Neste selects the Allegro 8 platform for crude and refined products trading and risk management
LONDON, June 1, 2015 – Allegro Development Corporation has announced today that Neste – the world’s leading supplier of renewable diesel — has chosen the Allegro 8 platform to support its crude oil, refined products trading and risk management desks in Geneva, Switzerland. Neste will use Allegro’s enterprise class software to manage its crude oil and refined products positions, the impending regulatory changes and the volatility of the energy trading market.
The company needed to replace its legacy risk management system which had been developed in-house and was no longer able to respond to all current and foreseeable business needs.
“We selected Allegro 8 as our new corporate CTRM platform to address the complexities of our refining business,” said Risto Espo, Chief Risk Officer. “After an initial implementation in Geneva and at headquarters in Espoo, our plan is to eventually roll out Allegro 8 to Neste’s commercial operations in Singapore, Houston and Toronto,” he continued.
“Following a thorough evaluation and testing of Allegro 8, overseen by our Geneva Risk Management team and our local advising partner Mostel Solutions, we are convinced that Allegro is a robust and flexible tool that will provide us with a fast-track, first-class, “fit for purpose” implementation beyond our initial scope,” added Jani Lepojarvi, Development and Corporate Risk Manager.
Allegro will support Neste with the following benefits:
- A robust, accurate and scalable position tracking and P&L system to protect operational integrity
- An integrated view of risk across Neste
- Risk analysis for the long term structural risks in refinery activities
- Automated deal capture and elimination of duplicate trade entries
- Adequate controls and segregation of duties
- One integrated platform for all risk management, trade capture and inventory/transaction hedging
Allegro develops and markets integrated commodity management software providing position visibility, risk management, comprehensive controls and regulatory compliance. Allegro customers manage commodities from production to consumption, including oil and gas production, petroleum refining, agriculture and forestry, mining, chemicals, metals, food, transportation, commercial and utility sectors. Allegro software is tailored to the specific needs of each commodity, with a comprehensive set of features and functions to support profitable decisions. Allegro is headquartered in Dallas, with offices in Calgary, Dubai, Houston, Jakarta, London, Kuala Lumpur, Singapore, Sydney and Zurich.
For more information, please visit www.allegrodev.com or contact Samantha Johnston at email@example.com or +18.104.22.16849.
Neste is a forerunner in oil refining and renewable solutions. We offer our customers cleaner traffic solutions and industrial products based on cutting-edge research. Our sustainable practices have received recognition in the Dow Jones Sustainability World Index and the Global 100 list of the world’s most sustainable companies. In 2014, our revenue amounted to EUR 15 billion. Neste shares are listed on NASDAQ Helsinki. Cleaner traffic, energy and life are moved forward by 5,000 professionals. Learn more at neste.com »