You should know that there is a part in the world that is known to be one of the top oil suppliers with a lot of reserves on their light crude oil. It is known as the top exporter of crude oil in the whole world. Every single day, that place would generate about millions of barrels of oil. The NNPC is that end supplier of that place when it comes to crude oil. You should know about the fiduciary agents, operators, or allottees. These sets of traders are parts of NNPC. These traders are responsible in looking for the buyers of the petroleum from the NNPC, but it is not the only way though.
You need to follow some procedures if you will be buying petroleum from an oil supplier. These procedures are made to provide benefits to the buyer. You should know that almost all the buyers will just be making the procedures at home, and these procedures should be followed by the sellers. You need to know that the seller will be responsible in providing the procedure, 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. One thing that you should also know is that the vessels of the NNPC will not be loaded and be waiting for the buyers. The vessels will be loaded with the oil right after the buyer and the oil supplier will have a deal.
The vessels will still not be loaded even if the buyer will sign an SPA. SPA will not be enough proof that the buyer will be able to pay for the petroleum. The NNPC will not be loading the vessel since anyone can sign an SPA. The vessel will only be loaded with the amount of oil that is preferred by the buyer, under his or her name, if he or she has a POF or proof of funds. If you pay attention on most of the written procedures by some buyers, you will find out that they will need the verification of the documents of loaded vessel after signing the SPA. This is a wrong move for most of the buyers.
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. You should know that there are so many buyers that would be complaining 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.