HOUSTON, May 13, 2020 /PRNewswire/ -- Matrix Global Holdings LLC and Oiltanking MOGS Saldanha Pty Ltd. have developed an auction program for storage capacity at Oiltanking MOGS's facility in Saldanha Bay, South Africa.
Using Matrix's proprietary, transparent auction platform, Oiltanking MOGS will offer storage tanks. Qualified customers will be able to bid on these 1.121 million-barrel tanks under guidelines set by Oiltanking MOGS and Matrix.
"We are proud to partner with Oiltanking MOGS. Our model of offering storage in a 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. We're continuing to expand our innovative model domestically and internationally," said Richard Redoglia, CEO of Matrix Global.
MOGS Oil & Gas, Oiltanking GmbH and IDC South Africa have partnered to develop a world-class, efficient and commercially flexible facility, which will consist of nine 1.121 million-barrel, in-ground crude oil storage tanks.
The deepwater Port of Saldanha Bay is strategically located on shipping routes between Asia, West Africa, and the Americas. All tanks will be interlinked, allowing for efficient on-site blending of different API parameters of crude oil.
The facility will be used by international customers to store, blend and transship crude oil for bulk building, balancing production, offtake and blending to meet international market requirements.
Matrix's online auction platform has given greater access and transparency to the energy industry's management of storage exposure. As of today, Matrix has sold over 455 million barrels of storage capacity on behalf of both the Louisiana Offshore Oil Port and the AMID midstream facility in Cushing, Oklahoma.
Matrix Global Holdings is the lead developer of the first futures and bilateral contracts for crude oil storage. The company has created and operates auction technology that has enabled the sale of crude storage monthly at the LOOP facility and AMID Oil Storage facility. Visit www.matrix.global.
Oiltanking GmbH is a subsidiary of Marquard & Bahls, a Hamburg-based, family-owned company operating in the fields of energy supply, trading and logistics.
MOGS (Pty) Ltd. is a leading South-African-based, black-owned company in the mining services and oil and gas infrastructure sectors.
Industrial Development Corporation of South Africa South Africa Ltd. is a national development finance institution to promote economic growth and industrial development.
Contact: Richard Redoglia
SOURCE Matrix Global