Tokyo-based refiner chooses ION Allegro CTRM software to automate the trading lifecycle from the front office to the back office
SINGAPORE (PRWEB) MARCH 30, 2021
ION, the largest global provider of trading, analytics, treasury, and risk management solutions for commodities and treasury management, announced that Cosmo Oil has selected ION Allegro to manage its crude oil trading, and the export and shipping operations for its refined products. Allegro was selected for its extensive trading, risk, and value chain management capabilities, backed by ION’s proven experience and success delivering solutions to the Japanese energy markets.
Based in Tokyo, Cosmo Oil is Japan’s third largest refiner, engaging in the development, export, refinement, and sale of crude oil and petroleum products.
By linking all physical, freight, and derivative transactions, the Allegro CTRM provides a single source of truth for trading, shipping, and supply chain activity across the enterprise. Allegro provides Cosmo Oil with a foundation that allows its front, middle, back-office, and operations team members to work together across multiple locations to monitor P&L and risk while achieving higher levels of efficiency and accuracy.
“We’re delighted to be at the forefront of providing solutions to the Japanese energy markets, bringing data-driven analytics to refiners and petrochemical companies like Cosmo Oil, to help better manage their position, visibility, risk, control, and regulatory compliance on one platform,” said Richard Grossi, ION Corporates Chief Executive Officer.