nigerian crude oil Procurement
Submit LOI / ICPO for Nigerian Crude Oil
Ready to formally express your interest in purchasing Nigerian crude oil? Submit your Letter of Intent (LOI) or Irrevocable Corporate Purchase Order (ICPO) for review by the Paradise MultiTrade International Limited Oil & Gas desk.
Provide your company information, crude oil requirement, quantity, destination and proposed commercial terms so that your request can be properly understood and evaluated.
International Trade • Oil & Gas • Logistics
Before Submitting Your LOI or ICPO
An LOI or ICPO should represent a genuine commercial purchase requirement and should be submitted by an authorized representative of the prospective buyer. Submission of an LOI or ICPO does not itself guarantee product availability, allocation, pricing or completion of a transaction.
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Commercial terms remain subject to verification, negotiation, due diligence, availability and execution of appropriate contractual documentation.
International Trade • Oil & Gas • Logistics
what we need to know
- Company
- Crude grade
- Quantity
- Destination
- Delivery preference
- Contract requirement
- Purchase timeline
What Is a Letter of Intent (LOI)?
A Letter of Intent is a document through which a prospective buyer communicates serious interest in entering into a proposed commercial transaction. In crude oil procurement, an LOI may outline the buyer’s identity, desired product, quantity, destination and general commercial intentions.
The exact legal effect of an LOI depends on its wording, applicable law and the circumstances of the transaction. Buyers should therefore ensure that their document accurately reflects their intended commitment and is reviewed appropriately before submission.
LOI = Expression of serious purchase interest
What Is a Letter of Intent (LOI)?
A Letter of Intent is a document through which a prospective buyer communicates serious interest in entering into a proposed commercial transaction. In crude oil procurement, an LOI may outline the buyer’s identity, desired product, quantity, destination and general commercial intentions.
The exact legal effect of an LOI depends on its wording, applicable law and the circumstances of the transaction. Buyers should therefore ensure that their document accurately reflects their intended commitment and is reviewed appropriately before submission.
ICPO = Formal buyer-side purchase order
LOI vs ICPO: What's the Difference?
| LOI | ICPO |
|---|---|
| Letter of Intent | Irrevocable Corporate Purchase Order |
| Expresses purchase interest | Presents a more formal purchase order |
| Usually outlines intended transaction | Usually contains more defined purchase terms |
| May precede further commercial documentation | May be requested at a more advanced stage |
| Exact legal effect depends on wording | Exact legal effect depends on wording and applicable terms |
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There is no universal transaction sequence requiring every buyer to use both documents. The appropriate documentation depends on the parties, transaction structure and commercial requirements.
International Trade • Oil & Gas • Logistics
Information to Include in Your LOI or ICPO
01
buyer information
Full legal company name, registered address, country of incorporation and authorized representative.
02
product
Specify the Nigerian crude grade you are seeking, where known.
03
quantity
State the required quantity and whether the requirement is for a trial cargo, spot purchase or term supply.
04
destination
Identify the destination country and, where available, the intended discharge port.
05
commercial terms
Include your preferred delivery basis, pricing structure and proposed payment terms where applicable.
06
authorization
Ensure the document is issued by an appropriately authorized company representative.
International Trade • Oil & Gas • Logistics
Information to Include in Your LOI or ICPO
International Trade • Oil & Gas • Logistics
Complete the form below and provide your commercial details.
What Happens After You Submit Your Inquiry?
01
Receipt
Your submission is received by the Paradise MultiTrade Oil & Gas desk.
02
Initial review
The information provided is reviewed to understand the buyer’s stated requirement.
03
commercial Follow-up
Where appropriate, further information may be requested to clarify the proposed transaction.
04
Next Stage
Depending on the transaction, subsequent steps may include due diligence, commercial negotiations and contractual documentation.
Which Nigerian Crude Grade Are You Looking For?
If you already know the crude grade you require, select the relevant option below. If you are unsure, simply submit the inquiry form and explain your refinery or trading requirement.
