Triple Point Technology, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Hellenic Petroleum will implement Commodity XL for Oil™ to support financial and physical trading, manage position and exposure and streamline physical operations.
Hellenic Petroleum is the largest industrial company in Greece and operates three refineries, covering 76% of the country’s total refining capacity. Founded in 1998, Hellenic employs over 5,000 people and is headquartered in Athens, Greece.
Hellenic was using spreadsheets and homegrown systems to manage trading and physical logistics. Commodity XL for Oil enables Hellenic to effectively manage trading, risk and logistics for crude procurement and refined products marketing on a real-time, integrated platform. Additionally, Commodity XL supplies the refiner with a clear picture of market position and exposure, enabling it to implement more precise hedging programs through futures and swaps trading.
An analyst note by CommodityPoint, titled ‘Triple Point’s European Success Story,’ reports that Triple Point has captured considerable market share in Europe. Dr. Gary M. Vasey, general manager, CommodityPoint, remarked, “Triple Point’s success is largely attributed to key acquisitions, a valuable alliance with SAP and the addition of veteran staff to support local clients and drive expansion.” The report cites additional proof points of Triple Point’s European success including its 103% growth in revenue and the signing of key clients including Nidera, Evonik, Agroethanol, Electrabel, RWE, Klesch & Company, Vertical, SOCAR, Tullow and Hellenic Petroleum.
“We are pleased that another leading European refiner has selected Triple Point oil trading and risk management software,” noted Michael Schwartz, chief marketing officer, Triple Point. “Hellenic joins an impressive list of Triple Point refining clients including OMV, Preem Petroleum, Hess, CITGO, Valero Energy Corporation and SOCAR.”
In addition to Commodity XL for Oil, Hellenic licensed Triple Point’s PhysOps 'Visual Cockpit'™ to provide better control over its supply chain logistics, manage the movements of cargos between refineries and counterparties and support efficient inventory management.
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