Thursday 18 October 2018

Johnson ... Oman government believes in transparency as
a key factor

DME concludes latest auction of Oman crude oil

DUBAI, July 4, 2016

The Dubai Mercantile Exchange (DME), a major energy futures and commodities exchange in the Middle East, has announced the success of its latest auction with major global players participating in a bid to buy 1,000,000 barrels of Oman crude oil.

The auction was conducted on July 1 through the DME Auction platform, the first spot commodity auction system in the Middle East, said a statement  

Oman’s Ministry of Oil and Gas has included DME Auctions in their available options to sell spot cargos of Oman Blend, it said.

This move maintains a high level of transparency in the marketing of Oman’s crude oil exports and offers customers a fair and equal opportunity to access the sultanate’s spot exports, it added.

Commenting on the auction, Owain Johnson, managing director, DME, said: “The Oman government believes in transparency as a key factor for a successful and healthy relationship with its oil customers.”

“Oman has adopted exchange-based pricing since 2007 and selected DME Auctions for its spot exports in 2015. Today’s auction was another success and justifies the trust given to the platform by the government and industry participants,” he said.

“We are committed to providing innovative solutions to enhance trade between the Gulf and Asia, both for energy products and other commodities, in a transparent and regulated environment,” he added. – TradeArabia News Service

Tags: | DME | Auction | Oman crude oil |

More Energy, Oil & Gas Stories

calendarCalendar of Events