Procedure for CI DIP & Pay + Contract

TRANSACTION PROCEDURE OF TRIAL ORDER EX FOB NOVOROSSIYSK AND

12 MONTHS TERM CONTRACT EX FOB ROTTERDAM

1. Buyer’s Bank swifts MT799 to Seller’s Bank, in exchange Seller issues CI, TSR, Q&Q Analytical Report

and DTA for liftable product in Novo and NCNDA-IMFPA. Should Buyer fail to swift MT799 then

Buyer shall be responsible to pay Clearance and Permit Process Fees.

2. Buyer countersigns and returns CI and NCNDA-IMFPA.

3. Seller informs Tank Farm Operator in Novo for opening access of communication to Buyer for TSR

verification.

4. Buyer verifies TSR to Tank Farm Operator in Novo.

5. Seller arranges for Buyer the documents as follows:

5.1. Clearance and Permit Process

5.2. Approval

Both are from the storage/shipping company duly signed and sealed by the appropriate authorities

and port officials to enable SGS to perform fuel inspection Dip Analysis.

6. Buyer performs Dip Test, upon successful Dip Test Buyer’s Bank makes payment to Seller’s Bank for

the entire product via MT 103.

7. Seller transfers Title of Ownership Document to Buyer.

8. Lifting commences and title is transferred to Buyer.

9. Seller’s pays out intermediaries within 24 hours.

10. After first successful lift, Buyer places SBLC/MT760 or DLC/MT700 for a 12 months period which will

be activated upon Seller 2%PB. 5M bbls will follow for monthly shipment.