I have the possibility of closing a deal on SLCO (I’m on the buyer’s side), and I have received the “standard procedure” for closing such deal from a “reputable seller” who obviously claims have access to the SLCO thanks to a friend at ARAMCO, etc. (this procedure follows below)

Coming from a different line of business, I have become suspicious of some items included under this procedure (i.e. sending **** info upfront, giving permission to a soft probe, sending BCL, etc.).

I would be grateful if some of you could advice me with your expert advice on this matter. Thanks for your valuable time and advice. JS

CONTRACTING PROCEDURES:

1. Buyer/buyers to issue LOI addressed to Saudi ARAMCO along with complete details withoutexception listed below:

a. Refinery Name.

b. Refinery Location.

c. Refining Capacity.

d. Storage Capacity.

e. Refinery Registration number with ARAMCO.

f. Copy of CPA (Crude Processing Agreement) – if not Refinery.

g. Buyers Banking Coordinates.

h. Full Contact Details.

i. Permission for Soft Probe.

j. BCL.

2. We to issue soft offer.

3. Buyer issues IMFPA & NCNDA.

4. Buyer issues ICPO (soft copy only) with Soft Probe Permission and BCL + CPA if buyer is notrefinery owner.

5. Seller Issues FCO with Allocation Name and Number + Draft Contract.

6. Buyer to sign and seal Draft Contract and return to the seller.

7. Seller issues 6 hard copies of the contract to Buyer by DHL.

8. Buyer signs the contract together with irrevocable MFPA for all the intermediaries in front of anattorney in the presence of all parties concerned.

9. Seller issues request for table top meeting.

10. Buyer and seller sign the contract.

11. POF+ POP BANK TO BANK.

12. Buyer's bank opens non-operative letter of credit (L/C) to seller's bank.

13. Shipment commences as per the agreed contract.