Ultimate Oil & Gas selects Eka to manage trading & risk of crude and refined products in the Middle East
Leading oil & gas company chooses Eka’s Digital Platform for its state-of-the-art technology, scalability, and mobility.
Eka Software Solutions announced its first crude and refined products client in the Middle East today. The leading provider of commodity management solutions has signed Ultimate Oil & Gas DMCC (Ultimate) to provide the latest version of their specialist, cloud driven commodity management platform. The new implementation provides a unique end-to-end business solution to manage Ultimate’s complete trading operations. With 25 clients signed in 2018 this is a significant client win for Eka in the MEA. Eka’s fully scalable solution will enable Ultimate to lower risks and increase profitability through automation and real-time analysis of trading opportunities in the market.
Ultimate Oil & Gas DMCC is a crude oil, petroleum, diesel and jet fuel provider in West Africa, headquartered in Dubai, with operations across Africa, Middle East and India. The company’s fast expansion in West Africa and UAE requires a real-time system that enables growth without having to add new resources and keeps all staff and management connected with Ultimate’s business in real-time.
Kanwar Ratra, CEO Ultimate Oil and Gas, said: “We looked at a number of other companies, but Eka’s crude and refined products Platform was unquestionably the best fit for us. As our business grows, our requirements evolve with it and we need a solution that is modern, easily deployable, mobile and backed by a solid team. The team at Eka demonstrated deep industry knowledge and a customer-centric focus.”
Ratra further added, “The real-time analytics provided by Eka’s Platform is a unique opportunity for us to make informed decisions quickly, which is especially important in crude and refined products trading.”
Manav Garg, CEO & Founder Eka Software Solutions, said: “The commodity industry has traditionally been underserved in terms of innovation. Ultimate choosing Eka’s digital platform to scale their business is a testament that the industry is ready for a modern, digital solution that lets them break free from legacy systems and move forward with nimble solutions driven by data and cloud that now lets them scale in weeks as opposed to months.”
Ian Evans, VP Middle East and Africa at Eka, said: “The energy sector is witnessing a rapid growth in the Middle East and we are delighted to be working with Ultimate, our first client in energy liquids in this area. Commodity businesses should be able to deploy applications based on the needs of their business, not the limitations of their systems. Ultimate’s need for an end-to-end solution driven by the company’s expansion is precisely why Eka’s Platform is the right fit for them.”
Eka’s solution will benefit Ultimate in four different ways:
- Cloud: Driven by cloud, Eka’s Platform provides Ultimate visibility into every part of their business while they are on the move with apps that include Mark-to-Market, Position, Risk and Monitoring and more.
- Mobile: Eka’s pre-built apps are designed to deliver a holistic, accurate, current picture of the state of the business, enabling Ultimate to stay up-to-date anywhere, anytime and allowing them to share information on the go with their teams on ground.
- Increased productivity: By integrating its trading and risk operations on one platform, Ultimate will be able to eliminate manual processes completely. Reports that used to take three weeks to create are now created in just a few minutes.
- Scalable: Ultimate will benefit from the Platform’s architecture which will enable them to go live in weeks and add functionality in the future without having to undergo a painful and lengthy implementation process.
Eka expanded its operations in Dubai last year to support its rapidly growing customer base for its Digital Commodity Management Platform. As part of this endeavor, Eka appointed industry veteran Ian Evans as vice president-MEA in Dubai to setup its business operations and lead company growth across energy and agriculture markets in Middle East and Africa. Dubai is Eka’s 8th global office, having established its presence with offices across Australia, Canada, India, Singapore, USA and the United Kingdom.
Based in Dubai, Ultimate Oil & Gas is the offshore trading company arm of Rahamaniyya Group. It is a full-fledged oil and gas trading company with an array of expertise in trading, operations, trade finance, chartering, and risk management. Established in October 2003 as an onshore oil trading business, the Rahamaniyya Group’s specific focus is on the Nigerian market and Sub Saharan West Africa, and to be the leader in the downstream sector.
Over the years, the Rahamaniyya Group has grown into a full-fledged downstream company with various divisions. Rahamaniyya Group has a large depot strategically located at Apapa in Lagos. The depot has its own Jetty through which it receives large cargos up to 25000 MT. It has a storage capacity of 90 million litres, thereby having capacity to receive a full LR 1 cargo with break bulking in lots of 20-25 KT. It also has two MR’s on long term charter for breaking bulking cargoes. Its own transport unit has about 250 trucks and supplies the petroleum products to the hinterland to various bulk customers, industrial customers and retail stations.
Award winning Eka is the global leader in providing Commodity Management solutions driven by Cloud, Blockchain, Machine Learning and Analytics. Eka’s modern Digital Commodity Management Platform enables companies to efficiently and profitably meet the challenges of complex and volatile markets.
The company’s best-of-breed solutions manage commodity trading, enterprise risk, compliance, procurement, supply chain, operations, logistics, bulk handling, processing, and decision support. Eka partners with customers to accelerate growth, increase profitability, improve operational control, and manage risks and exposures. Eka is a team of 315 staff with offices in the Americas, Asia, Australia, and EMEA, serving a rapidly growing global client base across multiple commodity segments.