Subject: The summary is above, more detail is below.
From: "Jim Biden" <[email-masked]>
To: <[email-masked]>
Cc: "Jim Biden" <[email-masked]>
Date: Fri, 17 Apr 2015 08:46:08 -0400

Hunter,

I highlighted the relevant points below and added the approximate return on
investment.  Obviously if she is interested we will drill down on the
details.

For the first lift, the capital outlay is approx. $25.5 miillion and we are
proposing a 1/3 profit return on the gross which equates to about $1 per
barrel or $400,000.00 profit in the first month (possibly days) allocated to
the principal investor along with the return of initial capital.  Annualized
that is about a 20% return.

The principal investor’s risk is mitigated because they essentially have
ownership of the product which is purchased below market price and will be
sold literally within days. (The buyer broker and the investor have joint
ownership and the investor takes the product as collateral on the investment
until the principal is repaid).

For the remainder of the term  (a one year contract) we have been allocated
a contract of up to 5 million barrels per month for 12 months which requires
a monthly letter of credit of $63.9 million per 1 million barrels to be
taken each month. Obviously this will be lifted on a weekly basis.  The
total outlay of actual cash will be predicated on the amount taken on each
weekly shipment.  The idea is you put it out, you get it back with return
and then you put it out again.  The letter of credit posted, however, will
be for the total amount to be purchased per month.  

While this is also estimated to give the principal investor the same
approximate 20% return on an annualized basis, in actuality, it is only the
initial $63.9 million that is used and returned each week for each lift of a
million barrels so on an annualized basis the return is a projected $52 -
$60 million per year for their capital outlay of $63.9 million (plus the
return of that initial capital). 

So each month if 5 million barrels were purchased the investor would get $5
million in return along with the return of the principal capital.  This
contract has the option of being continued for up to 5 years.

This summary is strictly for talking purposes only to see if your investor
is interested and if so, we need to put her in touch with the real experts.

To state the obvious, we have end buyers that we are confident will purchase
our product.  The transaction is tiered in order to prove this out.

The product is very highly sought after product and we have obtained very
favorable terms.

 

From: Peter Indovina [mailto:[email-masked]] 
Sent: Thursday, April 16, 2015 6:12 PM
To: Jim Biden
Cc: Peter Indovina
Subject: transaction summary

Jim, nice catching up with you today. Regards to an overview on the current
jet fuel transaction at hand I will provide to you in bullet point summary
transactional highlights for your perusal. I have also incorporated within
some contract excerpts which will help clarify the process and pertinent
details. Hope this helps out, call with any questions.

Peter 

Trial Lift

Product : JetA1

Quantity : 400,000 bbls 

Delivery: FOB Rotterdam

Price : Platt’s FOB NWE Rotterdam Index (PJAAV00) minus 6% off three day
Platt avg.

Verification:  BCL SWIFT MT199

Payment: Wire transfer approx. value $25,568,000 

Term Contract

Product : JetA1

Quantity: up to 5,000,000 bbls per month x12

Delivery: FOB Rotterdam

Price: Platt’s FOB NEW Rotterdam Index (PJAAV00) minus 6% off three day
Platt avg.

Verification: Documentary Letter of Credit full value each month delivery
against 2% seller Performance Guarantee

Payment: Wire transfer approx. value $63,920,000 for each 1,000,000 bbls per
month purchased

 

 

CLAUSE 6 – PRICE

6.1 The agreed price between SELLER and BUYER shall be the Platt’s FOB NWE
Rotterdam Index (PJAAV00) minus six percent (6%) per barrel for the shipment
of five million barrels (5,000,000) per month, on FOB Rotterdam. The
reference price shall be the average of the high and low quotation of
(PJAAV00) Platt’s index corresponding to the 3 days prior to the day of
delivery/load (Annex B) less the discount per barrel to BUYER

CLAUSE 7 - PAYMENT

7.1  The SELLER shall send to the BUYER a Commercial Invoice (CI) for each
delivery/load taking as a reference price the average quotation of Platts
index (PJAAV00) corresponding to the 3 days prior to the day of
delivery/load (Annex B). All the deliveries/loads will be paid with a wire
transfer.  

