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Platinum Recovery Success Story: Requis Expedites Sale of Reformer Catalyst

With great wealth at risk, critical management of the recovered precious metals was a significant problem and a high priority as the sale occurred over two continents.

Brunei Shell Petroleum required a sustainable solution to maximize ROI and platinum (Pt) recovery from spent reforming catalyst―a hazardous waste. Requis developed an online, single-source platform to manage all communication, testing, inspection, and logistics needs to meet the refiner’s requirements.

“It was great to work in partnership with both the buyer and Brunei Shell Petroleum (BSP) to see this complex sale get across the finish line and drive value for all parties involved,” stated Nick Abueita, Director, Circularity Business.

“Requis is very keen on working with our clients to sell not just the easier more liquid assets, but the larger complex ones as well,” he added.

Highlights:

  • High ROI
  • Achieved maximum Pt recovery
  • Transparency in all communication for analysis, inspections, handling, and contract/proposal reviews
  • The sale complied with all environmental and safety requirements
  • Contributed to the circular economy for Pt.
Group of offshore oil rig worker wearing personal protective equipment

The Challenge

Brunei Shell Petroleum (BSP) required new solutions to properly process spent reforming catalyst and meet strict health, safety, and environmental (HSE) protocols. Consequently, vetting the bids and buyers was critical due to liability issues in the handling, testing, packaging, and shipping of the spent catalyst.

The spent reformer catalyst was located in Brunei. Unfortunately, travel restrictions prevented in-person inspections and assessments due to Brunei’s COVID-19 lockdown mandates.

The Requis team organized multiple stakeholders as the sale was conducted over two continents and several time zones. Transparency and consistency through the multi-faceted sampling, inspection, and testing processes were crucial obstacles. In addition, UK and Malaysia testing companies were involved in confirming the Pt yield and sale (market) value.

The Solution

Requis used its customer-centric services and platform to streamline online sale. More importantly, the Requis team created a secure system to manage proposals, analysis results, and communication for BSP and the buyer.

The sale occurred over two years due to delays, rescheduling issues, multiple stakeholder reviews, varying strategies, and contract/proposal reviews and counters.

The Requis platform installed safeguards to mitigate sabotage, fraud, and logistics problems as the spent catalyst would be packaged in drums for transport.

More appreciably, the Requis solution supported proper documentation to protect BSP and the buyer from liability issues.

The Impact

This project provided BSP with a more efficient and secure way to conduct a Pt-based catalyst sale. Accordingly, the BSP could focus on daily operations of refining crude oil. Requis handled the communication of real-time testing, proposal reviews, and other information in the single-source sale. Most of all, the project contributed to a circular economy by maximizing Pt recovery for reuse.

“The close collaboration between BSP and Requis on the recent sale of our used catalyst on the international market had been excellent. BSP managed to receive top values of its used catalyst from the market.”― Hassan Tengah, Investment Recovery Lead for BSP.

Requis’ online platform delivered a sealed bid maximizing Pt recovery from spent reforming catalyst. In addition, the Requis team used its global network and obtained sealed bids from multiple buyers.

Requis’ real-time, single-source information provided critical communication and transparency for all invested parties.

With supply chains experiencing significant challenges, digital procurement seamlessly connects potential buyers with sellers on a global scale. In this case, the online sealed bidding application supported security through all processing (sampling, testing, and inspection) and transportation stages.

The sale was valued at over $2 million.

This seller obtained the highest ROI and KPIs by achieving the 5-weight % Pt recovery goal.

This project contributed to the circular economy by maximizing Pt recovery for reuse, thereby supplementing the global market.

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.

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