The firms hope to start auctioning capacity at the Karimun Island facility in Indonesia by the end of this year. File Image / Pixabay
Oiltanking Karimun and Matrix Global Holdings have set up a partnership to develop an auction platform for bunker storage capacity at the Karimun Island facility in Indonesia.
Oiltanking will provide the storage facility and Matrix Global the auction platform, the companies said in an emailed statement on Wednesday. The two firm plan to hold the first auction by the end of this year.
The two companies had previously collaborated on an auction of jet and diesel storage capacity at Oiltanking's terminal in Copenhagen late last year.
"We believe that our model of offering storage in a transparent, standardized manner will bring value to the facility by reducing credit exposure, enabling access to more participants and realizing the optionality embedded in the forward value of storage," Richard Redoglia, CEO of Matrix Global, said in the statement.
"We are continuing to expand our innovative model both domestically and internationally."