Equip Holding Company

EQUIP HOLDING CO,LTD/ MIROYAL (NIG LIMITED
      Dealers in Petr
oleum, Gas and allied products
Our Ref?002/19/2006????????

We the undersigned legally and irrevocably, bind ourse
lves to guarantee to you that we shall provide you with bonny light crude from Nigeria by linking you up directly with Nigerian national petroleum corporation (NNPC),crude oil department and the presidency for the purpose of lifting the said bonny light crude oil to the quantity
you can afford subject to all the agreement that you will be reached and entered into. Further d
etails about the transaction are as follows:
Commodity:   Bonny light Crude Oil.
Origin:   &nb
sp;Nigeria
Quantity:   Two million (2,000,000) US Barrels by single shipment
Quality:   As per typi
cal NNPC standard specifications.
Price:    Average three days, centered on the Bill of Lading date, as

Reported by Platt?s crude oil market wire referred to ?Br(DTD)? high and low quotations.
Discount:   Gross-
USD5.00; Net-USD3.00 per each net delivered US Barrel to the Buyer.
Commission: USD2.00 per each net delivered US barrel of
crude oil for the Beneficiary Agents and Facilitator.
Delivery: CIF as per Incoterms 2000 onto a Buyer?s designated storag
e facility.
Payment: To be made by an irrevocable Documentary Letter of Credit (DLC), issued by one of the Top Rated World
Bank, to cover the value of the beneficiaries as payment, to be made by swift wire transfer, in favour of the beneficiaries as indicated by the seller, against shipping documents expressed in the SPA. DLC will be irrevocably issued upon receipt by the Buyer?s bank of the 2% performance Bond from seller?s bank (from top rated bank). Quantity, as assessed at the delivery point on the receiving vessel, will be used to compute the seller?s invoice.
Performance Bond: Seller?s bank on behalf of the seller
issues in favor of the Buyer?s bank a 2% performance Bond. The Perfor