Circularity Case Study: An Auction that Enhanced Circular Economy
A recent auction in Oman increased revenue for its client while promoting economic growth and new circular activities.
Requis partnered with Worley and Arabian Industries to properly manage scrap and surplus assets for a major operator for an online auction. With the transaction taking place in Muscat, Oman, Requis tapped into its local resources and partners in the Middle East to boost economic growth while eliminating waste.
“Promoting circularity while impacting the local economy is one of the most promising sustainable strategies for industrial companies,” stated James Donegan, business development director, EMEA, Requis. “With this goal in mind, we also ensure the client receives maximum profitability.”
Highlights:
- The auction resulted in the highest return to date
- Requis effectively managed scrap and surplus assets for the seller
- Prevented unnecessary waste and avoided unwarranted costs
- The clearance of scrap and surplus materials ensures HSE compliance against robust targets
The Challenge:
With various operator-owned sites, Requis had to focus on simplifying inventory management while balancing the logistics of each site and strategically coordinating sales throughout the year. Once completed, Requis accelerated its sale plans to a major operator in Oman and the Ministry of Oil and Gas for approval to move forward.
“By leveraging our relationships and monitoring a well-honed systematic approach to this type of sale, we continue to ensure that these transactions run smoothly,” Donegan said.
The Solution:
Most of the parties interested in industrial asset management by this operator are in this region. As a result, Requis has established a network of reliable sources that improve ROI while setting a solid record of asset circularity. This approach simplified the process while leveraging assets to save time and money.
The Impact:
Since the contract’s start in the fourth quarter of 2019, Requis has marketed more than 140,000 tons of scrap and a variety of surplus equipment, including vehicles, turbine parts, drill bits, and more. The client witnessed a significant increase in returns for both scrap and surplus by allowing Requis to create a competitive environment and a simple bidding process.
Through its strategic partnerships, Requis gives enterprises better options to manage their surplus assets while providing them the power to access over 5,500 registered suppliers and a level of engagement that suits their needs.
For more about this case study and discuss your specific needs, contact:
- James Donegan: via email at james.donegan@requis.com or by phone +44 7757 254354, GMT +0
- Cory Ogden: via email at cory.ogden@requis.com or by phone +44 7725 180417 , GMT +0