201207 ii product pricing 2

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PRODUCT PRICE LIST on JULY 2012

INVISTA INVESTMENTS

Registration no: 2340 / 2004

Stand Number 5348

Nkwisi Gardens

Tynwald

Harare

Date: JULY 2012

PRODUCT PRICE LIST

Product Minimum Order Maximum Order Destination Unit Gross Price Net Price

D2 GASOIL 50,000 MT per Month 1,000,000 MT per Month

CIF ASWP MT $740.00 $730.00

FOB ROTTERDAM MT $720.00 $710.00

FOB RUSSIA MT $710.00 $700.00

M100 200,000 MT per Month 500,000 MT per Month

CIF ASWP MT $480.00 $470.00


FOB RUSSIA MT $450.00 $440.00

JP54 2,000,000 BBL per Month 5,000,000 BBL per Month

CIF ASWP BBL $66.00 $56.00

FOB ROTTERDAM BBL $63.44 $53.44

FOB RUSSIA BBL $62.15 $52.15

D6 VIRGIN 75,000,000 Gallon/Month 150,000,000 Gallon/Month

CIF ASWP Gallon $2.45 $2.40

FOB ROTTERDAM Gallon $2.38 $2.33

FOB RUSSIA Gallon $2.32 $2.27

D6 BLENDED 75,000,000 Gallon/Month 150,000,000 Gallon/Month

CIF ASWP Gallon $2.28 $2.23

FOB ROTTERDAM Gallon $2.21 $2.16

FOB RUSSIA Gallon $2.15 $2.10

LPG 100,000 MT per Month 500,000 MT per Month

CIF ASWP MT $590.00 $580.00


FOB RUSSIA MT $560.00 $550.00

LNG 100,000 MT per Month 500,000 MT per Month

CIF ASWP MT $650.00 $630.00


FOB RUSSIA MT $620.00 $600.00

Note:

(1) Conversion factor from Metric Ton to Barrel = 7.85 (2) Conversion factor from Metric Ton to US Gallon = 302.6 (3) Presented prices can be modified without prior notification

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CONTRACT PROCEDURE

1. The BUYER issues LOI

2. The SELLER sends FCO

3. The BUYER issues ICPO and a BCL for the trial shipment plus an official letter of acceptance of SELLER’s terms and conditions on Buyer’s letterhead and duly signed and sealed; The trial shipment will be paid directly when arrived at discharged port through MT103 against DTA, SGS and shipping documents.

4. SELLER sends to BUYER a contract for review and amendment;

5. The Parties sign and seal the Contract and exchange the copies electronically. The electronically exchanged copies will be legally binding until the hard copies are exchanged. BUYER and SELLER lodge the contract and NCNDA/IMFPA to their respective banks;

6. SELLER send to buyer verifiable partial POP

7. After verification of partial POP and within maximum 5 (Five) banking days, BUYER’s bank issues an irrevocable bank instrument in the format of any of the following forms: BG or MT760 or SBLC or DLC. The amount of the instrument will be 100% of the monthly shipment value of the contract and revolving for the contract duration. In return, the SELLER provides POP to BUYER's Bank (Copy of license to export, issued by the department of the Ministry of energy, Copy of approval to export, issued by the Department of the ministry of Justice, Copy of availability of product, Copy of refinery commitment to produce the product, Passport bargain number, Allocation passport certificate issued by the ministry of energy, Copy of port storage agreement, Copy of the charter party agreement(s) to transport the product to the discharge port) and SELLER’s bank issues a 2% Performance Bond (PB);

8. The SELLER informs the BUYER about the readiness for Shipment of monthly consignment;

9. Shipment commences as per Contract;

10. The SELLER undertakes delivery in accordance with the Contract terms; 11. For every delivery, SELLER issues a Commercial Invoice for buyer’s completion, signature and return; 12. SELLER supplies SGS Report, Tank Storage Receipt (TSR) and Dip Test Authorization to the BUYER when

the shipment is at discharge port;

13. BUYER verifies documents, dips and pay immediately by agreed instrument; 14. SELLER transfers Title to BUYER's designated Bank after confirmation of payment;

SPOT PROCEDURE

1. BUYER issues LOI

2. The BUYER issues LOI

3. The SELLER sends FCO

4. The BUYER issues ICPO and a BCL for the SPOT shipment;

5. The SELLER issues a Commercial Invoice (CI) for signature and seal by the BUYER;

6. The BUYER signs and seals the Commercial Invoice (CI) and returns it to the SELLER;

7. BUYER and SELLER lodge the FCO, CI and NCNDA/IMFPA to their respective banks;

8. SELLER send to buyer verifiable partial POP

9. After verification of partial POP and within maximum 5 (Five) banking days, BUYER issues an irrevocable bank instrument in the format of any of the following forms: BG or MT760 or SBLC or DLC. The amount of the instrument will be 100% of the spot shipment value. In return, the SELLER provides POP to BUYER's Bank (Copy of license to export, issued by the department of the Ministry of energy, Copy of approval to export, issued by the Department of the ministry of Justice, Copy of availability of product, Copy of refinery commitment to produce the product, Passport bargain number, Allocation passport certificate issued by the ministry of energy, Copy of port storage agreement, Copy of the charter party agreement(s) to transport the product to the discharge port);

