January 14, 1999
Inc. 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.