Westport, CT (PRWEB) January 25, 2008 - Triple Point Technology®, the leading global supplier of cross-
industry commodity and energy trading, risk management and logistics software platforms, announced today that CITGO Petroleum Corporation has selected Commodity Management, the joint SAP and Triple Point trading, risk management and operations software solution. CITGO joins Engen Petroleum and ABB Grain, among others, in its selection of the cooperatively developed solution.
"CITGO is the fourth organization and second major oil company to choose the joint SAP and Triple Point Commodity Management solution in the last 60 days," said Peter F. Armstrong, president and CEO, Triple Point Technology. "The market is clearly stating that for SAP customers, the pre-integrated SAP and Triple Point solution provides both the best function and business value."
Commodity Management utilizes best-of-breed components from both Triple Point and SAP AG - Triple Point's SAP-endorsed Commodity SL™ and the SAP® ERP application - and optimizes profits across the commodities supply chain. The tightly integrated software is fully tested by SAP and delivers a common support program and a common technology platform at the lowest lifecycle cost.
CITGO, headquartered in Texas, refines, markets and transports gasoline, diesel fuel, jet fuel, lubricants, petrochemicals, refined waxes, asphalt and other petroleum based industrial products. CITGO has the capacity to refine approximately 861,000 barrels of crude oil per day and markets more than 600 different types of lubricants and waxes. In addition, CITGO is one of the largest suppliers of petrochemicals.
CITGO's decision to adopt Commodity Management is part of a wider program to build a mid-office infrastructure and organization to improve data integrity and create transparency across the company's entire value chain. The new solution will enable the company to incorporate physical and financial trade capture into one system and integrate its front and mid-office with existing SAP back-office systems. CITGO will be able to more effectively manage the information and metrics required to develop controls, reports, audit trails and processes around the lifecycle of individual transactions.
"As an existing SAP customer, it makes absolute business sense for us to adopt the only oil trading and risk management software solution endorsed by SAP," explains Gina Coon, manager, IT Applications Hydrocarbons Supply Chain, CITGO Petroleum Corporation. "In addition to the solution having best-of-breed functional components from both SAP and Triple Point, the integration effort, cost and ownership, both now and in the future, is moved from CITGO to SAP and Triple Point - so we have a much lower risk and lifecycle cost."
While there are thousands of solutions available that have achieved Powered by SAP NetWeaver® status, Triple Point Commodity SL is one of only 18 SAP-endorsed business solutions worldwide and is the only solution endorsed by SAP in the commodity trading and risk management area. More than 30,000 development hours and millions of dollars have been invested in Commodity Management, eliminating the need for custom integration and providing the lowest total cost of ownership (TCO). SAP and Triple Point maintain ownership of the developed interfaces contained in Commodity Management throughout the product life-cycle, eliminating the risk and cost for customers.
About Triple Point Technology, Inc.:
Triple Point Technology is the leader in commodity and energy trading, risk management, scheduling and logistics software solutions. Triple Point Commodity SL profitably integrates physical and financial markets from the front-to-back office on a real-time, next-generation platform for all commodities, including power, oil, gas, coal, base and precious metals, agricultural products, biofuels and freight. Triple Point's award-winning solutions are used by more than 25 percent of both Global 500 commodity trading companies and Global 500 energy companies. Founded in 1993 and headquartered in Westport, Connecticut, USA, Triple Point serves clients from five development and support centers located around the globe. More information is available at http://www.tpt.com.
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