7.2 Seller’s invoice will be based on the independent international
surveyor’s certificate of quantity and by buyer´s surveyors at port of
destination. If there is any difference on quantity or quality against the
SGS survey report provided by the buyer, the difference will be settled in
accordance with clause 4.1.3

7.3 All invoices shall be paid without counterclaim or deduction at sight
after completion of discharge, upon presentation of the document listed in
Clause 7.5.

7.4 If payment due date falls on a banking holiday then payment shall be
made on or after the nearest preceding business day to the due date.

7.5 Settlement for any shipment shall be made against presentation of the
following documents:

7.5.1      Beneficiary’s signed commercial invoice in triplicate covering
the Commodity cost based on the weight/tonnage indicated in the Bill of
Lading.

7.5.2      Full set of 3/3 original and 4 non-negotiable copies “Clean on
Board” marine Bill of Lading, endorsed “FREIGHT PAYABLE AS PER CHARTER
PARTY”, issued or endorsed to the order of BUYER, signed by Captain or
shipping agent and indicating the following:

7.5.2.1   Quantity in metric ton and/or Cubic Meter (M3).

7.5.2.2   Product Specifications, as per “Annex A” 

7.5.3 Certificate of Quality, issued or signed by the independent
international surveyor (“SGS” or equivalent) at the port of loading, quality
conformity to specifications, as per stipulated in “Annex A” hereto.

7.5.4 Certificate of Quantity issued or signed by independent international
surveyor (“SGS” or equivalent) at the port of loading and unloading,
indicating the quantity in metric tons and/or cubic meters.

7.5.5 Certificate of Origin, issued or signed by the Chamber of Commerce or
Customs Authorities specifying the country of origin of the Commodity. 

CLAUSE 8:  PROCEDURE

8. 1.        SELLER sends draft contract to buyer 

8. 2.        BUYER makes his amendments signs and sends back to SELLER

8.3.         If SELLER agrees with the amendments of the BUYER, SELLER makes
HARD COPIES of the CONTRACT and signs and seals. SELLER and BUYER lodge the
contract to their RESPECTIVES              BANKS

8.4.        BUYER Bank sends BCL (Bank Letter Confirmation of Funds), in
accordance with FORMAT and Verbiage previously provided and accepted by
SELLER,  to SELLER Bank via SWIFT Message MT199. 

8.5.        SELLER will send the documents for the TRIAL cargo to the BUYER
in accordance with BUYER´S instructions

8.6.         SELLER sends DTA to BUYER

8.7.        BUYER perform Q & Q test on the tank and after successful
results pay to the Seller’s bank account via MT 103/72 (wire transfer)
Conditional payment against transfer of title. 

8.8.         Seller’s bank will transfer title to buyer’s bank at payment
reception 

8.9.         BUYER transfer fuel to their tanks/vessel

8.10.      First load will be considered a test or trial (DIP & PAY, minimum
quantity to deliver will be 400.000 barrels) and will be paid with a MT
103/72 /wire transfer. The Conditional payment shall be against transfer of
title.

8.11.      SELLER sends full POP documents to the BUYER as listed below:

FULL POP to Buyer shall specifically include but not limited to : 

A: SGS report of quality and quantity. 

B:  Dip Test Authorization letter.

C: Tank Receipt for immediate lift able quantity. 

D: Copy of license to export, issued by the department of the ministry of
energy. 

E:  Copy of approval to export, issued by the department of the ministry of
justice. 

F:  Copy of statement of availability of the product. RESOURCES CERTIFICATE.

G: Copy of the refinery commitment to produce the product. 

H:  Copy of refinery contract to transport the product to the port. 

I:   Copy of the port storage agreement. 

J:   Copy of charter party agreement(s) to transport the product to
discharge port. 

K. Certificate of Origin

L.  Bill of Lading.

Buyer opens Banking INSTRUMENT equal to 1 month value (not to exceed the
value of five million barrels). Upon BUYER’s opening of BANKING INSTRUMENT
SELLER issues a 2% performance guarantee to activate BANKING INSTRUMENT

 

Peter R. Indovina

Corrib Oil Trading

3601 Algonquin Road

Suite 726

Rolling Meadows, IL 60008

Direct: 847-757-6633

Fax: 847-303-1325

[email-masked]

Skype: peter.indovina

 

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