OpenLink, the global leader in trading and risk management solutions to the energy, commodities, corporate, and financial services industries, today announced that United Petroleum has selected its RightAngle Energy Trading and Risk Management Solution.
United Petroleum is an independent, Australian-owned petroleum company and one of the fastest growing companies in Australia, specializing in the retail and wholesale fuel markets, and ethanol manufacture.
The OpenLink solution will enable the establishment of a new oil trading operation in Singapore, along with hedging and procurement of United Petroleum’s fuel purchases for more than 300 of their service stations throughout Australia.
Tom O’Brien, CEO of United Petroleum said: “The opportunity in Singapore, which is one of the world's largest and most important global commodity trading centers, represents an exciting business initiative for United, not only to reinforce our competitive supply position in Australia but also to leverage off that position into new product streams and markets in the wider Asia Pacific region. We are delighted to have chosen OpenLink to support us in this new venture, and we look forward to working together with their experienced team to implement OpenLink's comprehensive trade management platform.”
Greg Moyle, Head of Sales, APAC at OpenLink said: “Over 25% of fuel is imported in Australia by independents such as United Petroleum, compared to around 5% in 2008. We’re excited to be supporting the growing domestic market, while also underpinning United’s establishment of its international business and expansion into avenues of sourcing oil, fuel and refined products from the global market.”