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.
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. 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. The auction date, auctioned capacity, terms and process will be announced as soon as the parties agreed to proceed with the project.
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.”
The Karimun facility is strategically located within the Straits Hub. It has a total storage capacity of 730,000 cbm, and serves the growing demand for petroleum products in Asia. 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.
For more information visit www.oiltanking.com
