Wipro, the home-grown conglomerate, has formed a strategic partnership with two American companies to offer a software package that optimises the entire Liquefied Natural Gas (LNG) supply chain.
The partnership, called RapidLNG, aims to serve around 500 LNG companies globally, ranging from upstream gas production to consumer market, Wipro officials said after launching the scheme in Singapore at the LNG Global Congress Asia Pacific held from February 9-12.
Wipro is joined in RapidLNG by New York-headquarter OpenLink and Boston-based Veson Nautical.
RapidLNG combines leading information technology tools to create a best-in-class software platform that specifically supports LNG planning, shipping and trading requirements for traders, schedulers and others involved with the buying, storing, or re-gasification of LNG for local market distribution, a joint statement from the three partners said.
Subbi Lakshmanan, Vice President and Domain Head - Energy, Natural Resources & Utilities (ENU), Wipro Ltd, said, "Wipro's CTRM (Commodity Trading and Risk Management) Practice has committed significant resources along with our partners OpenLink and Veson Nautical in developing RapidLNG and we are very happy with the outcome."
"The solution aims to address almost every element relevant to the volatile and dynamic demand and supply scenario in the LNG business and will offer much needed agility to producers and consumers in the LNG supply chain," Lakshmanan added.
The RapidLNG solution helps users manage risk and profit and loss reporting across LNG assets in real-time, including maritime transportation as well as physical and paper trades, the company statement said.
The solution facilitates seamless data transfer throughout the entire LNG value chain and improves decision making through accurate reporting and greater visibility into costs across the organisation, the software services major said.
With RapidLNG, customers can automate LNG-specific bunker calculations, like Boil-off/FOE Conversion, enabling their shipping operations to generate accurate voyage profit and loss statements and increase operational efficiency.