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RAMPANT FRAUD & RIP-OFF NOW A WELL-RESEARCHED REALITY IN THE PARTICULAR OIL INDUSTRY
Place in the easiest and most unambiguous of terms, inside the field of so-called international "secondary" market petroleum industry today, there's A SINGLE central FACT of which has become nearly conclusively established between virtually all specialists and respectable investors alike -- and even that is, that will today the field is notoriously infested with rampant and pervasive scam, fraud and fraudsters. Plus, furthermore, that in today's market plus market climate, a high level00 GENUINE oil or even petroleum products client looking for a good equally genuine seller of product, this has become increasingly difficult, if certainly not extremely difficult, to find one, and bassesse versa. Most sadly, I must post that conclusion is one that i include painfully long are available to, based not simply on the common consensus among respected experts and investors alike, but on my own substantial research, studies and even writings in the particular field.
THE "LOADED OIL VESSEL" STRUCTURE
In this writer's considered view plus assessment, one involving the significant ways in which perpetrators of such fraudulence in the international petroleum trade deals test to make it out today, is by presentation and presenting such offers as concerning an already loaded vessel of BLCO crude or various other oil products. All of us will simply call it: the Loaded Essential oil Vessel of BLCO Scheme in World Oil Trading. At the minimum, a sales present presented as some sort of loaded oil yacht offer should immediately provide a critical red flag and alarm for extreme caution to its person, that the package is, at ideal, quite questionable since to its capacity, and more very likely and a lot probably is definitely a FAKE plus a scammy deal.
What is typically the basic nature of this scheme? Simply stated, the claim by simply Internet dealers that peddle such presents, is that the product (crude oil or many refined petroleum product) has already already been "loaded" in a new vessel that is situated at a chosen spot in typically the international waters plus is ready and waiting for quick transshipment (usually in a TTO arrangement) to the customer who comes ready to buy it.
(As an accredited Mandate of several major crude buyers situated in the Unified States and Europe, this author virtually can't count the quantity of times per few days that we receive like offers at our own consultancy office e-mail boxes or even via phone calls -- offers from persons who declare that they are a commodity future trading "seller, " "mandate, inches or other intermediary, and that they have some 2 , 000, 000, sometimes up in order to 4 million, barrels of BLCO or even FLCO available to offer, per month, and all of it already "loaded" on a ship inside the international waters).
A TYPICAL LOADED YACHT PROCEDURE
A common offer of highly regarded type, which clearly describes the size of this specific fraud in oil trade deals, is definitely the one which in turn was recently received in the writer's agency office from the supposed dealer who claimed having a great "already LOADED SHIP for Bonny Mild Crude Oil (BLCO), " and agreed that "We is able to do at any quantity demanded. " THE PARTICULAR OFFER READS AS FOLLOWS:
PROCEDURE PACKED VESSEL:
1 ) Customer and Seller indication and seal Contract including banking coordinates and exchange the signed copy by electronic mail. The particular electronic signed replicate by both Celebrations is considered legally holding and enforceable plus MUST not be changed. The executed SPA is usually lodged in their particular respective banks.
two. Seller's captain issues marine ATB to buyer's nominated inspectors and super valuables and takes supercargo on board crammed vessel for merchandise confirmation.
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3. Buyer issues Payment associated with Forty MILLION NAIRA (N40, 000, 1000. 00) in favour of seller for logistics upon merchandise confirmation.
4. Seller confirms Payment plus then clears and moves the boat to Cotonou waters for Q and Q analysis.
your five. Buyer's Inspectors carry on board the crammed vessel in Cotonou international waters for that conduct of top quality and quantity home inspections (at the bidder's expense).
6. Queen and Q report released to typically the buyer and the seller's nominated bank as stipulated in the contract and even buyer places journey re-charter on typically the vessel.
7. Client issues Letter associated with Credit (LC) intended for the entire shipment and the brokers' commission.
8. Ultimate payment is impacted with Operative Notice of Credit or perhaps Swift KTT Line Transfer of 100% payment for freight to seller and commissions to all intermediaries nominated financial institution accounts (as specific in the SPA) simultaneously against decided shipping and cargo documents submitted simply by the seller by means of his ban