PetroVantage (PV) and Triple Point Technology (TPT) are to integrate their technologies into a ‘comprehensive solution’ for petroleum industry trading, logistics, and risk management. PV, a subsidiary of Aspen Technology, provides collaborative software for trading and logistics to the petroleum industry while TPT supplies enterprise-wide transaction processing and risk management software.
The companies will work to integrate and jointly market their products to give downstream oil companies life-cycle deal management capability, from opportunity evaluation and deal negotiation through logistics coordination, transaction processing and risk management.
Data captured in TPT, such as physical inventories, paper and physical positions, and risk profiles, would be integrated into PV’s role-based consoles for trading and logistics staff. Deal attributes captured in PV are transferred to TPT’s deal capture system, ensuring accuracy and eliminating error-prone manual data entry. Deal costs calculated in PV are transferred to the TPT system, enabling a comparison of estimated versus actual costs.
PetroVantage president Charles Moore said, “Combining solutions from PetroVantage and Triple Point Technology will create breakthrough improvements in staff productivity, deal margins and risk management.”
Peter Armstrong, TPT president added, “TPT’s position supporting the energy marketplace with transaction processing and risk management tools will be enhanced by the physical trading and logistics solution from PV to improve decision making and operations coordination.”
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