Orbis Online Facilitates First Real-Time Reverse Auction For Major Chinese Energy Provider.Business Editors & High-Tech/Energy Writers SAN ANTONIO--(BUSINESS WIRE)--Aug. 1, 2001 San Antonio-based Orbis Online ("Orbis") recently facilitated the first online real-time reverse auction for Tongda Energy Corporation Ltd. ("Tongda") of China, resulting in a savings of approximately 18% versus historical costs. Tongda, the first company approved to design, construct, operate and manage the development of natural gas pipeline networks over a geographical range of approximately 200 cities in China China is a geographical area encompassing multiple territories, under two states. You may be looking for:
RFQ Request For Quotation RFQ Request for Qualifications (part of a potential client's preliminary selection process) RFQ Radio Frequency Quadrupole (accelerator technology) (Request for Quote) for 400 tons of PE pipe entailed seven separate lots consisting of different lengths, thickness and weights of pipe. Orbis recruited suppliers across China to participate in the real-time reverse auction and facilitated the event, which was conducted using Orbis Online's Chinese version of the company's patent-pending Web-based e-procurement solution. The result of this vigorous competitive bidding Competitive bidding A securities offering process in which securities firms submit competing bids to the issuer for the securities the issuer wishes to sell. competitive bidding 1. event was a savings of 18% versus Tongda's historical purchase price. "We are delighted with the results of our first online real-time reverse auction," said Zhang Jiping, Chairman and Chief Executive Officer of the Tongda Energy Corporation. "The value of Orbis Online's technology and services in the development of the natural gas pipeline network cannot be overstated o·ver·state tr.v. o·ver·stat·ed, o·ver·stat·ing, o·ver·states To state in exaggerated terms. See Synonyms at exaggerate. o , and we are very excited about the potential of this critical partnership." Dr. James Strader, Chairman and Chief Executive Officer of Orbis Online, commented, "Tongda Energy Corporation is a very important customer and strategic partner of Orbis Online. We are very pleased with the results of their first reverse auction, and we are busy scheduling their next several procurement events." About Tongda Energy Corporation Ltd. Tongda is one of the two companies licensed by the central government in Beijing to provide gas utility services to hundreds of the country's small and medium-sized cities under the provincial level. Tongda's strategic equity and business partners include China Guang Shun Shun In Chinese mythology, one of the three legendary emperors, along with Yao and Da Yu, of the golden age of antiquity (c. 23rd century BC), singled out by Confucius as models of integrity and virtue. Real Estate Development Company, China Oil and Gas Pipeline Bureau, Harbin Railway Bureau, Heng Tong tong 1 tr.v. tonged, tong·ing, tongs To seize, hold, or manipulate with tongs. [Back-formation from tongs. Group Company Ltd., Beiya Industry and Commerce Group Company Ltd., Shanghai Shanghai (shăng`hī`, shäng`hī`), city (1994 est. pop. 12,980,000), in, but independent of, Jiangsu prov., E China, on the Huangpu (Whangpoo) River where it flows into the Chang (Yangtze) estuary. Hatie Trade Co. Ltd., and many other leading companies in the oil and gas business. Since beginning its national pipeline rollout, Tongda has already completed four regional cities, of over 100 city projects planned for the China country expansion, including Yuhang City Gas Pipeline project and Shaoguan City Gas pipeline projects. About Orbis Online Inc. Orbis Online Inc., headquartered in San Antonio, Texas “San Antonio” redirects here. For other uses, see San Antonio (disambiguation). San Antonio is the second most populous city in Texas, the third most populous metropolitan area in Texas, and is the seventh most populous city in the United States. As of the 2006 U.S. , offers a patent-pending online competitive bidding tool that significantly reduces the costs of products and services versus traditional procurement methods, and is transforming the traditional competitive bidding process into live, more powerful events worldwide. What makes Orbis Online's value proposition so unique is superior solution functionality combined with no up-front costs and no software installation, but with all the benefits customers can normally only have by buying or developing their own in-house systems. For more information on Orbis Online Inc., please visit our Web site at www.orbisonline.com, or call 210/576-7600. |
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