The oil trading arm of Qaiwan Group, a diversified conglomerate based in Kurdistan Region of Iraq, is to deploy AspectCTRM, the cloud-delivered commodities trade and risk management solution, it is announced today.
Aspect, which pioneered cloud-delivered CTRM, sealed the deal with Qaiwan’s Dubai-based trading operation bringing 2016 to a close with five new customers in Dubai.
AspectCTRM is due to begin supporting trading at Qaiwan by April 2017.
Aspect’s other 2016 wins in Dubai were all live by the end of September, making Aspect the only CTRM vendor to take any deals from close to live operation in the UAE during 2016.
Qaiwan’s Head of Trading Marco Williams said: “We are growing our team of risk managers and traders and need our new people to be able to hit the ground running. We looked at five alternatives and with Aspect we know we have ordered best of breed.
Functionally, AspectCTRM works the way we work, and delivery from the cloud enables Aspect to promise deployment in a matter of weeks from start to go-live, backing up that claim with an impressive list of references both here in Dubai and at other trading centers around the world.”
Qaiwan Group is the largest oil trading company in Kurdistan, operating the Bazian Oil Refinery 25 km from Sulaymaniyah, one of only two refineries in the Kurdistan region and producing 40,000 barrels a day.
The refinery is currently the focus of a major modernization and expansion investment program that will see capacity increase to over 125,000 barrels.
Aspect’s Managing Director for the Middle East and Africa Fieras Freijeh said: “This is a landmark deal for us, our second with a Kurdistan trading house and our fifth new customer won by our newly-formed Dubai operation in 2016. We are making a major investment in our Dubai team to ensure that we continue to deliver the quick response so valued by our users in the region.”
About AspectAspect is a leading global provider of multi-commodity trade, risk and operations management applications delivered Software-as-a-Service (SaaS) in the cloud. With almost 500 customers in 90 countries, it’s one of the fastest growing providers with rapid deployment, affordable subscriptions, and immediate ROI for all size companies.
Solutions include AspectCTRM®, a full-featured commodity trading and risk management enterprise suite for front, middle and back office.
It’s available in three editions: Lite, Standard and Enterprise, expanding in functionality according to the needs and budgets of clients.
Aspect is the only ETRM/CTRM solutions provider with market data and analytics tools delivered with its trade and risk functions on the same platform.
This provides users with a seamless packaged solution beginning with pre-trade pricing analysis and market assessments via AspectDSC.
Aspect’s solutions are available on desktop, tablets and mobile devices and through its Aspect Partner Program (APP).