SOCAR Selects Triple Point for Oil Trading and Risk Management

Dec. 8, 2008 - PRLog -- 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.

Commodity XL is the leading multi-market commodity and enterprise risk management solution that meets all of the requirements for supply, trading, marketing, logistics, scheduling, risk management and accounting in today's volatile and complex environment: multi-commodity management, business intelligence and analysis tools for proactive decision-making, real-time integration of physical and financial positions, advanced service-oriented architecture (SOA) and comprehensive enterprise risk management covering the four key areas of corporate financial exposure: operational risk, market/price risk, counterparty credit risk and corporate governance and regulatory compliance risk.  

About Triple Point Technology

Triple Point Technology® is the leading global provider of multi-market commodity and enterprise risk management software solutions.  Triple Point’s Commodity XL™ profitably integrates physical and financial markets on a real-time, service-oriented architecture (SOA) platform for commodities including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight.  In addition to Triple Point's award-winning commodity and energy trading software being used by more than 25 percent of both Global 500 commodity trading and Global 500 energy companies, other organizations with large raw material and energy exposure, including consumer package goods (CPG), discrete manufacturers and big box retailers, are quickly adopting the Triple Point solution.  Named to the Deloitte Technology Fast 50 for ten straight years, Triple Point added to its record-breaking organic growth in 2008 with the acquisitions of INSSINC, the leading provider of hedge accounting and fair value level software and ROME Corporation, the industry leader in credit risk software solutions.  Triple Point, headquartered in Westport, Connecticut, USA, was founded in 1993 and serves clients from nine development and support centers located around the globe. More information is available at www.tpt.com