CONTRACT N ______For Crude Oil in bulk, f.o.b.terms
     Kiev Date ___________
     This contracts is made  between  hereinafter  designated  as
Sellers and hereinafter designated as Buyers, whereby it is agree
as follows:

                      1. Object of Contract

     Sellers have sold and Buyers have bought f.o.b.

                           2. Quality

     The goods sold under the present contract shall  be  of  the
following specifications:

                            3. Price

     The price  for the Crude Oil sold under the present contract
on terms f.o.b.  is fixed at US $ per barrel for  gravity  F.P.I.
The price is considered fixed on and in future will be changed on
the date of shipment in conformity with the  absolute  change  of
the  price per barrel (or Arabian and Iraq Crude Oil with gravity
of 36,0 -- 36,9  A.P.I.  (US  $  on)  f.o.b.  Sidon  or  Tripoli,
Lebanon, respectively, published in Platt's Oilgram under heading
оMiddle East Crude Prices (average of prices of  three  companies
-- "Esso", оShell and оMobile Overseas ), provided, however, that
the increase or decrease of the quotation is  within  the  limits
of-of  the  basic  at US $.  Should the quotation for Arabian and
Iraq Crude Oil f.o.b. Tripoli, Lebanon, be unequal, an average of
these  two  quotations shall be accepted.  If the above mentioned
quotations are higher or lower than the above limits,  the  basic
price  fixed  under the present contract is to be reconsidered at
the request of any of the parties.  Should  the  gravity  of  the
Crude  Oil  shipped under the Present contract be higher or lower
than the range of A.P.I., the contract price of the Crude Oil per
barrel  of  US  $  will  be increased for each full degree A.P.I.
above maximum range by 2 cents per barrel and  on  the  basis  of
thus  determined price per barrel of supplied Crude Oil the price
metric ton is  established  in  conformity  with  the  number  of
barrels  per  metric  ton  corresponding  to  the actual specific
gravity of the Crude Oil supplied.

                       4. Time of Delivery

     The goods  sold  under  the  present  contract  are  to   be
delivered by Sellers and accepted by Buyers
     The date of the Bill of Lading to be considered as the  date
of delivery.

                           5. Payment

     Payment for  the goods sold under the present contract is to
be effected out of an irrevocable confirmed Letter of  Credit  to
be  opened  by Buyer in with the or with in favour of Sellers for
the value of each lot of  the  goods  to  be  shipped  plus  10%;
validity of the Letter of Credit - 45 days.
     The Letter of Credit to be opened not  later  than  15  days
before  tanker's  arrival  at  the  port of loading.  Expenses in
connection with the opening,  amendment and  utilization  of  the
Letter of Credit to be paid by Buyers.
     Should Buyers fail to open the Letter of Credit in time they
are  to  pay  Sellers  a fine for each day of the delay,  but not
longer than during 20 days,  at the rate of 0,1 per cent  of  the
amount  of the Letter of Credit and Sellers have the right not to
load the tanker pending the opening of the Letter of Credit.
     Should the  delay  in  the  opening  of the Letter of Credit
exceed 20 days,  Sellers have the right to refuse to deliver  the
goods which were to be paid out of this Letter of Credit. And all
the damages incurred by Buyers in connection with  the  above  in
delivery of the goods and with the refusal to deliver them cannot
be claimed from Sellers.
     Payment from  the  Letter  of  Credit  is to be made against
presentation  by  Sellers  to  of  the  following  documents:  1)
commercial  invoice  and 2) Captain's telegram to Sellers address
indicating the name of the tanker, date and number of the Bill of
Lading, denomination and quantity of the goods shipped.
     In case of the opening of the Letter of Credit with  another
Bank,  payment  is  to  be  made  against the telegram of Moscow,
acknowledging  the  receipt  of  the  above  documents.  Shipping
documents - 3 original and 1 copy of Bill of Lading,  Certificate
of quantity and  Certificate  of  qualify  of  the  goods  to  be
transferred  by Setters in accordance with Buyers' instruction as
soon as possible.
     The rate of exchange of US dollars into

                   6. Delivery and Acceptance

     The goods  are  considered  to  be  delivered by Sellers and
accepted  by  Buyers  in  respect  to  quantity:  as  per  weight
indicated   in   the  Bill  of  Lading  in  conformity  with  the
measurements of shore tanks at the port of loading, in respect to
quality:   as  per  cent  certificate  of  quality  issued  by  a
laboratory at the port of loading.  The weight stated in the Bill
of  Lading  is  to  be  considered  final  and  binding upon both
parties.
     Previous to loading of the goods,  4 arbitration samples are
to be taken from each of the shore tanks from which the goods are
to  be loaded in the carrying tanker.  These samples to be sealed
by Sellers as well as by the Captain of the tanker;  2 samples to
be handed over to the Captain of the tanker and the other 2 to be
retained by Sellers. Both parties shall keep these samples during
2  months  from  the  date  of  delivery  and  longer until final
settlement of claim, if any.
     In case  of  a  dispute  on  the  quality  of  the  goods in
connection with divergencies in the analyses of  the  arbitration
samples made by the Sellers' and Buyers' laboratories,  the final
and binding upon both parties analysis is to be made by a neutral
laboratory agreed by the parties.

