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Barter Happenings Around The Globe

China Sets Up World�s First Oil Barter Exchange

According to the Oriental Morning Post out of Beijing, China has set up the Yangpu Oil Barter Exchange, reportedly the world�s first barter exchange for oil and gas.

Located in the Yangpu Peninsula on Hainan Island in Southern China, it was set up in October after receiving approval from the goverment. Cheng Lianchang is the chairman of the exchange.

Since its establishment in October the exchange has helped Chinese traders barter with traders from Russia and Thailand. To date, the contract value of the trades totals US$1.2 billion.

The exchange enables traders to exchange crude oil for oil and gas products, as well as to invest in oil exploration companies.

Russian Gas Company Barters With Municipality

A memorandum for the construction of homes for the needy in exchange for land for gas stations has been signed in Moscow between the mayor of Sofia and the director of one of the world�s largest oil companies, Lukoil.

Other Barter Company Happenings

  • TeleTrade International (TTi) has updated its summary totals as reported in the January 17 Tuesday Report. CEO Gary Lasater explained, �Processing totals since taking our technologies online in 1999 has exceeded $346,877,831, previous totals only reflected activity through 2004.�

    The primary web site accounting for this activity is www.eValues.net launched to help independent trade exchanges (barter companies) compete with larger national or international entities while maintaining their independence and control.
     

  • ITEX Corporation (OTCBB:ITEX) has reduced it debt by more than $1.3 million during the last six months, in addition it has repurchased 250,000 shares of its common stock. CEO Steven White elaborated, �We continue to execute an efficient, profitable model, growing both our business and revenues, as well as profits and cash flow. From our perspective, the best use of our cash at this time is the repayment of outstanding debt. We also took advantage of an opportunity to repurchase our common shares at an undervalued price.�
     

  • Reiner Husemann, President of IRTA-Europe, and Bernard Lietaer, keynote speaker at last year�s IRTA Congress at Disney World, are on the advisory board for EBBS International Business School. EBBS is a business school for entrepreneurs that will use the advantages of barter and complementary currencies, such as time-dollars and trade dollars/euros. For more information go to www.ebbs.cc.
     

  • Buddy Hooper, President of OrangeBee Private Monetary System in Florida (www.orangebee.com), asks the question, �Is no one capable of signing up a new member in the barter industry?� Hooper�s query projects a prevalent reaction that occurs among exchange owners when a desirable member is chased by other barter companies.

    Fortunately for Hooper, in this case a loyal Florida magazine and client insisted (to the competing barter company) that all trades must go through OrangeBee. Obvious message: Clients appreciate great service and will reciprocate�in most situations�with a much appreciated loyalty.
     

  • The BarterNews office received a call last week from an enterprising ITEX member located in San Diego. In one of the hottest real estate markets in the country, this client managed to acquire commercial space on full trade. And he is quickly subletting it out for cash.

 




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