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.
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