                   7. Terms of Transportation

     a) Buyers  in accordance with the lifting schedule agreed by
the parties,  are to inform Sellers by telegraph or by telex  not
later  than  15  days before arrival of the tanker at the port of
loading,  of the name,  capacity, flag and draught of the tanker,
approximate date of her arrival at the port of loading as well as
the port of destination.  Furthermore the Captain is to cable  to
Sellers  as  well as to the shipowners at the port of loading the
day of the forthcoming arrival of the tanker at that port 4  days
before  her  arrival.  Untimely  receipt  of  one  of  the  above
telegraphic or telex notification  or  untimely  arrival  of  the
tanker  at  the  port  of loading entitles Sellers accordingly to
postpone the delivery of that  lot  of  the  goods  which  to  be
shipped by the tanker.
     Should the tanker fail to arrive at the port of loading  for
more 20 days over the time her arrival advised by Buyers, Sellers
have the right to refuse to deliver corresponding quantity of the
goods  for  the  shipment  of  which the tanker did not arrive in
time.
     In all  case of delay in delivery of the goods and demurrage
of the tanker in connection with the ulmimely receipt of  one  of
the  above  notifications  as  well  as  delay  in arrival of the
tanker,  Seller are released from  responsibility  for  delay  in
delivery  of  the  goods,  and  no  demages incurred by Buyers in
connection with it can be claimed from Sellers.
     b) On  arrival  of  the  tanker  at  the port of loading the
Captain is to give Sellers` representative at this  port  written
notice  of  readiness  of  the  tanker for loading The Captain is
entitle to hand in the above notice at any time of the day.
     c) Lay  days to commence 6 hours after such notice is handed
in by Captain, berth or no berth. Sundays and Holidays are not to
be included into lay time whether used or not, and time of stormy
weather preventing loading as well as time during which  shipment
could  not  be  executed  qwing to technical and other conditions
depending on the tanker, is not to be included into the lay time.
     d) Time allowed for tanker's loading is fixed at 50 % of the
time stipulated in the Charter Party (or loading and unloading.
     The time allowed for loading, however is not to be less than
     e) Demmurage is to  be  paid  the  rate  stipulated  in  the
Charter  Party  per  day and pro rata for any part of the running
day but not more than
     However, Sellers  are  not to pay any demurrage if the total
hours for tanker's actual loading and unloading do not exeed  the
total hours provided for in the Charter Party.
     Sellers guarantee reception of tanker with draught not  more
than feet.

                            8. Claims

     In case  of  non-conformity  of  the  qualify  of  the goods
actually delivered by Sellers with  the  contract  specification,
any claim concerning quality of the goods may be presented within
two months from the date of delivery.
     No claim  shall  be  accepted by Sellers after expiration of
the above period.
     No claim  submitted  for  one  lot  of  the  goods  shall be
regarded by Buyers as a reason for rejecting  any  other  lot  or
lots the goods to be delivered the present contract.

                        9. Contingencies

     Should any circumstances arise which the complete or partial
fulfilment by any of the parties of their respective  obligations
under this contract,  namely:  fire,  ice conditions of any other
acts of the elements,  war, military operations of any character,
blockade,   prohibition   of   export  or  import  or  any  other
circumstances  beyond  the  control  of  the  parties,  the  time
stipulated  for  the  fulfilment  of  the  obligations  shall  be
extended  for  a  period  equal  to  that   during   which   such
circumstances last.
     If the above circumstances last for more than  20  days  any
delivery  or  deliveries  which  are  to  be  performed under the
contract within that period may be cancelled on  the  declaration
of  any of the parties,  and if the above circumstances last more
40 days each party  shall  have  the  right  to  discontinue  any
further fulfilment of their obligations the contract in the whole
and in such cases neither of the parties shall have the right  to
make  a  demand upon other party for compensation of any possible
damages.
     The party   for  whom  it  became  impossible  to  meet  its
obligations the contract,  shall  immediately  advise  the  other
party   as   regards   the   beginning  and  termination  of  the
circumstances preventing the fulfilment of its obligations.
     Certificates issued by the respective chamber of commerce of
the Sellers' or Buyers' country shall be sufficient proof of such
circumstances and their duration.

                         10. Arbitration

     Any dispute or difference which may arise out of the present
contract or in connection with  it  shall  be  settled  with  the
exception  of submission to the law courts,  by the in accordance
with the rules of the said Commission.
     Decisions of  this  Arbitration  to  be considered final and
binding upon both parties.

                      11. Other Conditions

     a) Neither party is entitled to transfer  their  rights  and
obligations  under  the present contract to a third party without
the other party's previous written consent.
     Besides, Buyers  are  not entitled to resell or in any other
way alienate the goods bought under this contract  to  any  third
country without the other party's previous written consent.
     b) After the signing of the present  contract  all  previous
negotiations and correspondence between the parties in connection
with it shall be considered null and void.
     c) All  amendments and additions to the present contract are
valid only if they are made out in writing  and  signed  by  both
parties.
     d) All taxes,  custom and other  dues,  connected  with  the
conclusion and execution of the present - contract, levied within
- expect expenses connected with the Letter of Credit, to be paid
by Sellers, and those levied outside to be paid by Buyers.

                     12. Juridical Addresses

        Sellers:
        Buyers:

                SELLERS                    BUYERS