Austrian Integrated Oil and Gas Company, OMV, Licenses Triple Point's TANGO Oil Trading System
OMV to manage its middle- and back-office trading activities with robust system
WESTPORT, Conn., January 27, 2000 - Triple Point Technology, Inc. (www.tpt.com), the leading provider of enterprise-wide commodity trading business systems, today announced OMV Supply and Trading AG, a wholly-owned affiliate of OMV AG, has acquired a license to its TANGO oil trading business system.
TANGO will be installed in OMV's Zug, Switzerland office to initially support the middle and back office needs of OMV's trading organization. The business system, specifically designed by Triple Point for small to mid-sized oil trading companies, will enable OMV to handle operations, contract management, and settlement functions for their European offices. TANGO will give OMV the tools necessary to manage their supply, trading, marketing, reporting, and analysis of hedging activities. Additionally, Tango's integrated, front-to-back office functionality will streamline OMV's trading business processes, and its scalable architecture will enable the company to expand its operations in a fast-changing trading market.
OMV was Austria's largest listed industrial company in 1998 and is one of the leading oil and gas groups in Central and Eastern Europe. OMV conducts international exploration and production activities outside this core region as well. The Group also operates integrated chemical companies in addition to holding a 25% interest in Europe's largest polyolefin producer, Borealis.
"Triple Point is very pleased to be working with OMV," said Peter F. Armstrong, Triple Point principal and director of business development. "With TANGO, Triple Point Technology is in a position to offer a complete and scaleable solution to trading organizations of any size."
About TANGO
TANGO was specially designed to meet the needs of small to mid-sized organizations that actively trade crude oil, petroleum products, and other commodities. These companies often require the complete range of functionality that a fully integrated trading system offers, but do not have a high transaction volume or require the scalability and robustness provided by Triple Point's larger and more costly system, TEMPEST 2000.
About Triple Point Technology, Inc.
Triple Point Technology, Inc. provides fully-integrated commodities trading business systems to major oil companies, investment banks, utilities, power traders, metals traders, and other global trading organizations. The company leverages technical, business, and trading expertise to help customers reengineer their business processes and develop efficient commodities trading business systems.
Founded in 1993, Triple Point is headquartered in Westport, Connecticut and operates satellite offices in New York, Houston, London, and Singapore. Its clients include such leading worldwide trading enterprises as ARCO Aluminum, Koch Industries, Morgan Stanley, Weyerhaeuser, Noranda Aluminum, the Tennessee Valley Authority (TVA), Trafigura, Williams Energy, Rudolf Wolff, and Repsol YPF.
|
2000 Press Releases
Learn about Triple Point Chartering and VesselOps – Triple Point's leading solution for chartering, vessel operations, and freight risk management.
