There is one country in the world that is considered as one of the top suppliers of oil and it has so many reserves on their light crude oil. It is also considered as the top crude oil exporter in the world. There are about millions of oil barrels generated from that place every single day. The NNPC is that end supplier of that place when it comes to crude oil. You probably have heard about the operators, allottees, or fiduciary agents. These people are under the NNPC. The NNPC will get their petroleum buyers from these set of traders, but you should know that it is not the only way.
There are so many steps that you need to follow if you want to buy petroleum from a certain oil supplier. The buyer will be benefiting from these procedures. These procedures will be made by almost all of the buyers in just the comfort of their homes. You must take note that the seller is responsible to provide the procedure, and not the buyer. A lot of these sellers will always have room for a negotiation with the procedure, so the buyer will always have a chance for a more fair bargain with the oil supplier. The NNPC will not allow their vessels to be loaded and keep waiting for the crude oil buyers. The vessels will only be loaded as long as the buyer and the oil supplier will have a deal.
Even though an SPA is signed by the buyer, the vessels will still not be loaded. SPA is not enough to show that the petroleum will be paid by the buyer. The NNPC will not be loading the vessel since anyone can sign an SPA. The thing that will be needed for the vessel to be loaded with the preferred quantity of oil by the buyer under his or her names is a POF or Proof of funds. You must pay close attention to the procedures that were written by some buyers in order for you to see that they will need some verifications on the documents of the loaded vessel after the SPA will be signed. Most of these buyers are wrong in this part.
That is why if you will be buying a petroleum from the top oil suppliers, you will need to follow the procedure from an end seller. You will not have to worry about nothing at all if you will follow the procedure made by the end seller. There are so many buyers that will complain about signing so many SPAs without the performance of the seller. The first reason behind this is that the seller is not registered under NNPC, and the other is that there was no POF or proof of funds provided by the buyer.