMENT OBLIGATION WITH REGARDS TO THE ABOVE MENTION SHIPMENT.

4) BENEFICIARIES WRITTEN STATEMENT TO CONTAIN DECLARATION THAT THE ORIGINAL SHIPPING DOCUMENTS HAVE BEEN SEND BY THEN DIRECTLY TO MESSRS. ________________________IN ACCORDANCE WITH THEIR INSTRUCTIONS.

REIMBURSEMENT INSTRUCTIONS:

UPON RECEIPT BY US OF THE ADVISING BANK’S SWIFT, CERTIFYING THAT THEY ARE IN POSSESSION OF BENEFICIARY’S DRAFT DRAWN UNDER AND IN CONFORMITY WITH THE TERMS OF THIS GUARANTEE, AND THAT THEY HAVE DISPATCHED THE DRAFT TO US BY AIR COURIER SERVICE, WE WILL EFFECT PAYMENT BY SWIFT WIRE TRANSFER AS PER ADVISING BANK’S INSTRUCTIONS WITHIN THREE (3) BANKING DAYS (I.E. DAYS ON WHICH BANKS ARE OPEN FOR BUSINESS IN NEW YORK AND LONDON).

OTHER INSTRUCTIONS: AS PER CONTRACT NO.

PLEASE SEND THE DRAFT VIA COURIER SERVICE TO:

BANK NAME & ADDRESS:……………………………………………

THIS LETTER OF GUARANTEE IS SUBJECT TO UNIFORM CUSTOMS AND PRACTICE FOR LETTER OF CREDITS 1993 REVISION, ICC PUBLICATION NO. 500 (LATEST EDITION). ALL CHARGES ACCRUE TO THE ACCOUNT OF THE APPLICANT.

THIS IS A CALLABLE OPERATIVE INSTRUMENT, NO MAIL CONFIRMATION WILL FOLLOW.

BY…………………………………                                        BY………………………………..

AUTHORIZED BANK SIGNATURE                                          AUTHORIZED BANK

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Reuters

VIENNA/PARIS – As much as a quarter of OPEC member Libya’s oil output has been shut down, Reuters calculations showed on Wednesday, as unrest prompted oil firms to warn of production cuts in Africa’s third-largest producer.

Brent crude prices topped $US110 a barrel for the first time since 2008 because of the disruption, even though Saudi Arabia has said other members of the Organization of the Petroleum Exporting Countries would be ready to meet any shortages.

Austria’s OMV said on Wednesday it might be heading for a full production shutdown in Libya. Total, Repsol, Eni and BASF have also said they are either slowing or stopping output.

The latest comments point to a growing impact on oil output from Libya, which produces 1.6 million barrels per day (bpd) of high-quality oil, or almost two per cent of world output. About 1.3 million bpd is exported, mainly to Europe.

Please read more: http://www.businessspectator.com.au/

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