National Energy S.A. (NESA) Selects Triple Point
NESA to manage its petroleum, fuel, diesel, gas oil, and lubricating oils operations with next-generation technology
WESTPORT, CT, February 6, 2004 -- Triple Point Technology, Inc. (www.tpt.com), the leading provider of next-generation software solutions for managing the complexities of the global energy markets, today announced National Energy S.A. (NESA) has licensed its Tempest XL crude and refined products trading and risk management system to manage its physical and financial trading operations in the European Union. Triple Point supports the largest volume commodities trading operations in the world, including Occidental Petroleum, Morgan Stanley, Reliance, Duke Energy, Amerada Hess, and Cinergy.
Athens, Greece-based NESA, is a wholly-owned subsidiary of National Energy Holdings (UK) Limited. NESA will employ Tempest XL to manage its inventory, streamline its front- to back-office oil trading operations, and manage the risks, both financial and physical, inherent in today's global commodity markets. Additionally, Tempest XL will be installed in NESA's five satellite office around the E.U.
In the front-office, Tempest XL offers pre-deal pricing tools, deal capture, position management and portfolio analysis, trader profitability reporting, profit and loss reporting, and curve management. To the middle-office, Tempest XL delivers physical inventory management functionality, traffic and logistics support, movement tracking, credit exposure monitoring, and sophisticated risk management analysis and reporting. Financial settlement, commercial accounting, cost management, treasury functions, and invoicing round out the back-office.
"NESA wanted to have a complete solution in place that can completely manage our physical and financial crude and refined product trading operations in one system," said Kevin Oates, CEO, National Energy S.A. "We were impressed with Tempest XL's extensive feature set. The fact that Triple Point is the global leader in oil trading solutions made the decision easy."
Peter F. Armstrong, president, Triple Point Technology, Inc. added, "Tempest XL is a ready-to-run solution that meets the needs of traders in fast-changing and volatile commodity markets. NESA has selected the system that is used by the world's largest and most successful oil trading businesses."
About NESA
NESA is an energy company active in oil and gas storage and bunkering operations complemented by related trading and risk management activities. The company's strategy is aimed at identifying and acquiring physical bunkering facilities strategically located on major shipping routes and to develop them in order to provide ship-owners with accessible supplies of consistently high quality bunker fuel which are competitively priced. NESA headquarters are in Portland ,UK and its main assets are located in the English Channel (Portland), the Aegean Sea (Piraeus and Alexandroupolis, Greece) and the Adriatic Sea (Durres, Albania).
About Triple Point Technology
Headquartered in Westport, Connecticut (U.S.A.), Triple Point Technology operates worldwide, with London and Singapore serving as international hubs. Triple Point is a major provider of commodity trading systems recognized by traders, CEOs, and CFOs at more than 70 multinational energy, power, and financial services firms including: Morgan Stanley, Duke Energy, Cinergy, Catequil Asset Management, Petronas, and Amerada Hess.
Triple Point has realized 120% growth in revenue over the previous five years and has been recognized four times by Inc. magazine as one of the fastest-growing companies in America for its performance since its inception in 1993. The company's flagship products, Tempest XL, Power XL, and Gas XL, provide producers, users, and traders of oil, electricity, and natural gas, respectively, the tools needed to streamline transaction processing, maximize efficiencies in the supply chain, and perform sophisticated risk analyses.
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