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Imperial Oil Limited has achieved price reductions from vendors which CEO Rich Kruger described to investors on September 23 as “staggering”. According to a Canadian Press report, Imperial held what it called a “reverse auction” for earthmoving contracts at its Kearl oilsands mine. The reverse auction differed from a regular tender in that it had no closing date, meaning those interested had to move fast. Kruger said, “We don’t tell folks how long the auction’s going to run for, so if want this work, you’d better get on it, you’d better put your best foot forward”.
The result was Imperial reducing two years of earthmoving by $100 million from $160 million. This is 62.5% price reduction. Who won the contract was not disclosed, and whether the successful bidder will be able to perform this work at this price and stay in business to finish the contract will only be known in two years.
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