Inatech has deepened its footprint in the Middle East by signing up Alchemist Trading.
Saudi-owned Alchemist has implemented Inatech’s Techoil platform to control risks and increase efficiency within its oil trading business. In recent years Alchemist has grown its annual sales to more than US$300 million. The company has several Bulk Storage capacities in Jubail, Hamriyah and Karachi to support its trading activity. It also owns and operates a fleet of tankers, boats and trucks.
“We have reached a stage where we needed better ways of managing data and information,” said Alchemist Founder and Managing Director, Tareq Alkhulaiwi. “As a manager, for example, you want to make sure that you have an accurate view of the profit and loss of every trade. It is crucial that everyone sees the same data for informed decision making.”
“The platform enables us to scale up,” said Alkhulaiwi. “It automates a lot of checkpoints that were previously processed manually, expedites the approval process on trades, and generally pushes us to adopt best practice in business.”
“The market is becoming more efficient through greater access to information,” said Alkhulaiwi. “Trading houses are having to step up their business model – not simply buying and selling, but adding value to the chain.”
“Our business model is anticipating precisely the energy price squeeze we’re seeing right now,” said Jean-Hervé Jenn, CEO at Inatech. “In these tough times, energy trading firms need a better handle on the profitability of trades. They can only do that by implementing systems that integrate front, middle and back office operations, systems like Techoil. As the business becomes more physical- the companies need to operate an optimised inventory to protect themselves from market and operational risk”.
Read the article online at: https://www.drybulkmagazine.com/dry-bulk/01062017/inatech-heads-to-the-middle-east/