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To: <suarezcas@pdvsa.com>
From: saharathunder <commercial@saharathunder.com>
CC: <commerce@polestarmaritime.co>, <operation@polestarmaritime.co>, 
	<commercial@saharathunder.com>
Date: Sun, 23 Oct 2022 11:41:22 +0330
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Refence: 1401/60/05/3087/026 
Date: 2022/10/23
 
 

Subject: Determining the Discount Factor (K)

To: PDVSA

Attention: His Excellency Colonel Antonio Jose Perez Suarez

 

Dear Sir,
 
   With reference to the RECAP signed between PDVSA and Sahara Thunder and it=
s Annex A (Price Negotiation) dated 10th AUG 2022 with the subject of Sale an=
d Purchase of 2,000,000 barrels Merey 16 Crude Oil lifted by MT WON on 3rd SE=
P 2022, Sahara Thunder hereby provides the breakdown of all relevant cost and=
 expenses for selling this cargo in the target market in order to determine t=
he required Discount Factor (K) mentioned in Annex A. 
 

Item No. 

Description

Cost (USD/BBL)

1

Discount to End Users in China - DDU Basis

35.00

2

Freight Cost from Venezuela to China

12.00

3

Management Fee

1.00

4

Documentation Fee, STS Cost, Shortage Value, Operation Cost

1.00

5

Storage Charges and Port Cost

1.00

 
TOTAL

50.00
 
Based on the breakdown provided in the above table, the required Discount Fac=
tor (K) is USD 50.00 per BBL.
 
Bests
TONDAR SAHRA
 
 P.S.: For this cargo please ONLY contract with below emails:
commercial@saharathunder.com
cc: commerce@polestarmaritime.co
      operation@polestarmaritime.co


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<div style=3D"font-size: 12pt;">
<p style=3D"text-align: right;"><span style=3D"font-size: 12pt; line-height: =
107%; font-family: 'andale mono', monospace;">Refence: 1401/60/05/3087/026 </=
span></p>
<p style=3D"text-align: right;"><span style=3D"font-size: 12pt; line-height: =
107%; font-family: 'andale mono', monospace;">Date: 2022/10/23</span></p>
<p style=3D"text-align: right;"><span style=3D"font-size: 12pt; line-height: =
107%; font-family: 'andale mono', monospace;">&nbsp;</span></p>
<p style=3D"text-align: right;"><span style=3D"font-size: 12pt; line-height: =
107%; font-family: 'andale mono', monospace;">&nbsp;</span></p>
<p><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"font-size: 12.0pt; line-height: 107%;">Subject:</span></strong> <strong><=
span style=3D"font-size: 12.0pt; line-height: 107%;">Determining the Discount=
 Factor (K)</span></strong></span></p>
<p><span style=3D"font-family: 'andale mono', monospace; font-size: 12pt;"><s=
trong><span style=3D"line-height: 107%;">To: PDVSA</span></strong></span></p>=

