Oiltanking Karimun and Matrix Global announce partnership for storage in Indonesia
Oiltanking Karimun and Matrix Global Holdings have announced a partnership to develop an auction programme for storage capacity at PTOTK’s facility on Karimun Island in Indonesia.
PTOTK will offer refined product storage capacity for amounts and terms to be determined by PTOTK using Matrix’s proprietary auction platform. Contingent on the outcome of the examination and the traction from the market, PTOTK and Matrix aim to run the first auction for fuel oil storage capacity by the end of 2021.
With this partnership Oiltanking intends to build on the company’s first successful online electronic auction for Jet Fuel/USLD storage capacity at Oiltanking’s Copenhagen facility in November 2020, using Matrix’s auction platform. The auction date, auctioned capacity, terms and process will be announced as soon as the parties agreed to proceed with the project.
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.
Head of commercial at Oiltanking, Andy Loh, said: “Oiltanking has achieved another important milestone in its digitalisation and innovation roadmap, thereby supporting Oiltanking’s vision of being the preferred partner in energy logistics.
“We will continue to develop innovative ways, together with partners, that will allow us to even better serve our valued customers around the world.”
CEO of Matrix Global, Richard Redoglia, said: “We are proud to partner with PTOTK. We believe that our model of offering storage in a transparent, standardised manner will bring value to the facility by reducing credit exposure, enabling access to more participants and realising the optionality embedded in the forward value of storage. We are continuing to expand our innovative model both domestically and internationally.”
The Karimun facility, which is strategically situated within the Straits Hub, has a total storage capacity of 730,000 cbm and serves the growing demand for petroleum products in Asia.
For more information visit www.oiltanking.com
22nd June 2021
