LONDON--(BUSINESS WIRE)--Allegro Development Corporation has announced today that CEPSA Trading has chosen the Allegro 8 platform to support its worldwide oil and refined products supply and trading subsidiary. CEPSA Trading will use Allegro’s enterprise class software to manage its oil and refined products trading activities across the full transaction lifecycle.
A wholly-owned subsidiary of the International Petroleum Investment Company (IPIC), CEPSA Group employs more than 11,000 people and operates at every stage of the hydrocarbon value chain. It has a prominent position in Spain and operations in 20 countries, marketing its products all over the world.
CEPSA Trading is a new company within the CEPSA Group. It performs the supply/offtake function of CEPSA, developing new business opportunities in the International Markets, and expects that significant business value, efficiency and business control will be enabled by the implementation of Allegro’s ETRM solution.
Charo Cepero, Finance, Risk & Operations Manager for CEPSA Trading, commented: “We have found in the Allegro Platform an innovative, sophisticated and adaptable system to meet our needs in the Trading Market. Operational agility is a top priority for CEPSA Trading and key to sustaining competitive advantage. We are convinced that Allegro’s technological innovation will help us to achieve our business goals.”
Allegro will support CEPSA Trading across the entire transaction workflow, including front-to-back office, operations & logistics, with the following benefits:
- The ability to manage the physical oil and refined products business (contracts, trades, scheduling, position reporting and settlement).
- Comprehensive risk and exposure reporting for both physical and financial transactions.
- Transparency into credit exposure and availability.
- Efficiency and accuracy in regulatory compliance and risk control.
- Seamless communication between trading activities and the SAP accounting system.
- Streamlined trading processes and transparency into key data, including physical and financial global positions.
- A flexible platform with the capacity to scale with business growth and readily support changing needs.
“Competing against a number of established international vendors, Allegro proved to CEPSA that we have the most comprehensive physical oil and refined products functionality in the industry. It further demonstrates our ability to develop and implement trading and risk management solutions that meet the needs of the global energy market,” stated Jonathan English, Managing Director, EMEA at Allegro Development.
NOTES TO EDITORS
About CEPSA Group
CEPSA is a Spanish energy group fully owned by the International Petroleum Investment Company (IPIC). It employs more than 11,000 people and operates at every stage of the hydrocarbon value chain. It is engaged in petroleum and natural gas prospecting and production activities, refining, transport and sale of crude oil and natural gas derivatives, biofuels, co-generation and electricity sales. CEPSA has developed a world-class chemicals division that is tightly integrated with its oil refining segment, where feedstock is manufactured and sold for the production of components with high value-added, chiefly used in making new-generation plastics and biodegradable detergents. It has a prominent position in Spain and, through the continuing international expansion of its business, it also operates in 20 countries, marketing its products all over the world. For more information about CEPSA Trading, please visit www.cepsatrading.com.
About Allegro Development
Allegro is a leading provider of commodity risk management software for power and gas utilities, refiners, producers, traders and commodity consumers. With more than 30 years of deep industry expertise, Allegro provides real-time intelligence and decision-making capabilities, from the source of the commodity (ground), through transportation, to the commodity consumer. Allegro’s software provides the global intelligence companies need to manage physical and financial positions, and to optimize their assets and portfolios using tools that quantify and mitigate risks. With EMEA headquarters in London, Allegro has offices in Zurich, Dallas, Calgary, Houston, Singapore and Sydney, along with a global network of partners. For more information please visit www.allegrodev.com.