UAE-based Gulf Petrochem Group, a global oil and petrochemicals conglomerate, said that it has selected Aspect’s cloud-based E/CTRM (commodity trading and risk management) technology to help drive its future growth.

Aspect, headquartered in the UK, is a leading global provider of cloud commodity trade, risk management and market data solutions.

Gulf Petrochem Group, valued at $2.5 billion, is active in oil trading, bunkering, manufacturing and refining, storage, shipping and logistics and related areas, and is a leading bunkering firm in the Gulf region, said the company in a .

Future expansion in Gulf Petrochem’s business will be easily accommodated by the solution’s inbuilt any-to-many scalability, clear per-seat subscription pricing model and simple upgrade path, it added.

Niranjan Desai, global head of IT operations, Gulf Petrochem, said: “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.”

“Aspect’s capability to handle all of the various elements of our company’s business activities seamlessly in just one solution are among the reasons it was chosen,” he added.

“Aspect will give us a complete overview of our paper and physical trading, storage, inventory, cargos at sea, bunkering and refining, delivering the same information in real time to our employees around the world,” he added.

“System based oversight monitoring of trades, the ability to handle real-time valuations and reporting of trade positions are some of the key features that convinced us to choose Aspect’s E/CTRM solution,” said Desai.

“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,” he concluded.

Fieras Freijeh, managing director for the Middle East and Africa (MEA), Aspect, said: “We’re seeing more companies undergoing renewed growth and finding their previous generation CTRM solutions unable to scale effectively.”

“Our cloud-based strategy can be scaled up or down at will depending on business needs. At the same time our data foundation means everyone, everywhere in the organisation can be confident they are working with the exact same information,” he added. – TradeArabia News Service