Murex Sets Industry Standard for RIN Validity and Due Diligence in 2012
DALLAS, June 5, 2012 /PRNewswire/ -- Murex N.A., Ltd. (Murex), an industry leader in RIN marketing, continues to help biodiesel producers find success in an ever-changing marketplace. Despite volatility due to fraudulent trading within the RIN market last year, Murex continued to promote client confidence and find profits within the RIN market. Since the EPA started the Renewable Fuel Standard (RFS) program, Murex has moved over 7.6 billion RINs, all with 100% validity. In 2011 alone, Murex marketed more than 300 million advanced RINs while continuing development of a verification program that far exceeds industry standards.
In the aftermath of the 2011 fraud cases, Murex proactively became one of the first marketers to require all of their suppliers to undergo initial and ongoing on-site audits. By partnering with Christianson & Associates, PLLP, one of the most experienced RFS compliance auditing firms, Murex was able to further customer confidence by validating each one of their suppliers. Murex and Christianson conduct on-site visits to verify production on all RINs being generated, review all necessary due diligence documents, and take any steps necessary to ensure their suppliers are in compliance under all RFS1 and RFS2 standards. Additionally, Murex provides Quarterly Consulting Services, performed by Christianson & Associates, prior to submission of any EPA reports filed by the producer. These quarterly consultations are designed to identify and rectify any compliance issues, as well as to match production volume with RINs claimed.
"Our compliance team here at Murex is one of the most experienced in the industry. Within the past year, we have seen substantial change throughout the marketplace, yet we have continued to find success because our team has taken the necessary steps to maintain 100% validity of our products. By vetting the RIN suppliers, Murex continues to provide a guaranteed product and peace of mind to our customers. We have one of the most rigorous due diligence processes in the industry and it has undoubtedly been a key part to our success in the RIN market," stated Robert C. Wright, President of Murex.
Murex N.A., Ltd., headquartered in Addison, Texas, is the leading domestic marketer of RINs, trading over 300 million D4, D5 and D6 RINs annually. In addition, Murex markets and distributes domestic ethanol, export ethanol, crude oil and other gasoline blendstocks to major oil companies and regional refiners. The Dallas Business Journal named Murex one the 10 Largest Private Companies in Dallas/Fort Worth in 2010.
Christianson & Associates, PLLP is a full-service certified public accounting firm located in Willmar, Minnesota. They have been providing audit, accounting, consulting and tax services to their clients for 25 years in a variety of industries including bio-fuels. More specifically, they have performed auditing, attestation and prospective financial statement services by over 50 processing facilities across the Midwest with these companies having annual revenues approaching $1 billion. They have dedicated significant resources to anticipating the needs of their clients. As a result, they developed accounting software specifically for the industry as well as a benchmarking service to assist in analyzing operations. When the Renewable Fuels Standard was issued, they analyzed the corresponding Code of Federal Regulations and began developing a process for the RIN attestation. They have performed over 480 RIN attestation engagements for producers, marketers, blenders and obligated parties and provide ongoing consulting to a number of these clients.
SOURCE Murex N.A., Ltd.
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