INATECH INCREASES ITS PRESENCE IN THE MIDDLE EAST BY SIGNING UP ALCHEMIST TRADING

Inatech, the energy trading risk management (ETRM) systems provider owned by Glencore, has deepened its footprint in the Middle East by signing up Alchemist Trading.

Saudi-owned Alchemist, with offices in Dubai, has implemented Inatech’s Techoil platform to control risks and increase efficiency within its oil trading business. In less than five years Alchemist has grown its annual sales to more than $300 million covering energy markets from the tip of India to East Africa. The company has several Bulk Storage capacities in Jubail, Hamriyah and Karachi to support its trading activity. It also owns and operates a fleet of tankers, boats and trucks.

“We have reached a stage where we needed better ways of managing data and information,” said Alchemist Founder and Managing Director, Tareq Alkhulaiwi. “As a manager, for example, you want to make sure that you have an accurate view of the profit and loss of every trade. It is crucial that everyone sees the same data for informed decision making.”

“The platform enables us to scale up,” said Alkhulaiwi. “It automates a lot of checkpoints that were previously processed manually, expedites the approval process on trades, and generally pushes us to adopt best practice in business.”

There is an ever-growing need for efficiency in the physical oil trading business as lower energy prices squeeze margins for traders.

“The market is becoming more efficient through greater access to information,” said Alkhulaiwi. “Trading houses are having to step up their business model – not simply buying and selling, but adding value to the chain.”

The project was deployed in a collaborative manner taking into account Alchemist’s ongoing trading activity which had to be migrated onto Techoil. The joint team worked to deliver a timely and successful implementation of both front and back office functions.

“Our business model is anticipating precisely the energy price squeeze we’re seeing right now,” said Jean-Hervé Jenn, Chief Executive Officer at Inatech. “In these tough times, energy trading firms need a better handle on the profitability of trades. They can only do that by implementing systems that integrate front, middle and back office operations, systems like Techoil. As the business becomes more physical- the companies need to operate an optimised inventory to protect themselves from market and operational risk”.

Last week, Inatech and Alchemist hosted a cocktail reception where professionals from the oil trading and bunkering industry got to meet.

ABOUT

Inatech logo

Inatech is a leading global provider of intelligent cloud-based energy trading risk management (ETRM) and fuel management software to the physical oil trading and marine industries. Part of Glencore’s oil division, Inatech combines best-of-breed cloud technologies with in-depth industry expertise to enable companies to integrate, automate and optimize business processes, driving efficiency and revenue growth. Inatech’s customers benefit from an international delivery model that provides the competitive edge needed to thrive in today’s dynamic markets. For more information visit www.inatech.com

ABOUT

Inatech logo

Alchemist strives to be one of the leading energy and chemicals trading companies through innovative and creative solutions to deliver reliable, flexible and efficient services. The company was established in 2011 in Riyadh as a limited liability company. It now has a turnover in excess of $300 million. For more information, go to www.alchemist.com.sa

FOR MORE INFORMATION & INTERVIEW OPPORTUNITIES, PLEASE CONTACT:

ROWENA BATAILLE, HEAD OF MARKETING, INATECH
EMAIL: SALES@INATECH.COM | TELEPHONE: +44 203 609 8617

GAVIN SERKIN,MANAGING EDITOR, FRONTIER CONSULTANCY
EMAIL:GSERKIN@FRONTIERFUNDS.ORG | TELEPHONE: +44 7767 252 489