Gulf Petrochem has selected Aspect to provide its cloud-based commodity trading and risk management solution.
Aspect Enterprise Solutions Inc. (Aspect) today announced that Gulf Petrochem Group (Gulf Petrochem) has selected AspectCTRM's cloud-based commodity trading and risk management (CTRM) platform to facilitate Gulf Petrochem's continued growth.
"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," said Niranjan Desai, Gulf Petrochem's Global head of IT Operations.
"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's CTRM will give Gulf Petrochem an overview of paper and physical trading, bunkering, storage, inventory, cargos at sea, and refining.
Denai says Gulf Petrochem selected the AspectCTRM solution for its system-based oversight monitoring of trades, as well as its ability to handle real-time valuations and reporting of trade positions.
"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," noted Denai.
Niranjan Desai, Global Head of IT Operations, Gulf Petrochem
As our business continues to grow in both scale and by geography, the timely reporting of P&L and inventory... was becoming more challenging
Information available through the platform will be provided in real time to Gulf Petrochem's employees around the world.
"We're seeing more companies undergoing renewed growth and finding their previous generation CTRM solutions unable to scale effectively," said Fieras Freijeh, Aspect's Managing Director for the Middle East and Africa.
"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."
In July, as part of expansion efforts, Gulf Petrochem announced that it had expanded into the Amsterdam-Rotterdam-Antwerp (ARA) bunker market, offering physical supply services in the Port of Rotterdam through its new office in Dordrecht.