September 2020: Kogas International selects Entrade® to help optimize their trading operations.
KOGAS is a state-run gas company which was established in August 1983 to improve the convenience and welfare of people through the supply of clean energy, natural gas. Its main task was to construct an LNG receiving base and a natural gas supply pipeline, import LNG from abroad, regasify it at the acquisition base, and supply it stably to city gas companies and power plants. Today Kogas is the world’s second-largest LNG buyer, importing over 24 million mt for the first three quarters in 2019.
At the beginning of the year Kogas International in Singapore, the trading arm of Kogas, decided to seek an ETRM solution that could help them to be more competitive by enabling complex transactions whilst automatically decomposing risk helping to minimize those risks and exposures, optimizing their costs, giving clear visibility of their positions in order to select the most profitable routes and enabling effective processes & controls and reporting which they can post to their accounting system.
In March 2020 Kogas International undertook the task of reviewing several existing ETRM solutions providers, and after a rigorous selection process finally decided to select Enuit’s ETRM solution, Entrade® to manage their front, middle and back-office functions.
Entrade® will enable Kogas International to have greater clarity in their pre-trade decisions via pre-trade deal analysis functions, calculation of position risk and exposure, PNL and settlements, and Entrade® will also have full control of workflow/work process authorization. Further, Entrade® enables tracking of their entire trade cycle upon deal capture, scheduling, and matching of cargoes, capturing of costs and issuance of invoices thereby integrating their front-mid-back office functions seamlessly.
Mr Lee, The Managing Director of Kogas International said: “After our team spoke with several provided references we realized that Enuit’s clients were very happy with their existing solutions and that Entrade would meet our high standards, specifically covering our LNG requirements”.
Mr Tony Teo, MD for Enuit APAC said “It is a privilege and honour for us to partner with Kogas International. This deal will help Enuit to strengthen its position in LNG and we hope for another long and great relationship with Kogas adding them to our long list of happy customers”.
KOGAS an abbreviation for Korea Gas Corporation was incorporated by the Korean government in 1983. Since its founding, it has grown to become the worlds, second-largest LNG importer. As the nation’s sole LNG provider, the Corporation is fully committed to providing clean, safe and convenient energy to the people of Korea. In keeping with this mission, KOGAS currently operates four LNG terminals and a nationwide pipeline network spanning over 4,908km in order to ensure stable supply for the nation.
For more information visit: http://www.kogas.or.kr/eng/index.do
About Enuit LLC
Enuit LLC provides enterprise risk management solutions, also known as ETRM/CTRM solution, for energy and commodities trading companies worldwide. We give our customers complete visibility, insights, control and management over their business operations helping them to have peace of mind to make quick and informed decisions that affect the bottom line. Enuit, LLC is headquartered in Houston, Texas, USA, with offices located in Beijing, China, London, Singapore, and Tokyo to serve markets in China, Asia-Pacific, Middle East, Europe, and North America.
Visit https://www.enuit.com to learn more
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