BP Amoco Chemicals Selects ChemConnect as Preferred Exchange for Internet Trading
ChemConnect Inc., the world's largest global Internet exchange for all types of chemicals and plastics, and BP Amoco Chemicals (NYSE: BPA) today announced that BP Amoco has chosen ChemConnect's World Chemical Exchange as its preferred third party platform for Internet-based chemical trading.
BP Amoco's equity investment in San Francisco-based ChemConnect brings together one of the leading global petrochemical companies with the industry leader in online chemicals and plastics trading. With more than 4,000 member companies world-wide, the World Chemical Exchange is the largest and fastest growing chemicals and plastics exchange.
BP Amoco chief executive, Sir John Browne, commented: "This strategic move by BP Amoco Chemicals is an indication of the broader commitment of the BP Amoco group to commercialise opportunities in e-commerce."
"Our goal is to have all of our chemical businesses trading online and procuring 95% of their supplies over the Web by year-end," said John Robinson, BP Amoco Chemicals group vice president. "To make this happen we needed to form an alliance with a company combining e-commerce know-how with a drive to be the leading chemical exchange on the Net. ChemConnect gives us a valuable portal into the fast-paced world of Internet trading and complements our overall e-commerce strategy."
"Today's announcement is another indication of the tidal wave of e-commerce adoption that's building within the chemical industry. E-commerce for chemicals will rapidly surpass all other industries given the level of strategic commitment by the majors and the sheer size of the $1.7 trillion global chemical industry."
BP Amoco joins other chemical industry leaders in making an equity investment in ChemConnect - including The Dow Chemical Company, Eastman Chemical Company, Rohm and Haas, Andersen Consulting, CMAI and Chemical Week Ventures. As a Charter Member of ChemConnect, BP Amoco also takes a seat at the ChemConnect e-Commerce Roundtable and receives all the benefits of Corporate Membership and full company trading privileges.
About BP Amoco
BP Amoco is one of the largest integrated oil companies in the world, operating in 100 countries, on six continents, and serving 10 million customers every day throughout the world. The company's main activities are exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; gas marketing, solar power and manufacturing and marketing of petrochemicals.
ChemConnect is the largest global chemical electronic marketplace for all types of chemicals and plastics. Manufacturers, buyers, and intermediaries, around the world, use ChemConnect's World Chemical Exchange, an open, neutral market, to find trading partners, negotiate pricing and complete transactions online. Members of ChemConnect increase profits by gaining access to new markets, save from reducing transaction costs and benefit from up-to-the-minute market information. Founded in 1995, ChemConnect is headquartered in San Francisco, with offices in Houston, Philadelphia, Singapore and London. Top-tier investment firms including Goldman Sachs, Institutional Venture Partners (IVP), Weiss, Peck & Greer, CMEA Ventures, and Highland Capital Partners back the company. Andersen Consulting, The Dow Chemical Company, Eastman Chemical Company and Rohm and Haas are also equity investors in ChemConnect. For more information, visit the company's website at www.chemconnect.com.
ChemConnect and World Chemical Exchange are registered trademarks of ChemConnect Incorporated.
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