Genscape Announces Strategic Partnership with Murex to Create Supply of QAP-A RINS; A First in the Biofuels Industry
New combination relieves obligated parties of significant liabilities, elevates producer RIN quality, and improves market liquidity & transparency
LOUISVILLE, Ky., Feb. 5, 2013 /PRNewswire/ -- Genscape, a leader in the research, development, and deployment of patented in-the-field energy infrastructure monitoring systems, announces today its strategic partnership with Murex LLC, a leading global marketer and distributor of renewable fuels, crude oil and RINs.
Genscape will be the exclusive provider of QAP-A services for RINs marketed by Murex. As a result, Murex becomes the first RIN marketer to promote QAP-A RINs, the most robust and worry-free RIN qualification system.
"We look forward to working with Genscape and are excited about what this announcement will bring to the marketplace," says Robert C. Wright, president of Murex LLC.
In a June 2012 press release, Murex highlighted 100 percent validity of the 7.6 billion RIN transactions they processed under the renewable fuel standards program. By working with Genscape, Murex will continue its guarantee of 100 percent RIN validity while expanding its core marketing business.
"Our partnership with Genscape is an important step in helping to restore liquidity within the RIN market. By offering both QAP-A and QAP-B services, this program will be one of the most rigorous due diligence processes in the industry. This partnership allows Murex to offer our customers an unparalleled confidence when purchasing RINs," Wright says.
Genscape is the only QAP provider to announce that it will provide QAP-A RINs. Genscape is also the first QAP provider to announce that it will offer both QAP-A and -B services to provide flexibility to serve an ever-changing market. These services use independent physical monitoring to avoid placing a heavy documentation and audit burden onto producers.
"We have designed our services to be minimally intrusive to producers and to put the burden of labor on Genscape, not the producer," says Robert Barton, Genscape managing director. "This strategy also drives down the cost of the services compared to numerous audits."
The strategic partnership with Murex also offers Genscape clients another solution for selling their RINs, says Barton. "With a partner like Murex, our producers now have ready access to a premier RIN marketing service with extensive counterparty relationships in the RINs market. The partnership will help us accomplish the ultimate goal of Genscape's clients getting the best prices for their RINs."
About Murex LLC
Murex LLC, headquartered in Addison, Texas, is a leading marketer and distributor of Domestic Ethanol, Export Ethanol, Crude Oil, Renewable Identification Numbers (RINs), and Other Gasoline Blendstocks, supplying major oil companies and regional refiners for more than 20 years. Murex set the industry standard for early due diligence efforts by marketers and is one of the top RIN traders in the world. Murex is a significant player in the domestic ethanol industry and the largest export ethanol marketer in the country, with revenues of about $3 billion annually. For more information, please call 214-364-3937 or visit us at our newly launched website at www.murexltd.com.
Genscape is the leading global provider of energy information for commodity and financial markets. Utilizing patented technologies and proprietary algorithms, Genscape provides accurate & timely data on capacities, flow and utilization for all major energy commodities. Genscape's RIN Integrity Network™ is the industry's most robust quality assurance program (QAP) for RIN verification. The company's goal is to reestablish a liquid RINs market by restoring integrity to RINs, providing better fundamentals as foundation for market transparency and establishing an electronic marketplace to make transactions of validated RINs more secure and efficient. Genscape is the official corporate partner of the National Biodiesel Board (NBB) for RIN integrity. Find out more about the RIN Integrity Network at http://www.genscape.com/biodiesel-rin-integrity-network.
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