Oiltanking, in partnership with Matrix Global, has successfully completed an online electronic auction for Jet Fuel/USLD storage capacity at Oiltanking’s Copenhagen facility.

The volume of storage capacity sold through the auction was for 77,150 cbm per month for 2021.

Using Matrix’s new auction platform, this auction was the first of its kind by Oiltanking to sell a term contract for individual refined products tank capacity through a competitive bidding process.

Although the final price for the storage is confidential, the price was substantially higher than the minimum price that was required to participate.

With the sale of 77,150 cbm/month of storage capacity in this auction, Matrix has now sold more than 79.5 million cbm of storage capacity through its auction platforms. This includes 74.4 million cbm at the Louisiana Offshore Oil Port (LOOP) in the US Gulf Coast and 4.3 million cbm at the AMID facility in Cushing, Oklahoma.

Richard Redoglia, CEO of Matrix, said: “We appreciate the support of Oiltanking, to allow us to expand our programme to offer a term contract for product storage capacity and to do so internationally.

“Using an electronic auction process to sell storage in real time, allows energy companies to efficiently deal with risk in this rapidly changing environment. At the same time provides storage companies with a more efficient means to sell their storage capacity.”

Sjoerd Boer, vice president commercial, Oiltanking EMEA, added: “By successfully auctioning Jet Fuel capacity for Oiltanking Copenhagen with its partner Matrix and the Matrix platform for the first time, Oiltanking has achieved another important milestone in its digitalisation and innovation road-map, thereby supporting Oiltanking’s vision of being the preferred partner in energy logistics.

“We will continue to develop innovative ways, with partners like Matrix, that will allow us to even better serve our valued customers around the world.”

For more information visit www.oiltanking.com

10th December 2020