Mexican firm launches LPG auctionOctober 14th, 2011 - 11:59 am ICT by IANS
Mexico City, Oct 14 (IANS/EFE) Mexican state oil monopoly Petroleos Mexicanos (Pemex) has opened up a bidding round for LPG contracts in the April 2012 to March 2013 period.
The winners of the online reverse auction, which was launched Thursday and will conclude Nov 4, will secure contracts to deliver liquefied petroleum gas to Mexican ports in the Gulf of Mexico and the Pacific Ocean, Pemex said in a statement.
Interested LPG sellers must submit bids in a volume range of between 228,000 and 952,000 metric tonnes.
In the reverse auctions, participants compete in real time and the winner is the one that can offer the lowest price while meeting all the bid requirements.
Pemex’s gas unit, Pemex Gas y Petroquimica Basica (PGPB), will manage the online bidding through its trading arm, MGI Trading, which is jointly owned by Pemex and the firm Regional Market Makers.
On Aug 25, PGPB announced a new procurement strategy that includes reverse auctions and multi-annual contracts “with the aim of obtaining better opportunities in the international market and greater benefits for the state” in purchases of LPG, which is used in many Mexican homes as a cooking fuel.
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