Saudi Aramco Selects Allegro Energy Trading & Risk Management ...

DALLAS--(BUSINESS WIRE)--
Allegro
Development Corporation, a leading provider of energy trading and
risk management (ETRM) software, announced today that Saudi Aramco has
chosen the Allegro 8 platform to support its newly launched worldwide
refined products trading subsidiary (Aramco Trading). Aramco Trading
requires enterprise software to manage its refined products trading,
logistics, reporting, and compliance functions.

Saudi Aramco, the state-owned oil company of the Kingdom of Saudi
Arabia, is a fully integrated global petroleum enterprise that engages
in exploration and production, refining, distribution, shipping and
marketing. The company manages the largest proven reserves of
conventional crude oil, 260.1 billion barrels, and the fourth-largest
gas reserves in the world, 279 trillion cubic feet. It also owns and
operates an extensive network of refining and distribution facilities,
and one of the world?s largest fleets of supertankers. In an effort to
optimize its growing global refinery business, Saudi Aramco recently
created Saudi Aramco Product Trading Company (Aramco Trading) to buy and
sell refined products.

?We are privileged to work with Saudi Aramco to support their expanding
refined products business,? stated Eldon Klaassen, Allegro CEO. ?Their
selection of the Allegro platform further demonstrates our ability to
develop and deploy trading and risk management solutions that meet the
needs of the global energy market, including many of the world?s largest
and most successful organizations.?

?We require state-of-the-art technology to support our expanding
business and our entry into refined products trading,? stated Said A.
Al-Hadrami, CEO, Aramco Trading. ?Allegro?s approach to software
deployment aligns perfectly with our priorities as we rapidly launch our
trading desk later this year. The Allegro system also provides the
operational control, trading efficiencies, and the analytical tools we
need to optimize our decision making.?

Allegro will support Aramco Trading in front-to-back office trading and
operations with the following:

• Enterprise risk management across the commodity and asset portfolio,
  including advanced reporting, monitoring and analytics.
• 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 support changing needs.

About Allegro

Allegro is a global leader in energy trading risk management solutions
for power and gas utilities, refiners, producers, traders, and commodity
consumers. With more than 27 years of deep industry expertise, Allegro?s
enterprise platform drives profitability and efficiency across front,
middle, and back offices, while managing the complex logistics
associated with physical commodities. Allegro provides customers with
agile solutions to manage risk across gas, power, coal, crude,
petroleum, emissions, and other commodity markets, allowing decision
makers to hedge and execute with confidence. Headquartered in Dallas,
Texas, Allegro has offices in Calgary, Houston, London, Singapore and
Zurich, along with a global network of partners. www.allegrodev.com

Article source: http://biz.yahoo.com/bw/110602/20110602005250.html?.v=1

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Source: http://www.t3btradingstrategies.com/onlinestocktradingstrategies/saudi-aramco-selects-allegro-energy-trading-risk-management-solution

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