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TYUMEN SUCCESSFUL IN OILSPACE
22 Oct 2001
Tyumen Oil has successfully completed an oil tender for 52,000t of Russian export blend crude oil over the Nexus negotiation platform, an on-line service from OILspace. TNK was able to simultaneously transmit details on the tender offer to its selected counterparties. The bidders responded with confidential bids that remained sealed until the tender expired. Upon expiration, TNK compared the bids, awarding the tender to the highest bidder. Other bidders were automatically informed via the Nexus platform that the cargo had been awarded.
TNK plans to utilize the Nexus platform for additional tenders over the coming months. TNK utilized the Nexus platform in combination with the OILwatch system, a flexible and customizable information management system that gives oil professionals control over the information they receive and ensures that on-line communications remain confidential. For instance, the OILwatch information system enabled TNK employees to monitor news and prices from Reuters, Dow Jones, NYMEX, IPE and other sources, and at the same time to send secure instant messages to colleagues and receive alerts from the Nexus platform on the status of the tender.
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CTF Holdings Ltd.
Alfa Group Consortium is one of Russia’s largest privately owned financial-industrial conglomerates, with interests in oil and gas, commercial and investment banking, asset management, insurance, retail trade, telecommunications, media, technology, as well as other industrial-trade and special-situation investments.
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