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Refiners See the Successful Completion of First Sulfur Credit Auction by the Clean Fuels Clearinghouse

Refiners See the Successful Completion of First Sulfur Credit Auction by the Clean Fuels Clearinghouse

Published 11-15-01

Submitted by Clean Fuels Clearinghouse, The

The Clean Fuels Clearinghouse(TM) announced today that it has just completed the first industry-wide sulfur credit auction. The auction was conducted by way of the company's proprietary computer system. Over 100 visitors came to the company's web site to observe the 48-hour demonstration auction, with many participating directly in the bidding process.

Sulfur Credits are available now. The next scheduled auction will be conducted on behalf of one of the clearinghouse member companies, beginning at 8:00 CST November 28, 2001. Only clearinghouse members will be able to participate in this auction.

Refiners can finally give serious consideration to the practical application of the EPA's Tier 2 Gasoline Average Banking and Trading (ABT) program. "As a member of the clearinghouse and through the utilization of the ABT program, refiners can now optimize the timing of their capital programs," said Clayton McMartin, President of the Clean Fuels Clearinghouse.

The mission of the Clean Fuels Clearinghouse is to provide the refining and motor fuel industry with an efficient and timely marketplace for the exchange of motor fuel credits and allotments. The services offered by the company provide for the direct negotiation of price between the principal parties. The need for third-party involvement in establishing price is therefore eliminated.

Millions of dollars are at stake with the new cleaner fuel requirements for gasoline and diesel. This new marketplace is especially timely, with the first phase of gasoline capital expenditures approaching critical deadlines.

There are currently 6 refining companies in the clearinghouse with many more giving serious consideration to joining in. The combined membership of the clearinghouse today represents over 3.5 million barrels per day of refining capacity, approximately 25% of the total U.S. capacity.

The marketplace platform is web-based and available to all manufacturers of gasoline having sales within the United States. You can find out more about the Clean Fuels Clearinghouse and its services by visiting the company web site at www.CleanFuelsClearinghouse.com.

Clean Fuels Clearinghouse is the trade name of Freedom Group Inc., a Nevada Corporation.

Clean Fuels Clearinghouse, The

Clean Fuels Clearinghouse, The

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