CMRC isn't dead yet.........Oil, Chemical Firms To Launch Electronic Procurement
Exchange
April 11, 2000 9:16 PM
NEW YORK -(Dow Jones)- Fourteen major oil and chemicals companies said they will create an
electronic global exchange to link buyers and suppliers of goods and services aimed at the global oil
and chemical industries.
By the end of June, Royal Dutch-Shell Group of Cos. (RD), BP Amoco PLC (BPA), Conoco Inc.
(COCA), Dow Chemical Co. (DOW), Equilon Enterprises LLC, Mitsubishi Corp., Motiva Enterprises
LLC, Occidental Petroleum Corp. (OXY), Phillips Petroleum Co. (P), Repsol YPF (REP), Statoil SA,
Tosco Corp. (TOS), TotalFinaElf (TOT) and Unocal Corp. (UCL) will launch an independent company to
own and operate the exchange. The exchange will allow companies to negotiate online for products
and services.
The companies spend more than $125 billion each year on procurement. The system is expected to
help them reduce procurement costs by anywhere from 5% to 30% a year.
The exchange will be launched using software from Commerce One Inc. (CMRC). |
