Contract No. 0012
Petroleos Panamerican , represented by the President Mr. Hugo Tovar , hereafter referred to as the “Buyer” on
the hand, and the company Odin Petroleum Inc. Venezuela’s Representative in this act, represented by the
Office Mrs. Indira Veitia, referred to as ”Seller” on the other hand, have concluded this Long Term Contract as
1. Subject of the Contract:
1.1 The “Seller” has sold and the “Buyer” has bought on F.O.B. Pointe-a-Pierre , Trinidad & Tobago
(according to INCOTERMS 2000), Trinidad & Tobago Annex No. “A” hereinafter referred as the
“Goods”, with quality in accordance with Annex No. A, in the quantity of gallons +/- 5% per month, D-
2., Partial shipment 300,000 gallons monthly.
2. Term of Delivery:
2.1. The Goods shall be delivered over a period of one year pursuant to the Schedule of Delivery (Spot
2.2. The date of Delivery of the Goods under the present contract is the date of the Bill of Lading on terms
3. The Price and payment terms
3.1. The price shall be determined by the average of three consecutives days of one week prior to the Bill
of Lading (B/L) according to Platt’s US Gulf Coast Waterborne mean quotations for No. 2 oil.
3.2. In the event there is no quotation for the said Index on any of the three consecutive days referenced
above, then the price shall be determined by the means of the quotations on the day immediately
proceeding after unquoted date.
3.3. The payment to be affected by a electronic wire transfer payable seven (7) days in advance upon
presentation of the following documents:
3.3.1. Seller’s signed commercial invoice in triplicate covering the Commodity.
220.127.116.11. Transfer of property from Seller to Buyer
18.104.22.168. Certificate of Quality and Quantity by SGS Lab
22.214.171.124. Certificate of Origin
4.1. The quality of the Goods sold under the present contract should be in