Genscape, Murex partner to create supply of QAP-A RINs
Genscape has partnered with Murex LLC in an arrangement where Genscape will be the exclusive provider of QAP-A services for RINs marketed by Murex. As a result, Murex becomes the first RIN marketer to promote QAP-A RINs.
“We look forward to working with Genscape and are excited about what this announcement will bring to the marketplace,” said Robert C. Wright, president of Murex.
In a June 2012 press release, Murex highlighted 100 percent validity of the 7.6 billion RIN transactions they processed under the renewable fuel standard program. By working with Genscape, Murex will continue its guarantee of 100 percent RIN validity while expanding its core marketing business.
“Our partnership with Genscape is an important step in helping to restore liquidity within the RIN market,” Wright said. “By offering both QAP-A and QAP-B services, this program will be one of the most rigorous due diligence processes in the industry. This partnership allows Murex to offer our customers an unparalleled confidence when purchasing RINs.”
Genscape is the only QAP provider to announce that it will provide QAP-A RINs. Genscape is also the first QAP provider to announce that it will offer both QAP-A and -B services to provide flexibility to serve an ever-changing market. These services use independent physical monitoring to avoid placing a heavy documentation and audit burden onto producers.
“We have designed our services to be minimally intrusive to producers and to put the burden of labor on Genscape, not the producer,” said Robert Barton, Genscape managing director. “This strategy also drives down the cost of the services compared to numerous audits.”
The strategic partnership with Murex also offers Genscape clients another solution for selling their RINs, Barton said. “With a partner like Murex, our producers now have ready access to a premier RIN marketing service with extensive counterparty relationships in the RINs market. The partnership will help us accomplish the ultimate goal of Genscape’s clients getting the best prices for their RINs.”