PEPEX

AcronymDefinition
PEPEXPetroleum Electronic Pricing Exchange
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PEPEX is a neutral transaction platform that ensures a level playing field for all participants.
Using Crosslinks technology, PEPEX has instituted an ordered, iterative negotiation process that allows users to reach trade consummation in a logical and rapid fashion.
PEPEX not only centralizes real-time messaging and decision-support tools, but it also structures multi-parameter negotiation in ways that help all PEPEX members better achieve their market objectives.
Crosslinks designed PEPEX with enhanced flexibility to enable traders to negotiate in real-time and immediately respond to changes in market supply and demand.
Crosslinks succeeded in embedding the efficiency advantages of Internet technology, while retaining the complex business logic PEPEX members were already familiar with in the offline world.
PEPEX allows a tender initiator to submit tenders via the Internet to chosen clients.
PEPEX charges a fixed nominal fee per barrel to the successful bidder when a tender is awarded.
PEPEX, founded in 1999 by Boris V Marchegiani, employs the latest Internet technology including multi-layered security set by the user and a cryptocard system to authenticate users.
The PEPEX board of advisors include former US Representative Joseph Kennedy II, Martin Coulter, CEO of Citizens Energy Corporation, Herbert Goodman, former President of Gulf Oil's international sales, trading and supply division and former Chairman and CEO of Applied Trading Sitemaps Inc, and Pete Luitweiler, former CIO of CITGO Petroleum Corporation.
For this flexible trading mechanism and related support services, PEPEX will charge a fixed nominal fee per barrel, depending on quantity, to the winner of the tender only.
In addition, a dramatic increase in international tender opportunities coupled with a greatly improved communication network makes PEPEX a particularly efficient tool in the competitive tender market.
PEPEX also announced that Colombia's National Oil Company, Empresa Colombiana de Petroleos (Ecopetrol), has agreed to commence beta testing on April 1, 2000.