- 10 - contracted to sell that same oil to ABL for the same price plus a commission of 25 to 30 cents per barrel.9 ABL received 404,968 barrels of oil shipped from Cameroon on March 30, 1980, and ABL paid CAI a 30-cent-per-barrel commission (totaling $121,490) for this shipment. The oil was purchased on the spot market, and local custom did not allow for a written contract on the delivery. On April 10, 1980, CAI agreed to buy 190,000 metric tons of oil from SNH at a set price, with 120,000 of these metric tons to be delivered in April 1980 and the balance to be delivered in May 1980. On April 21, 1980, ABL agreed with CAI to purchase the same oil at the same price plus a commission of 30 cents per barrel.10 Ashland arranged the terms for shipping the oil, it nominated the vessels used for lifting the oil, and it set the mode of payment for the oil. Petitioner and Dr. Young arranged for ABL's purchase of the oil, and ABL paid them for their services by paying CAI the spread between the back-to-back contracts. Commissions for the shipments under the April contract totaled $424,157. On August 8, 1980, CAI agreed to buy 840,000 metric tons of oil from SNH at a set price, with equal monthly deliveries from 9 CAI did not have the financial capacity to purchase the oil from SNH, and CAI had not entered into a consulting or agency agreement with ABL or Ashland. 10 ABL received 457,680 barrels of the oil referred to in this contract on Apr. 15, 1980.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011