November 1, 2021 [TankTerminals.com & Matrix Global] – This week Matrix Global will be running two auctions for oil storage capacity.
PT Oiltanking Karimun
The first will be for fuel oil storage capacity at the Oiltanking GmbH’s Karimun Indonesia facility. The auction will be held Monday, 1st November at 2:00 Singapore time:
- Offered Capacity: 154,298 cbm shell capacity:
- Tank Configuration: 2 x 65,958 cbm shell capacity & 1 x 22,382 cbm shell capacity
- Term: Three (3) months, commencing 1st January 2022 and expiring 31st March 2022
- The winning bidder will be awarded the offered capacity.
This will be the first auction of its kind in Asia. Last November, Matrix and Oiltanking had teamed up to sell a one-year term contract of 77,150 cbm of jet fuel storage capacity at Oiltanking’s Copenhagen facility, the first ever term storage capacity auction in Europe.
LOUISIANA OFFSHORE OIL PORT (“LOOP”)
The second auction Matrix will run will be its monthly LOOP auction. on Tuesday, 2nd November at 11:00 Central U.S. time. The auction will be for 10.4 million barrels of medium sour crude capacity at LOOP. LOOP will offer various monthly and quarterly volumes from January 2022 to and including June 2023. Winning bidders will be awarded volume in the months that they choose to bid.
To date Matrix has sold over 560 million barrels of storage capacity through its auction programs.
Richard Redoglia CEO of Matrix “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. The upstream and downstream sectors of the market have been utilizing different elements of derivatives, futures, and online platforms for decades. Our success demonstrates the ability of the midstream storage sector to adapt and complete transactions in all markets.”