Swiss Crown Resources and Interfax to launch B2 b online platform

Jul 20, 2000 02:00 AM

Swiss oil trading company Crown Resources and leading Russian news agency Interfax plan to launch by the end of this year a business-to-business (B2b) online platform for international oil and oil product trading, an Interfax official said. He said Oil-On-Line's turnover during the first year of operation was expected at about $ 2 bn.
"Crown and Interfax hold equal stakes in Oil-On-Line," the official told. He said the joint venture's charter capital would be $ 3.2 mm. "We will primarily target the international market, while domestic sales will take up a smaller part of Oil-On-Line's total turnover. We will be serving both Russian and foreign oil producers and oil trading firms," the official said. He added that Russian oil major Tyumen Oil Company (TNK) would "most likely to be among these firms." Crown is TNK's oil off-taker.
Earlier this year, Interfax, Middlesex Holdings and Gazprominvestholding, a division of Russian gas giant Gazprom, launched Europe-Steel.com, the e-commerce steel trading platform for Russia, Eastern Europe and the Commonwealth of Independent States.

Source: Bridge News via Newspage
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