UK Petroleum Exchange Goes Public; Eyes Electricity Market

Jan. 13, 2005
Members of the UK's International Petroleum Exchange (IPE) unanimously voted to turn the exchange into a for-profit company. "We think this is the way forward for the market," says John Evans, who represents IPE member Spectron Futures Ltd. on the IPE ...

Members of the UK's International Petroleum Exchange (IPE) unanimously voted to turn the exchange into a for-profit company. "We think this is the way forward for the market," says John Evans, who represents IPE member Spectron Futures Ltd. on the IPE board. "I'm very happy with it." The IPE will issue 11.45 million shares, each with a nominal value of 262 pence, valuing the exchange at 30 million sterling (US$48 million), says Bob Reid, IPE chairman. The new structure will help the exchange "to make progress in new, emerging markets, particularly electricity and gas," Reid says. Besides international benchmark Brent Blend crude, the IPE offers futures contracts in natural gas and gas oil, and wants to expand into the electricity market. Under the plan, which will be completed Apr. 3, ownership of the IPE will pass from members to a holding company, IPE Holdings, in which members will be issued shares. There will be no requirement to retain a shareholding in IPE Holdings to keep trading rights.

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!