Gulf Petrochem Group to use Aspect commodity and risk management Saas
Gulf Petrochem Group, the UAE based global oil and petrochemicals conglomerate, announced it has selected cloud-based E/CTRM technology from Aspect to help drive future growth. The Group, valued at $2.5bn is active in oil trading, bunkering, manufacturing and refining, storage, shipping and logistics and related areas, and is a leading bunkering firm in the Gulf and European regions. The company’s continuing success has meant it has effectively outgrown its previous CTRM platform and needed to upgrade.
Niranjan Desai, Gulf Petrochem’s Head of IT Operations explains, “As our business continues to grow in both scale and by geography, the timely reporting of profit and loss and inventory across all of our offices was becoming more challenging considering our dependence on disparate legacy solutions that did not integrate adequately. Aspect CTRM’s complete, fully integrated trade, risk and operations components, and the way it will be able to handle all of the elements of Gulf Petrochem’s business activities seamlessly in just one solution are among the reasons it was chosen.”
“Aspect will give us complete overview of our paper and physical trading, storage, inventory, cargos at sea, bunkering and refining, delivering the same information in real time to our employees around the world. System based oversight monitoring of trades, the ability to handle real-time valuations and reporting of trade positions are some of the key features that convinced us to choose Aspect’s E/CTRM solution. Moreover, the integration of E/CTRM with our existing ERP system will truly form the back-bone of information flow in a controlled environment within GP locations across the globe,” added Desai.
Fieras Freijeh, Aspect’s Managing Director for the Middle East and Africa, said the Gulf Petrochem deal paved the way for more business in the region, “We are seeing more companies undergoing renewed growth and finding their previous generation CTRM solutions unable to scale effectively. Aspect’s cloud-based strategy can be scaled up or down at will depending on business needs. At the same time, Aspect’s data foundation means everyone, everywhere in the organisation can be confident they are working with the exact same information.”
A further benefit of Aspect’s solution will be its designed-for-the-cloud, built-for-the-cloud architecture. Future expansion in Gulf Petrochem’s business will be easily accommodated by the solution’s inbuilt any-to-many scalability, clear per-seat subscription pricing model and simple upgrade path.
Aspect is a global provider of multi-commodity trade, risk and operations management applications delivered Software-as-a-Service in the cloud. Solutions include Aspect CTRM, a full-featured commodity trading and risk management enterprise suite for front, middle and back office. It is available in three editions: Lite, Standard and Enterprise, expanding in functionality according to the needs and budgets of clients.