Product: Santa Barbara Crude Oil as normally available at PDVSA loading port.
Quality: Santa Barbara Crude Oil. Final API shall be within the range 39.8 +/- 7.0.
Volume: Up to two (2) million barrels per month
Period One cargo loading per month February 2004 to October 2004; can be extended to a maximum period of three years.
Price: Platts WTI Cushing less a discount of $3.50 gross /$2.50 net.
FOB: Jose or Bonaire