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10. The SELLER informs the BUYER SELLER informs the BUYER when the product will be available for lifting; 11. SELLER supplies SGS Report, Tank Storage Receipt (TSR) and Dip Test Authorization to the BUYER when

the shipment is at discharge port;

12. BUYER verifies documents, dips and pay immediately by agreed instrument; 13. SELLER transfers Title to BUYER's designated Bank after confirmation of payment;

NON PERFORMANCE PENALTY CLAUSE FOR SPOT OR CONTRACT

IF A PARTY CANNOT PERFORM AND FULFILL THE ABOVE REQUIRED PROCEDURE, AFTER HAVING SIGNED THE CONTRACT, THERE WILL BE A PENALTY OF 2% (TWO PERCENT) OF THE TOTAL SINGLE SHIPMENT PRICE, PAYABLE TO THE INJURED PARTY, CHARACTERIZED BY THE FOLLOWING SITUATION:

• SELLER NON-‐PERFORMANCE OF THE DELIVERIES AS AGREED.

• BUYER NON-‐PERFORMANCE OF THE IMPLEMENTATION OF THE BANKING INSTRUMENT OR NON-‐PERFORMANCE OF THE FULL PAYMENT OF THE DELIVERED GOODS AS AGREED IN CONTRACT.

IMPORTANT NOTE

1. Please not that the Seller procedures are NOT NEGOTIABLE.

2. From now on, if an ICPO, LOI, RWA, or BCL is issued and the document is not real, the Seller will inform the FBI, ICC, and INTERPOL. In addition, after an FCO is sent to the Buyer, there should be a formal answer to Seller from Buyer.

3. Any issued SCO or FCO will be addressed only to the buyer; no other names will be accepted. In case of fraudulent usage, the soliciting company indicated on the FCO will be reported to the FBI, ICC, and INTERPOL.

4. Any offer (SCO, FOC) sent by the seller has 7 days validity from date of issuing.

5. If there’s no response from the Buyer in a timely manner, the buying company will be reported to the FBI, ICC, and INTERPOL.

6. When signed by both parties, Full Corporate Offer, Commercial Invoice and Contract are legally binding all the parties as per the terms and conditions indicated in these documents. Any non-‐performing buyer will be systematically reporting by the seller to the FBI, ICC, and INTERPOL

7. Any Buyer, who has not performed according to expectation on Contract, should be notified that in the next 7 days, if Seller do not receive the Instrument, will not no longer keep the Contract open. Seller will do all necessary notifications to the respective Authorities that such a Contract will be cancelled between the said Buyer and the Seller.

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D2 SPECIFICATION The SELLER guarantees to the BUYER the specification for the goods to be delivered under the Contract. The specification can be adjusted as per buyer requirement. The requested adjustment needs to be confirmed by the buyer before the contract signature.

COMPONENT UNIT TEST METHOD MINIMUM MAXIMUM

Specific Gravity Density@20Deg C

(15/15%C)

Kg/M3 160/D1298 0.8200 0.870

Colour (ASTM) -‐ D150000 3 Max Distillation: Recovered@

357*C% Vol. Final Boiling Point

v/v *C max

123/D86 90Min 385Max

Flash point, mpcc Deg c ( *C) 34/D93 66 92 Kinematic viscosity @20 *C C ST 34/D93 1.6 5.5 Pour point Deg C (*C) 219/D445 (*) -‐10.0 Cloud point DEG C (*C) (*) 4.4 Mercaptan sulphur -‐ x-‐ray -‐ 0.3 max Acidity, mg/ 1000 cm3 -‐ -‐ Nil Total acid number g/100g 139/D974 -‐ 0.50 Ash content % wt 4/D482 -‐ 0.01 Total sulphur % wt X – ray 0.00 0.05 Copper corrosion (3hr @ 100*C 3 deg c 154/130 Typical NO. 1strip max CCR on 10% Residues % wt D189 -‐ 0.5 Diesel index -‐ IP 21 47 -‐ Water by distillation sediment %wt 74/D95 53/473 0.05% 0.01

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JP54 SPECIFICATION The SELLER guarantees to the BUYER the specification for the goods to be delivered under the Contract. The specification can be adjusted as per buyer requirement. The requested adjustment needs to be confirmed by the buyer before the contract signature.

