Petrocommerce.com is the Middle East’s first Internet commerce initiative targeted specifically to serve the requirements of the regional petroleum industry with respect to equipment, materials and services.

The Middle East region harbors over two-thirds of the world’s proven petroleum reserves. While operations are dominated by the national oil companies, private sector oil companies also have a significant presence.

Currently, adequate inter-company information about surplus inventory of oilfield equipment and ancillary support materials is not readily available. The physical information channel, which is the only market mechanism for disposal of such stocks, is ineffective. This is primarily due to inadequate dissemination of requisite details to all potential buyers. Consequently, only a small percentage of surplus stock is actually sold, as is evident from the current regional surplus estimated to be in the hundreds of millions of dollars. Additionally, there is no comprehensive and unified regional equipment and materials database available, and this reality inhibits collaborative efforts towards optimal utilization of resources and sharing and exchange of information. Currently, most information dissemination takes place on an archaic one-to-one basis. Petrocommerce.com is designed to overcome, streamline and simplify the above important processes.

The Petrocommerce.com web site and surplus equipment sale service became operational in mid 2000. The site has been developed to world-class standards, with full functionality for equipment inventory visibility and surplus stock disposal, through a full range of auction and tender mechanisms. Many regional national and independent oil companies, recognizing that Petrocommerce.com offers many benefits, have become registered members, allowing them to enjoy the advantages of this membership.

Although the initial focus has been on establishing itself as the premier petroleum equipment and services exchange within the Gulf region, the Petrocommerce.com portal is expanding to cover the wider Middle East, South Asia, Africa, the Caspian region and other related markets and industries.

• Petrocommerce.com is the Middle East’s first Internet commerce initiative targeted specifically to serve the requirements of the regional petroleum industry with respect to equipment, materials and services.
• The Petrocommerce.com web site and surplus equipment sale service became operational in mid 2000.
• Many regional, national and independent oil companies, recognizing that Petrocommerce.com offers many benefits, have become registered members.
• The Petrocommerce.com portal is expanding to cover the wider Middle East, South Asia, Africa, the Caspian region and other related markets and industries.