|Saudi Aramco Selects Allegro Energy Trading & Risk Management Solution|
One of the World’s Largest Oil Companies to Use Allegro for Refined Products Trading
DALLAS, TX, June 2, 2011 - Allegro Development Corporation, a leading provider of energy trading and risk management (ETRM) software, announced today that Saudi Aramco has chosen the Allegro 8 platform to support its newly launched worldwide refined products trading subsidiary (Aramco Trading). Aramco Trading requires enterprise software to manage its refined products trading, logistics, reporting, and compliance functions.
Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, is a fully integrated global petroleum enterprise that engages in exploration and production, refining, distribution, shipping and marketing. The company manages the largest proven reserves of conventional crude oil, 260.1 billion barrels, and the fourth-largest gas reserves in the world, 279 trillion cubic feet. It also owns and operates an extensive network of refining and distribution facilities, and one of the world’s largest fleets of supertankers. In an effort to optimize its growing global refinery business, Saudi Aramco recently created Saudi Aramco Product Trading Company (Aramco Trading) to buy and sell refined products.
“We are privileged to work with Saudi Aramco to support their expanding refined products business,” stated Eldon Klaassen, Allegro CEO. “Their selection of the Allegro platform further demonstrates our ability to develop and deploy trading and risk management solutions that meet the needs of the global energy market, including many of the world’s largest and most successful organizations.”
“We require state-of-the-art technology to support our expanding business and our entry into refined products trading,” stated Said A. Al-Hadrami, CEO, Aramco Trading. “Allegro’s approach to software deployment aligns perfectly with our priorities as we rapidly launch our trading desk later this year. The Allegro system also provides the operational control, trading efficiencies, and the analytical tools we need to optimize our decision making."
Allegro will support Aramco Trading in front-to-back office trading and operations with the following:
About Allegro Development
Allegro is a global leader in energy trading & risk management solutions for power and gas utilities, refiners, producers, traders, and commodity consumers. With more than 29 years of deep industry expertise, Allegro’s enterprise platform drives profitability and efficiency across front, middle, and back offices, while managing the complex logistics associated with physical commodities. Allegro provides customers with agile solutions to manage risk across natural gas, power, coal, crude oil, petroleum products, emissions, and other commodity markets, allowing decision makers to hedge and execute with confidence. Headquartered in Dallas, Texas, Allegro has offices in Calgary, Houston, London, Singapore, Sydney, and Zurich, along with a global network of partners.
For further information please contact Samantha Johnston at email@example.com or +126.96.36.19949.