SOCAR Selects Triple Point for Oil Trading and Risk Management
5 December 2008
Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Socar Trading, a subsidiary of State Oil Company of Azerbaijan Republic (SOCAR), has selected Commodity XL for Oil™ to support its expanding trading operations of sweet crude.
Socar Trading, based in Geneva, was set up in February 2008 to market Azeri crude and refined products throughout Europe. Socar required a real-time system to consolidate information and manage trading and risk across the enterprise. In addition, it required a logistics solution to facilitate the physical movement of crude oil via vessels and pipeline, along with gasoline by railcar.
Triple Point’s Commodity XL provides Socar with pinpoint analysis and a graphical display of key performance indicators (KPIs) across the entire business coupled with a logistics solution that enables schedulers to plan, conduct and optimize shipments on a single screen. “Socar wanted to improve efficiencies across operations and better manage risk by moving away from spreadsheets and internal systems,” said Greg Taylor, EVP, global field operations, Triple Point. “Commodity XL supplies Socar with the tools to turn vast amounts of transaction data into actionable decision-making information - improving bottom-line results.”
In addition to Commodity XL for Oil, Socar Trading licensed Triple Point’s business intelligence module, Commodity XL Management Dashboard™, to drive intelligent decision-making by supplying management with key performance indicators (KPIs) and real-time business insight. Socar will also use PhysOps 'Visual Cockpit'™, a next-generation software solution for managing the logistical and financial complexities of waterborne and overland commodity shipments of bulk and packaged commodities.