BLCO fully means bonny light crude oil. It is a type of petroleum which originates from Nigeria, precisely the Niger Delta region of Nigeria. The price of BLCO is sold based on platts. The place to buy BLCO is from NNPC. The full meaning of NNPC is Nigeria National Petroleum Corporation. You will require up to $80,000,000 to able to buy BLCO from NNPC. You will also be required to be a major oil dealer. You may be required to own an oil refinery.
If you meet these conditions, then you should set off to purchase BLCO from NNPC. The marketing department of NNPC is responsible for this. After you must have met all their requirements, the next step is to get oil allocation. The oil allocation is usually yearly and you will be allotted up to 50,000,000 barrels. It may be divided into months.
You can also buy BLCO from persons who have already gotten oil allocation from NNPC. If you just require 2,000,000 million barrels either through TTO, TTT, CIF or FOB, then this option will be best for you. The set of sellers are usually in joint venture with NNPC. You should never give LC or TT to any person without verifying the existence of the product. Most scammers will ask you for upfront payment either for clearance, loading vessel etc after SPA is signed. There are a lot of scammers and timewasters in this business and you should put every effort to avoid them and never deal with them. This is so because you will be wasting your time and money. You should never raise any instrument without doing QNQ.
Normally when QnQ must have been done, most vessel owners would allow your supercargo to remain on board till payment is completed and all the vessel documents including ulage, billing of lading are handed over to the buyer. You need to be very careful when you buy BLCO from Nigeria so you will not be duped.