e-auction mjunction enters petroleum by-product space, sells HPG for Brahmaputra Cracker & Polymer
mjunction services limited, India’s largest B2B e-commerce company, added another new e-auction category to its spectrum – that of Hydrogenated Pyrolysis Gasoline (HPG), from Brahmaputra Cracker and Polymer Limited (BCPL).
HPG is a by-product generated in the process of polymer production by cracking higher chain hydrocarbons such as natural gas and naphtha. One of its main uses is for benzene recovery by fractional distillation, which is used in various applications such as adhesives and paints.
For BCPL, it was its first foray into online sale of HPG. The offline mode was fraught with challenges of price discovery, timely lifting and disposal.
BCPL’s GM Marketing Alak Baruah said, “Since HPG falls into the hazardous category, it is important to evacuate it timely. Since stocks had piled up, it also led to storage problems.”
“mjunction, with its domain experts and core competencies in market making and fulfilment, played a key role in addressing these problems. The decision to go online was taken in order to bring in greater transparency into the process, and that was also in keeping with the current focus on digitisation,” he added.
According to mjunction MD Vinaya Varma, “Our team designed a platform to provide the best solution for BCPL. A new category is always exciting as it provides new challenges. I am happy that we enabled market-driven price discovery and played our part in optimum disposal of this hazardous substance.”
Nearly 40 buyers from all over India participated in these e-auction events, which resulted in significant price appreciation for BCPL. The buyers were selected carefully keeping in mind the desired end result, and were also provided detailed training in all aspects of the e-auction event. mjunction engaged with all the buyers till the entire fulfilment process was completed.
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