SK Energy Selects Triple Point for End-to-End Commodity Management
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 energy trading and risk management (ETRM) 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 ETRM 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.”
About Triple Point Technology
Triple Point Technology® is the leading global provider of on-premise and in-cloud Commodity Management software that delivers advanced analytics for optimizing end-to-end commodity and energy value chains. The company provides innovative solutions for managing all aspects of volatile commodity supply chains: trading, procurement, enterprise risk management, logistics, scheduling, storage/inventory, processing, settlement, and accounting. Over 400 customers in 35+ countries across industries including energy, metals, minerals, chemicals, agriculture, shipping, consumer products, food and beverage, retail, and manufacturing depend on Triple Point solutions. Triple Point was named a “Leader” in Gartner’s ETRM Magic Quadrant in 2009, 2010, 2011, and 2012. The company employs over 850 staff in 15 offices and support centers worldwide. www.tpt.com.
Website: http://www.tpt.com
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This news is a press release provided by Triple Point Technology.