<p><span style=3D"font-family: 'andale mono', monospace; font-size: 12pt;"><s=
trong><span style=3D"line-height: 107%;">Attention: His Excellency Colonel An=
tonio Jose Perez Suarez</span></strong></span></p>
<p><span style=3D"font-size: 12pt; line-height: 107%; font-family: 'andale mo=
no', monospace;">&nbsp;</span></p>
<p><span style=3D"font-size: 12pt; line-height: 107%; font-family: 'andale mo=
no', monospace;">Dear Sir,</span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;">&nbsp;</span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;">&nbsp;&nbsp; With reference t=
o the RECAP signed between PDVSA and Sahara Thunder and its Annex A (Price Ne=
gotiation) dated 10th AUG 2022 with the subject of Sale and Purchase of 2,000=
,000 barrels Merey 16 Crude Oil lifted by MT WON on 3rd SEP 2022, Sahara Thun=
der hereby provides the breakdown of all relevant cost and expenses for selli=
ng this cargo in the target market in order to determine the required Discoun=
t Factor (K) mentioned in Annex A. </span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;">&nbsp;</span></p>
<table style=3D"width: 438.5pt; border-collapse: collapse;">
<tbody>
<tr style=3D"height: 15.0pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; padding: 0in 5.4p=
t 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"color: black;">Item No. </span></strong></span></p>
</td>
<td style=3D"width: 293.3pt; border: solid windowtext 1.0pt; border-left: non=
e; padding: 0in 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"color: black;">Description</span></strong></span></p>
</td>
<td style=3D"width: 86.6pt; border: solid windowtext 1.0pt; border-left: none=
; padding: 0in 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"color: black;">Cost (USD/BBL)</span></strong></span></p>
</td>
</tr>
<tr style=3D"height: 15.0pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; border-top: none;=
 padding: 0in 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">1</span=
></p>
</td>
<td style=3D"width: 293.3pt; border-top: none; border-left: none; border-bott=
om: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0i=
n 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">Discoun=
t to End Users in China - DDU Basis</span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">35.00</=
span></p>
</td>
</tr>
<tr style=3D"height: 15.75pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; border-top: none;=
 padding: 0in 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">2</span=
></p>
</td>
<td style=3D"width: 293.3pt; border-top: none; border-left: none; border-bott=
om: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0i=
n 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">Freight=
 Cost from Venezuela to China</span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">12.00</=
span></p>
</td>
</tr>
<tr style=3D"height: 15.75pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; border-top: none;=
 padding: 0in 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">3</span=
></p>
</td>
<td style=3D"width: 293.3pt; border-top: none; border-left: none; border-bott=
om: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0i=
n 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">Managem=
ent Fee</span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">1.00</s=
pan></p>
</td>
</tr>
<tr style=3D"height: 15.75pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; border-top: none;=
 padding: 0in 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">4</span=
></p>
</td>
<td style=3D"width: 293.3pt; border-top: none; border-left: none; border-bott=
om: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0i=
n 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">Documen=
tation Fee, STS Cost, Shortage Value, Operation Cost</span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">1.00</s=
pan></p>
</td>
</tr>
<tr style=3D"height: 15.75pt;">
<td style=3D"width: 58.6pt; border: solid windowtext 1.0pt; border-top: none;=
 padding: 0in 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">5</span=
></p>
</td>
<td style=3D"width: 293.3pt; border-top: none; border-left: none; border-bott=
om: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0i=
n 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">Storage=
 Charges and Port Cost</span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.75pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"color: black; font-family: 'andale mono', monospace;">1.00</s=
pan></p>
</td>
</tr>
<tr style=3D"height: 15.0pt;">
<td style=3D"width: 58.6pt; padding: 0in 5.4pt 0in 5.4pt; height: 15.0pt;"><s=
pan style=3D"font-family: 'andale mono', monospace;">&nbsp;</span></td>
<td style=3D"width: 293.3pt; border: solid windowtext 1.0pt; border-top: none=
; padding: 0in 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"color: black;">TOTAL</span></strong></span></p>
</td>
<td style=3D"width: 86.6pt; border-top: none; border-left: none; border-botto=
m: solid windowtext 1.0pt; border-right: solid windowtext 1.0pt; padding: 0in=
 5.4pt 0in 5.4pt; height: 15.0pt;">
<p style=3D"margin-bottom: .0001pt; text-align: center; line-height: normal;"=
><span style=3D"font-family: 'andale mono', monospace;"><strong><span style=
=3D"color: black;">50.00</span></strong></span></p>
</td>
</tr>
</tbody>
</table>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;">&nbsp;</span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;">Based on the breakdown provid=
ed in the above table, the required Discount Factor (K) is USD 50.00 per BBL.=
</span></p>
<p style=3D"text-align: justify;"><span style=3D"font-family: 'andale mono', =
monospace; font-size: 12pt;"><strong><span style=3D"line-height: 107%;">&nbsp=
;</span></strong></span></p>
<p style=3D"text-align: justify;"><span style=3D"font-family: 'andale mono', =
monospace; font-size: 12pt;"><strong><span style=3D"line-height: 107%;">Bests=
</span></strong></span></p>
<p style=3D"text-align: justify;"><span style=3D"font-family: 'andale mono', =
monospace; font-size: 12pt;"><strong><span style=3D"line-height: 107%;">TONDA=
R SAHRA</span></strong></span></p>
<p style=3D"text-align: justify;">&nbsp;</p>
<p style=3D"text-align: justify;"><span style=3D"font-family: 'andale mono', =
monospace; font-size: 12pt;"><strong><span style=3D"line-height: 107%;">&nbsp=
;P.S.</span></strong></span><span style=3D"font-size: 12pt; line-height: 107%=
; font-family: 'andale mono', monospace;">: For this cargo please <strong><u>=
ONLY</u></strong> contract with below emails:</span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 12pt; line-height=
: 107%; font-family: 'andale mono', monospace;"><a href=3D"mailto:commercial@=
saharathunder.com" target=3D'_blank'>commercial@saharathunder.com</a></span><=
/p>
<p style=3D"text-align: justify;"><span style=3D"font-family: 'andale mono', =
monospace;"><span style=3D"font-size: 12.0pt; line-height: 107%;">cc: </span>=
<span style=3D"font-size: 10.5pt; line-height: 107%; color: #238ff3; backgrou=
nd: #f4f5f7;"><a href=3D"mailto:commerce@polestarmaritime.co" target=3D'_blan=
k'><span style=3D"color: #238ff3;">commerce@polestarmaritime.co</span></a></s=
pan></span></p>
<p style=3D"text-align: justify;"><span style=3D"font-size: 10.5pt; line-heig=
ht: 107%; font-family: 'andale mono', monospace; color: #091e42; background: =
#f4f5f7;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <a href=3D"mailto:operation@polestar=
maritime.co" target=3D'_blank'><span style=3D"color: #238ff3;">operation@pole=
starmaritime.co</span></a></span></p>
</div>




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