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D6 VIRGIN PRODUCT SPECIFICATION The SELLER guarantees to the BUYER the specification for the goods to be delivered under the Contract. The specification can be adjusted as per buyer requirement. The requested adjustment needs to be confirmed by the buyer before the contract signature. SPECIFICATIONS D6 LPFO • ASTM D5002 -‐ Density and Relative Density of Crude Oils

o Average API Gravity 29.7 (29.7) (Min) API • ASTM D1298-‐99

o Density@15 Deg C 0.87 (0.8775)(Max) Kg/t • ASTM D97 -‐ Pour Point of Petroleum Products

o Pour Point < -‐33 (-‐36) (BELOWZERO) °C o Pour Point < -‐27.4 (-‐32.8) (BELOWZERO) °F

• ASTM D93 – IP 34 -‐ Pensky-‐Martens Closed Cup Flash Point o Corrected Flash Point 117 (137) (MIN) °F

• ASTM D4294 -‐ Sulphur Content in Petroleum Products by ED-‐XRF o Sulphur Content 0.38 (0.358) (MAX) Wt%

• ASTM D445 -‐ Kinematic /Dynamic Viscosity o Kinematic Viscosity@122 °F/ 50°C 17.83 (18.12) (MAX)Mm2/s

• ASTM D6304 -‐ Water Content by Coulometric -‐ Karl Fisher Titration o Water Content 0.20 (0.7) (MAX) Wt%

• ASTMD95 Water by Distillation o Vol % 0.70 (MAX)

• ASTM D482 Ash from Petroleum Products o Average Ash 0.279 (1.007) (MAX) Wt%

• ASTM D2161 Conversion of Kinematic Viscosity o To SUS/SFS 1 Saybolt furoi viscosity 122°F 10.9SFS (MAX)

• ASTM D5184 Aluminium and Silicon in Fuel Oils by ICP-‐AES or AAS o Aluminium Content 102 (MAX) Mg/kg o Silicon Content 93 (MAX) Mg/kg

• ASTMD4530.06 o Carbon Residue 1.11 (MAX) Wt%

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MAZUT Generic PRODUCT SPECIFICATION The SELLER guarantees to the BUYER the specification for the goods to be delivered under the Contract. The specification can be adjusted as per buyer requirement. The requested adjustment needs to be confirmed by the buyer before the contract signature.

Specifications for HEAVY FUEL OIL/ MAZUT M100 (GOST 10585-‐75)

COMPONENT RESULT

1 Ash content, not more % 0.14

2 Mass fraction of sulphur, not more % -‐low-‐sulphur-‐residual-‐oil 0.5

3 Temperature of the flash, not less deg. C in the closed crucible 110 min

4 The temperature of solidification, not higher C 25

5 Kinematics viscosity 118 max

6 Water content % 0.5

7 Mechanical impurities lower than % 0.1

8 Acidity lower than, mg/KOH/100ml 5

9 Alkalinity nil

10 Gross calorific value Kcal/kg/KJ/kg 9700/41300 min

11 Density at 20 deg. C/Kg/l 0.8900-‐0.9200

12 Hydrogen Sulphide Content (H2S) ppm 0.5 max

13 Carbon residual, lower than % 7

14 Vanadium (V) ppm 23

15 Aluminium (Al) ppm 5

16 Silicon (Si) ppm 12

17 Nickel (Ni) ppm 29

18 Asphaltense m/m, % 4

19 Distillation @ 4 mm Hg Extracted to760 mm Hg Initial Boiling Point deg. C 5% recovered deg. C 10% recovered deg. C 20% recovered deg. C 30% recovered deg. C 40% recovered deg. C 50% recovered deg. C 60% recovered deg. C 75% recovered deg. C 80% recovered deg. C 95% recovered deg. C Final Boiling point deg. C Percent recovered Vol Residual Vol Total nitrogen m/m

216 259 310 358 445 502 534 538 545 -‐ 550 560 78% 22% 0.192%

20 Sodium (Na) ppm 15

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LNG SPECIFICATION The SELLER guarantees to the BUYER the specification for the goods to be delivered under the Contract. The specification can be adjusted as per buyer requirement. The requested adjustment needs to be confirmed by the buyer before the contract signature.

LNG -‐ TYPICAL SPECIFICATIONS RUSSIAN ORIGIN LIQUEFIED NATURAL GAS � GROSS HEATING VALUE (VOLUME BASED) • Minimum: 1050 Btu/SCF • Maximum: 1170 Btu/SCF

HYDROCARBON COMPOSITION AND NITROGEN CONTENT WITHIN THE FOLLOWING RANGE • Methane: 85.00 MOL % Minimum • Butanes and Heavier: 2.00 MOL % Maximum • Pentanes and Heavier: 0.10 MOL % Maximum • Nitrogen: 1.00 MOL % Maximum

IMPURITIES WITH THE FOLLOWING RANGE • Hydrogen Sulphide: 4.8 MG/Nm3 Maximum • Total Sulphur: 21.0 MG/Nm3 Maximum

201207 ii product pricing 2

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