IMEX demonstrates auction technology

Qatar: Wednesday, October 24 - 2007 @ 09:31

IMEXauctions enables national oil companies and their production partners, to sell hydrocarbon spot cargoes through an independent, modern, online auction system.

Based on state-of-the art WEB 2.0 technology, the proprietary IMEXauctions system is now in alpha-test and is being shown to selected industry participants to garner feedback and tailor the system to individual national and international oil company requirements.

IMEXauctions seeks to allow wholesalers to maximise the price of spot sales using a variety of auction methodologies allowing participants to compete for cargoes through an online bidding process. For buyers such an auction process will provide the opportunity to secure hydrocarbon cargoes in an open, competitive environment.

“It is crucial to the development of new hydrocarbon markets that we now get feedback and support from industry participants,” Steve McMillan, CEO of IMEX, said.

“The business case for increased trading in various hydrocarbon products is compelling for suppliers and consumers alike. The alpha-release of IMEXauctions is a milestone as IMEX can now fully engage NOC’s, IOC’s and buyers to develop an impartial, physical trading venue, paving the way towards financially traded professional markets,”

he added.

IMEXauctions is tailored to the requirements of physical energy trading. Wholesalers may pre-select and authorize bidders, define outright or index-based pricing basis, control transparency of prices achieved at auction, and facilitate the post-auction trade settlement process through the system. Sophisticated entitlement and audit capabilities ensure that auction participants gain fair and equal access to auctions and that impartiality of winning bidders is guaranteed.

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Wednesday, October 24- 2007 @ 9:31 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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