ZURICH, Switzerland – Preem AB, Sweden's largest oil company, will implement Allegro Development Corp.'s Allegro 8 platform to manage its oil supply, trading, refining, logistics, sales, and marketing operations.

Preem has a refining capacity of more than 18 million tons of crude yearly and supplies gasoline, diesel, and fuel oils to companies in Sweden and internationally. Preem currently operates two refineries, six operations depots, 470 gas stations for private individuals, and 215 gas stations for heavy goods vehicles. Preem required a single, flexible platform that could easily integrate external and internal data sources as well as replace their existing disparate applications.

“The Allegro 8 architecture was a key factor in our selection of Allegro,” said Catarina Lotse, senior advisor, Preem Supply & Trading. “We required a fully integrated front-to-back office solution that would ensure business efficiency and enable the flow of accurate information across our enterprise.”

The Allegro 8 software will handle Preem’s physical and financial crude oil and products trading, operations, and invoicing processes, providing:

• Ability to efficiently monitor and manage refinery production, physical storage volumes, scheduling, and cargo transportation
• Risk management with visibility into Profit & Loss, position calculations, Value at Risk (VaR), and cash flow forecasting
• Full auditability to enable regulatory compliance, including Sarbanes-Oxley and hedge accounting
• Real-time price data management with feeds from multiple pricing vendors, including Platts, integrated directly into the Allegro platform
• Improved credit risk control by integrating all counterparty credit exposure

Allegro is a provider of energy trading and risk management ETRM solutions for power and gas utilities, refiners, producers, and commodity traders. Allegro’s enterprise platform spans front, middle, and back offices – multiple currencies and all commodities. 

Source:  Allegro Development Corp.