Published: 15 September 2000
Analyst(s): Leif Eriksen
Aspen Technology announced the creation of a new company--PetroVantage--, an online marketplace for the trading of crude oil, petroleum intermediates, and refined products. In addition to financial support, AspenTech will provide the new marketplace with infrastructure support in the form of applications and services. IBM will provide the information technology hardware, software, services, and Web-hosting infrastructure for the new company. Chuck Moore, formerly vice president of AspenTech's petroleum business unit, will be president of PetroVantage. A senior management team, comprised of former executives from Cargill, Conoco, Dynegy, Marathon, and Shell, joins Moore. AspenTech will provide initial seed capital of $10M, but fully expects to make further investments as well as attract other investors. The first transactions are expected by the middle of the year.
©2020 Gartner, Inc. and/or its affiliates.
All rights reserved.
Gartner is a registered trademark of Gartner, Inc. and its affiliates.
This publication may not be reproduced or distributed in any form without Gartner’s prior written permission.
It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact.
While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information.
Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such.
Your access and use of this publication are governed by Gartner’s Usage Policy.
Gartner prides itself on its reputation for independence and objectivity.
Its research is produced independently by its research organization without input or influence from any third party.
For further information, see
Guiding Principles on Independence and Objectivity.