OMAHA, Neb. -- DTN Energy announced its acquisition of GE Global eXchange Services’ PetroDEX petroleum exchange effective December 31, 2001.
PetroDEX applications, currently serve more than 300 companies -- including every major U. S. refining company – provide efficient, online collaboration between trading partners in the downstream petroleum supply chain. Partners can collect, monitor, and manage inventory and receivables information, achieve reduced reconciliation costs, and improve back-office efficiencies. PetroDEX applications handle in excess of 50 million transactions annually.
“Integrating PetroDEX, now DTN PetroDex, with our current product solutions brings the downstream petroleum industry closer than ever to having a true end-to-end integrated data solution,” said Erik Betz, Chief Operating Officer and CTO of DTN Energy. “DTN PetroDex will provide all stake holders in the supply chain with a comprehensive set of tools to streamline terminal and product inventory data management, increase product distribution efficiency, and reduce transaction costs.”
Integrating DTN PetroDex solutions, the industry’s largest aggregated information database of rack inventory, with DTN iLoad’s online terminal data management solution will offer suppliers the ability to integrate their management decisions at the terminal, in real-time, for price setting, product and exchange allocations, inventory position management, and reconciliation with exchange partners, according to DTN Energy.
“Our goal is to extend the inherent value of DTN PetroDex’s product solutions to petroleum Marketers, Transporters and Retailers through our ‘chained equity’ for electronic bills-of-lading (eBOLs) to improve their receivables management,” Betz said. “For example, a marketer can now receive both eBOLs and prices from DTN Energy to efficiently audit their supplier invoices and calculate their customer billing, shortening their order-to-pay cycle. Reconciliation with actual invoices sent via DTN DataConnect speeds up the match-pay process. DTN PetroDex greatly extends our core DTN DataConnect solution from posted rack pricing into real-time rack terminals data management.”
