Sep 06, 2000 12:05 PM ET
HOUSTON, Sep 6, 2000 /PRNewswire via COMTEX/ -- International
Energy Partners, LLC headquartered in Houston, Texas launched
their NRGline.com(TM) electronic trading marketplace live
yesterday and captured over 400,000 barrels of live postings
and concluded the first ever on-line feedstock transaction
complete with full product specifications. The first completed
transaction was worth nearly $1.9 million and was concluded
between two major oil companies. In addition, posted volumes
exceeded 400,000 barrels or over $13 million of market value.
"We are obviously very pleased with our first day results
not to mention the ground swell of support for our platform,"
said Steve Leahy, NRGline CEO. The NRGline platform includes
four trading "pits" for refined products, commodity
petrochemicals, gas liquids and chemical/refinery feedstocks.
The feedstocks pit is the only one of its kind and is unique
to the industry allowing the users to post, archive/catalogue
and transmit individual product specifications with a click
of the mouse. "We have effectively digitized the non-fungible
areas of the business," said Leahy. "This allows
a fully standardized mechanism to electronically trade the
huge feedstocks market for resid, vgo, naphtha and the other
products which are so important to refiners and petrochemical
plant operations and the global trading community who service
them," He said. One of the participating traders speaking
on condition of anonymity remarked, "This NRGline seems
to have been built with a trader in mind. It is comprehensive,
especially in refined products, but yet simple, effective
and easy to use -- in all four areas that our company deals
in and this feedstocks area is quite neat -- it will make
my job easier."
NRGline has also announced a pilot program "NRGline's
Locker Room Attendant(TM)" whereby its users will have
access to proprietary technology to improve and streamline
their own internal operations through the NRGline system.
"It is only logical since we are among the very few purely
neutral "playing fields" that, when transactions
are concluded, we offer our clients ways to help them "wring"
cost from their operations. We have had several inquiries
from oil and chemical companies so far who seek to find ways
to increase internal controls, communication and efficiency."
The "Locker Room(TM)" concept is NRGline's answer
to the ASP application which, sources say, will grow into
a multi billion dollar service industry. "The stadium
has been built and the (absolutely neutral) playing field
is now in use. Our technology will now go the next step to
optimize the players' (traders) operations, and create the
necessary controls for the coaches (management) on a tailor-made
basis much like the concrete walls of a locker room and the
tunnel leading to the playing field." remarked Leahy.
The young firm is considering several financial arrangements
to fund its growth and expansion and is also working on joint
arrangements in South America and West Europe to offer these
markets connection to the NRGline system. Several foreign
producers have expressed interest in the system's wide range
of products offered and, in particular, the "tendering"
mechanism for selling various cargoes of product worldwide.
"I go by the advice of Winston Churchill that 'Success
is never final'" concludes Leahy. "We will continue
to be focused exclusively on delivering real value to our
clients- this has been and will continue to be our sole drumbeat"
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