OMV AG Selects Triple Point Software Solution for Global Commodity Trading, Risk Management, Supply & Logistics; Integrated Physical and Financial System to Help Central Europe's Leading Oil and Gas Company Comply with IAS 39.WESTPORT, Conn. -- Triple Point Technology, the leading global supplier of cross-industry software platforms for the supply, trading, marketing and movement of commodities, announced today that Vienna-based OMV OMV Open Market Value (automobiles) OMV Orbital Maneuvering Vehicle OMV Oblates of the Virgin Mary (religious order) OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) AG has selected the fully integrated Triple Point Commodity XL(TM) and PhysOps 'Visual Cockpit'(TM) software solution to manage the physical and financial trading, risk management, supply and commodity logistics operations for its global crude oil business. OMV AG, the leading oil and gas group in central Europe Central Europe is the region lying between the variously and vaguely defined areas of Eastern and Western Europe. In addition, Northern, Southern and Southeastern Europe may variously delimit or overlap into Central Europe. and Austria's largest stock listed industrial company, made the selection after an extensive competitive review and due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. process completed earlier this year. "OMV wanted to unite its physical and financial operations across all its global offices on a single, fully integrated, front-to-back office platform," said Andreas Schwingshackl, managing director of OMV Supply & Trading AG, Zug, a 100% owned OMV subsidiary responsible for the administration of OMV crude supply. "After an exhaustive review of available alternatives, we determined Triple Point offered a solution successfully proven in the global marketplace that best matched our requirements, including those for tight corporate accounting and controls." Triple Point's integrated physical and financial platform automates and consolidates a client's current environment of siloed applications An application that does not interact with other applications or information systems. A siloed application is any software that functions on its own to solve a problem. Such applications are often found within the many departments of large enterprises. , legacy systems and manual spreadsheets onto a single, adaptable, highly scalable platform designed to easily accommodate future business growth. It also helps clients meet the strict requirements of domestic and transnational corporate accounting regulations, including International Accounting Standard 39. OMV is now deploying Triple Point's solution in its Vienna, Zug, and London offices to integrate and manage the physical and financial trading, supply, marketing, reporting and movement of its crude. In addition, the solution will deliver complete strategic and operational risk management across OMV's business units, and will be used to help optimize OMV's physical assets, which include one of Europe's largest refineries located in Schwechat, Austria. In 2001, OMV Supply and Trading AG, a wholly-owned affiliate of OMV AG, selected and deployed Triple Point's commodity trading and risk management system designed for small- to mid-sized organizations. "We are very pleased that the parent company of a long-time client has recognized the measurable value and ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). that Triple Point is proven to deliver," said Peter Armstrong, president of Triple Point Technology. "Major global organizations like OMV are now requiring a real-time, integrated view of their physical and financial position, straight through from the front to back office, across geographies and markets. This is one of Triple Point's greatest strengths, and it is precisely why we continue to earn major new and repeat client business contracts." Triple Point PhysOps 'Visual Cockpit' manages the logistical and financial complexities of waterborne and overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. commodity shipments. PhysOps 'Visual Cockpit' is designed to streamline the flow of information up and down the supply chain, lower transaction and transportation costs, and manage strategic and operational risk involved in the movement and storage of bulk or packaged commodities worldwide. About OMV AG With Group sales Group sales Block sale (of large amounts) of securities to institutional investors. group sales The distribution of a new security issue to institutional clients. of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 9.88 billion and a workforce of 6,475 employees in 2004, as well as market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of approx. EUR 9 billion, OMV Aktiengesellschaft is Austria's largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in Refining and Marketing (R&M) in 13 countries and has set the goal to increase its market share to 20% by 2008. In Exploration and Production (E&P) OMV is active in 18 countries on five continents. In the Gas business segment OMV has storage facilities and a 2,000 km long pipeline system, transporting 43 bcm of natural gas annually to countries such as Germany and Italy. OMV owns integrated chemical and petrochemical plants, and has a 25% stake in Borealis A/S, one of the world's leading producers of polyolefin. Other important holdings are: 51% of Petrom SA, 50% of EconGas GmbH, 45% of the BAYERNOIL refining network and 10% of the Hungarian company MOL Mol (môl), commune (1991 pop. 30,763), Antwerp prov., N Belgium, near the Dutch border; founded in the 9th cent. It is a manufacturing city and the site of a Euratom nuclear research center. See mole. . With the acquisition of a majority stake in Petrom, Romania's biggest oil and gas company in 2004, OMV has become the largest oil and gas group in Central Europe, with oil and gas reserves of over 1.4 billion boe, daily production of around 345,000 boe and an annual refining capacity of 26.4 million metric tons. OMV now has over 2,375 gas stations in 13 countries. The market share of the group in the R&M business segment in the Danube Region is now approximately 18%. Petrom has a presently workforce of 50,737 and has been consolidated in the 2004 balance sheet, in the first quarter of 2005 Petrom has already contributed positive to OMV's financial results. About Triple Point Technology Inc. Triple Point Technology is the leader in trading and risk management solutions for commodities including power, oil, gas, coal, metals, agricultural products, and freight. Triple Point Commodity XL(TM) profitably manages the complex, ever-changing requirements of physical and financial markets. Commodity XL integrates front-to-back office and delivers best-of-breed functionality for the supply, trading, marketing and movement of commodities on a single next-generation platform. Triple Point's real-time system helps customers streamline trade processing, reduce transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). , maximize supply chain efficiencies, precisely measure and manage market risk, evaluate performance, and ensure regulatory and accounting compliance. Named "Software House of the Year" by Energy Risk, Triple Point's award winning solutions are used by over 25% of both Global 500 commodity trading companies and Global 500 energy companies, including Amerada Hess, HETCO, Louis Dreyfus, BP, Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. , Preem, Tesoro, Valero, OMV, BPCL BPCL Bharat Petroleum Corporation Limited , ENOC ENOC Emirates National Oil CompanyENOC Enterprise Network Operations Center , Petronas, Oxy, Cinergy, Noble Group, ITOCHU, General Maritime, and Glencore. Headquartered in Westport, Connecticut Westport is a coastal town in Fairfield County, Connecticut, in the United States. The 2004 population estimate was 26,644. The town is as affluent as other expensive Fairfield County towns, boasting a per capita income of more than $70,000. , USA, Triple Point serves clients from its five development and support centers strategically located around the world. More information is available at www.tpt.com. |
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