CoreTRM is pleased to announce that it has successfully implemented their Energy Trading and Risk Management (ETRM) platform for ENEOS Oil & Energy Asia (EASIA) , also formerly known as JX Nippon Oil & Energy Asia or NOEA. EASIA is a Singapore based trading company wholly owned by ENEOS Corporation, a leading petroleum company in Japan. The implementation was achieved within a tight deadline of a few months, despite the challenging and unprecedented circumstances presented by Covid-19.
The platform went live in November 2020, successfully replacing their past ETRM system from another vendor. CoreTRM is very honoured that EASIA made the decision to go ahead with an implementation with us to replace their ETRM system, even with CoreTRM being a new player in the ETRM space and with all the uncertainties surrounding the Covid-19 situation. CoreTRM is proud to have delivered a functional and modern ETRM platform to enable EASIA to effectively and efficiently manage their trading activities in Singapore.
CoreTRM was able to start and finish the implementation almost entirely remotely, liaising virtually with EASIA staff. The implementation project involved configuring the CoreTRM platform to cater to EASIA’ business needs, including blending and inventory functionalities, and also the reconciliation of one year’s worth of a very complex blending operation covering multiple tanks with frequent inter-tank transfers and moving weighted average valuation.
EASIA and CoreTRM are currently working together on other enhancements to the EASIA instance.
A modern approach to ETRM development, deployment and delivery
“A successful project,” says Ron Garden, founder and architect of CoreTRM, “made possible by the effort and hard work of all the people involved, and of course the unique design of the platform which makes for a low risk implementation with less need for developer input.Our development work is solely based in Singapore , and thus there is no unnecessary delay should we need to make more complex changes. Our modern way of implementation also enables us to be nimble and better poised to support our client’s ever-changing business needs. This successful implementation during the circuit breaker is a great testimony that our modern approach works well and is the way forward for all future ETRM implementations.”
“The key strength of CoreTRM is their design flexibility to fit our business needs at the right scale and right timing. It was a right decision by us and we are very happy to work together with CoreTRM .” Satoru Otatsume, Deputy Managing Director, EASIA