Case Study: Petronas Chemical Olefin Sdn Bhd achieves over USD 1.184 million from surplus furnace tubes with Requis

Petronas Chemical Olefin Sdn Bhd sells surplus furnace tubes for $1.184M with Requis

Petronas Chemical Olefin Sdn Bhd (PCOSB) faced the challenge of liquidating over 143 metric tons of used, high-value olefin furnace tubes and specialty alloy equipment from its site in Kerteh, Malaysia, aiming to maximize investment recovery instead of scrapping the assets. The challenge was compounded by marketplace volatility and significant logistics costs. The company engaged vendor Requis and its Investment Recovery Platform to find a solution.

Requis executed a targeted online sealed-bid sale, separating the equipment into two lots and personally engaging its global network of buyers. The solution generated 13 bids from international participants, with the highest bids surpassing reserve prices by 1.5 and 2.5 times. The final sale exceeded USD 1.184 million, far exceeding PCOSB's financial goals and demonstrating the significant impact of Requis's digital procurement approach.

Petronas Chemical Olefin Sdn Bhd (pcosb)