The Challenge: In 2009 our client, a major Asian national oil company, engaged JBC as they needed to expand their trading operations in the United Kingdom in order to facilitate a requirement to purchase greater and more varied volumes of crude oil from the Atlantic Basin in order to feed a substantially increasing domestic refining sector. However, internal processes, a lack of personnel with relevant trading expertise, reporting bottlenecks and out dated software systems prevented them from reaching their objective.
The Solution: By auditing the client’s supply, trading and risk management activities, JBC was also able to provide the client with a benchmarking report that showed how its current activities compared against industry leading organisations that had adapted internationally recognised best practices for trading and risk management. Based on this benchmark report, JBC was able to provide a list of clear and actionable recommendations that could be immediately implemented by the client which would move them closer to their objectives within a matter of months. JBC was also able to introduce the client to a reputable and affordable third party trading software provider that was able to automate many of our recommendations on internal processes and risk management which is still in place today.
Our Approach: JBC approaches all of its engagements by first listening to the client. We want to understand the uniqueness of the challenges our clients face. We then ask the relevant questions to identify problem areas. Once we have framed the problem our unique combination of energy industry veterans and professional consultants combine to dissect the problem and to find solutions that meet our clients’ objectives. Finally, we provide recommendations that will allow our clients to meet their objectives in the shortest possible timeframe with the minimum amount of cost.
The Outcome: Following JBC’s recommendations the client grew from 18 personnel to more than 80 in a short time period and has continued to grow year after year successfully meeting the goals of its parent company in Asia while simultaneously expanding is portfolio into third party trading. The company has also enhanced its reputation as an industry leader and as attractive employer to some of the industry’s brightest talent.