Qua Iboe
A recognized Nigerian crude stream associated with the Qua Iboe export system.
Not Sure Which Nigerian Crude Grade You Need?
That’s okay. Tell us about your refinery, trading or procurement requirement and the destination market. The appropriate crude grade can then be evaluated based on the relevant technical and commercial considerations.
Documentation
Commercial Documents May Become Part of the Process
Depending on the transaction structure, qualified buyers may encounter commercial documents such as a Letter of Intent (LOI), Irrevocable Corporate Purchase Order (ICPO), Full Corporate Offer (FCO) and Sales and Purchase Agreement (SPA).
01
LOI
Expression of serious purchase interest.
02
ICPO
Formal buyer-side purchase order used in certain commercial structures.
03
FCO
Detailed commercial offer normally issued by the seller or authorized selling entity.
04
SPA
Contract setting out the agreed commercial terms and obligations.
Learn more about crude oil transaction documentation in our Oil & Gas Knowledge Centre.
Why due Diligence Matters
Professional Buyers Should Conduct Due Diligence
Submitting an inquiry does not guarantee product availability or a completed transaction. Appropriate verification should be conducted before financial commitments are made.
01
BUYER VERIFICATION
Confirming the identity and authority of the prospective buyer.
02
SELLER VERIFICATION
Confirming the identity and commercial authority of the proposed seller or supplier.
03
PRODUCT VERIFICATION
Establishing that the stated crude grade and supply opportunity can be properly supported.
04
COMMERCIAL VERIFICATION
Reviewing pricing, quantities, delivery terms and payment structures.
05
LOGISTICS
Understanding terminal, vessel, loading and discharge requirements.
06
CONTRACTUAL REVIEW
Reviewing the SPA and other applicable transaction documents before commitments are made.
fraud warning
Protect Your Company From Fake Crude Oil Offers
International petroleum transactions can attract fraudulent sellers, fake mandates, impersonation, fabricated cargo documents and unrealistic commercial offers. Buyers should independently verify counterparties and commercial authority before making payments or entering binding commitments.
Do not assume that a document is genuine simply because it contains company logos, stamps, signatures or official-looking formatting.
PARADISE MULTITRADE INTERNATIONAL LIMITED
An International Trade Company
Paradise MultiTrade International Limited operates across international trade, commodity sourcing, logistics and related commercial activities. Our Oil & Gas desk is designed to support serious commercial discussions involving Nigerian petroleum opportunities.
Frequently asked questions
01
What is an LOI in crude oil trading?
An LOI, or Letter of Intent, communicates a buyer’s serious interest in pursuing a proposed transaction and normally outlines important aspects of the intended purchase.
02
What is an ICPO?
An ICPO, or Irrevocable Corporate Purchase Order, is a formal buyer-side purchase document used in certain commodity transactions to communicate a defined purchasing requirement.
03
Do I need both an LOI and an ICPO?
Not necessarily. The documentation required depends on the transaction structure and the parties involved.
04
Can I submit an LOI before knowing the exact crude grade?
If you are still determining the appropriate grade, it may be better to begin with a general supplier inquiry and explain your requirement.
05
Can I upload my LOI or ICPO?
Yes. Where enabled on the inquiry form, buyers can upload their document for review.
06
Does submitting an ICPO guarantee crude oil supply?
No. Submission of an ICPO does not guarantee product availability, allocation, pricing or transaction completion.
07
What quantity can I request?
Buyers should state their required quantity. The actual availability and commercial structure depend on the specific transaction.
08
Can refineries submit an LOI or ICPO?
Yes. Refineries and other legitimate commercial buyers can submit their procurement requirements through the appropriate channel.
READY TO BEGIN A COMMERCIAL DISCUSSION?
Submit Your Nigerian Crude Oil LOI or ICPO
If your company has a genuine Nigerian crude oil procurement requirement, submit your LOI or ICPO together with the relevant commercial information.