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Triple Point Technology, the leading global provider of cloud and on-premise Commodity Management software, announced today that SK Energy has licensed Triple Point’s trading, risk management, chartering, and vessel operations solutions to manage its new global oil business.
SK Energy is the largest oil refiner and marketer in Korea, and the fourth largest refiner in Asia with a capacity of 1.12 million barrels per day. SK Energy is a subsidiary of SK Innovation, one of the world’s leading energy and petrochemical companies with a presence in 19 countries. SK Innovation is engaged in exploration and development activities in 30 oil and gas blocks in 16 nations worldwide.
SK Energy selected Triple Point because it offers the only solution for managing a true end-to-end value chain for oil and refined products. The company will utilize Commodity XL™, Triple Point’s commodity trading and risk management (CTRM) platform, alongside Triple Point’s Chartering and VesselOps™ product. This allows cargo information to be captured from trading and moved to schedulers, risk managers, and administrators — delivering a comprehensive, front-to-back office solution.
In addition, SK Energy chose Triple Point because Commodity XL’s advanced architecture enables it to be rapidly and efficiently configured to SK’s exact requirements. Other CTRM solutions available for the Asian market typically require extensive customization. Triple Point has a proven track record of successful deployments with major Asian oil companies including China National Offshore Oil Company (CNOOC) Limited, Reliance Industries, HMEL, and Petredec.
“Triple Point has gained significant momentum in Asia Pacific, with 75% year-over-year revenue growth,” said Simon Woods, vice president, international sales, Triple Point. “SK Energy is the first major Korean energy company to install an enterprise ETRM solution, and we’re honored that they chose Triple Point.”
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