IN THE NEWS / Enbridge Launches Canada's First Electronic Crude Oil Exchange
Jan. 14, 1999
Enbridge Petroleum Exchange Inc. (NASDAQ:ENBRF) (TSE:ENB.) (ME:ENB.) has commenced operation of Canada's first Internet-based crude oil exchange.
The Enbridge Petroleum Exchange is open for business via the Internet to buyers and sellers of Western Canadian crude oil. The exchange offers real-time information on pricing and market conditions. It also provides secure electronic connection to a wide market audience, anonymous transactions, guaranteed payment, and simplified administration for contractual procedures.
"The introduction of an electronic exchange marks a milestone
that we believe will assist in the development of a more efficient and liquid marketplace for crude oil," said Enbridge Petroleum Exchange President John Macleod. "With crude oil pricing and supply and demand information accessible in an electronic, real-time environment, buyers and sellers will be able to execute trades with greater speed and efficiency."
The petroleum exchange features a series of screens which list bids and offers, enabling customers of the system to review orders and
electronically transact business. The broadcasting of buy or sell
orders is electronically available to all other market participants at the same time, reducing the amount of time it will take to find
potential counterparties and complete transactions. At the same time,
all market transactions will be financially guaranteed and each
customer's market activity will remain confidential.
The Enbridge system has been developed with the assistance of
Burnt Sand Solutions Inc., a Canadian firm with extensive expertise in Internet solutions and electronic exchange development.
Calgary-based Enbridge Petroleum Exchange Inc., formerly known as
ElecTrade Petroleum Exchange Inc., is the first Canadian company to offer Internet-based crude oil trading. It is a wholly owned and independently operated subsidiary of Enbridge Inc., formerly known as IPL Energy Inc.
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