Gulf Petrochem Group, the UAE-based global oil and petrochemicals conglomerate, has today announced that 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 ARA (Europe) 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 Global head of IT Operations explains, “As our business continues to grow in both scale and by geography, the timely reporting of P&L and inventory across all of our offices was becoming more challenging considering our dependence on disparate legacy solutions that did not integrate adequately. AspectCTRM’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 a 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. More over the integration of ETRM 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’re 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 organization 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 the leading global provider of multi-commodity trade, risk and operations management applications delivered Software-as-a-Service (SaaS) in the cloud. With almost 500 customers in 90 countries, it’s one of the fastest growing providers with rapid deployment, affordable subscriptions, and immediate ROI for all size companies. Solutions include AspectCTRM®, a full-featured commodity trading and risk management enterprise suite for front, middle and back office. It’s available in three editions: Lite, Standard and Enterprise, expanding in functionality according to the needs and budgets of clients. Aspect is the only ETRM/CTRM solutions provider with market data and analytics tools delivered with its trade and risk functions on the same platform. This provides users with a seamless packaged solution beginning with pre-trade pricing analysis and market assessments via AspectDSC. Aspect’s solutions are available on desktop, tablets and mobile devices and through its Aspect Partner Program (APP).
About Gulf Petrochem Group
Gulf Petrochem Group is a leading player in the oil industry, specializing in Oil Trading and Bunkering, Oil Refining, Grease Manufacturing, Oil Storage Terminals, Bitumen Manufacturing, and Shipping and Logistics. Headquartered in United Arab Emirates, and having a presence in South Asia, the Far East Asia, Africa and Europe, Gulf Petrochem has emerged as one of the well-established manufacturers and traders of petroleum products in major parts of the world.