Tipco Asphalt Goes Live with Allegro Commodity Management Software
Thailand-based asphalt manufacturer and crude oil refiner is now managing complex trading with Allegro's CTRM
DALLAS, Sept. 14, 2017 – Allegro Development Corp., a global leader in end-to-end commodity trading and risk management solutions, announced today that Bangkok-based Tipco Asphalt PCL (Tipco) has fully implemented Allegro’s software to oversee crude logistics, handle inventories, manage risk and value derivatives.
Tipco, a leading manufacturer and distributor of asphalt products, services the road construction, maintenance and paving industries, as well as airport runways in Thailand and the Asia-Pacific region. Last year, Tipco began looking to replace its spreadsheet-based commodity management processes in order to streamline the logistics of bringing in crude oil, as well as improve the management of physical inventory, risk and increasingly complex derivatives.
Because of Tipco’s strategic growth plans in Vision 2020, the company identified the need for a robust system that can handle proprietary trading of bitumen and crude, which Allegro will enable. Additionally, Tipco selected Allegro’s software to satisfy its need for a real-time, fully integrated solution to comprehensively manage finance, hedging, procurement, refinery, productions, marine logistics and constructions.
Now that Allegro’s commodity trading and risk management (CTRM) platform is in use, Tipco will be able to enhance its physical trading and commodity hedging. Additionally, Allegro’s solution will empower Tipco with greater control and position visibility surrounding its inventory levels.
Frank Brienzi, CEO, Allegro:
“With growing challenges and greater complexity in the commodity markets, it is imperative that companies such as Tipco have an end-to-end solution that provides them will full position visibility into their commodity management. We’re incredibly grateful that the Tipco team saw the capabilities and the value in partnering with Allegro for their requirements, both today and for the future. The implementation of Allegro’s commodity management solution, which was completed on time and on budget, will greatly improve Tipco’s operational efficiencies.”
Koh Lai Huat, Chief Financial Officer, Tipco:
“The implementation of Allegro’s software was extremely efficient, and we are proud to announce that we have gone live with its solution. Allegro’s powerful and flexible software will provide us with superior tools to manage complex commodity trading and physical crude movements. We are confident Allegro’s software will have a positive impact on our commodity risk management and ability to expand our physical trading business in line with our Group’s Vision 2020.”
Tipco, a regional group based in Bangkok, manufactures and distributes asphalt products, servicing the road construction, maintenance and paving industries. The company has manufacturing facilities and asphalt terminals in Thailand, China, Vietnam, Cambodia, Malaysia, Indonesia and India along with a fleet of trucks to deliver asphalt. Building on this capability, the company also owns and operates 10 oceangoing asphalt vessels, which significantly expand its presence in the export market in more than 12 countries. These vessels also import asphalt into Thailand. Additionally, Tipco operates a refinery in Kemaman, Malaysia, that, in 2016, processed 9.7 million barrels of crude oil, or 1.5 million tons of asphalt and non-asphalt products. For more information on Tipco, visit http://www.tipcoasphalt.com/index.aspx.
Allegro is the gold standard in commodity management software for companies who buy, sell, produce or consume commodities. For over 30 years, Allegro has delivered position visibility, risk management, comprehensive controls and regulatory compliance through a forward-compatible, next-generation architecture. Headquartered in Dallas, Allegro has offices in Calgary, Dubai, Houston, Jakarta, London, Singapore and Zurich, along with a global network of partners. To learn more about Allegro, see the company’s website at https://www.allegrodev.com.