Trade Ranger, the online e-procurement site set up by a group of major oil companies back in 2000, has signed a marketing agreement with NetworkOil for purchase and sale of oil and gas surplus equipment. The new agreement covers online listings, e-auctions, and traditional auctions simultaneously broadcast over the Internet. Trade-Ranger will also host private markets for its members to support internal redeployment of surplus energy equipment within their companies. Trade-Ranger’s members will also benefit from supporting services provided by NetworkOil such as inspections, refurbishment, logistics, appraisals and the availability of investment recovery specialists.
Trade-Ranger CEO Claire Farley said, “We chose NetworkOil because of its ability to combine advanced technology with traditional business methods. This has made it the leading provider of surplus energy equipment management and disposal services. The NetworkOil solution, combined with Trade-Ranger’s in-house offerings, will provide multiple channels for divestiture and acquisition of surplus equipment.”
Stuart Page, NetworkOil CEO added, “This relationship represents a tremendous opportunity to create value in an underserved market in the energy industry. NetworkOil will bring to Trade-Ranger processes that have proven to be extremely effective for trading, acquiring or disposing of large blocks of quality surplus equipment and other capital assets on a global scale.”
In a separate agreement, Trade-Ranger has entered into a software exploitation and development agreement to incorporate UK-based theoilsite’s e-tendering capabilities. theoilsite’s proprietary EAS-e Request for Quote tool covers both open and closed tendering and will be available for use in the third quarter of 2001. Farley said of the deal, “E-tendering is an important step toward web-enabled procurement. theoilsite tool was a natural choice for Trade-Ranger since it has a proven track record and has already been adopted by several of our customers.”
These cooperation agreements between erstwhile competitors may herald further consolidation in the troubled e-business sector.
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