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HOUSTON -- FuelQuest Inc., the leading on-demand software and services company for the global downstream energy industry, announced today a five-year agreement with Reid Petroleum Corp. for the use of its Fuel Management System (FMS). Reid Petroleum will deploy FMS to improve fleet utilization, reduce retains and run-outs in its retail operations and lower freight costs.
"FuelQuest's comprehensive, end-to-end approach to fuel management will limit our risk on a variety of levels," said Mike McCarthy, vice president of operations for Reid Petroleum Corp. "We look forward to the savings and operational efficiencies driven by our implementation of FuelQuest's FMS."
Reid Petroleum will leverage key capabilities within FMS that will virtually eliminate many manual processes and streamline operations to reduce costs and protect fuel margins. These include:
-- Inventory management and demand forecasting to optimize working capital;
-- Streamlined integration to existing business partners and back-office processes; and
-- Exception-based workflow to improve operating efficiency.
FuelQuest's FMS is a comprehensive, end-to-end supply chain solution focused on reducing the cost of procuring, managing and accounting for bulk fuel. FMS powers the largest fuel management network in North America with more than 15 billions gallons managed annually.
"Given the difficult credit market, the need to optimize fuel inventories and maximize asset utilization has never been greater," said Matt Tormollen, president and CEO of FuelQuest. "With North America's largest fuel management network, we are uniquely positioned to help fuel marketers like Reid Petroleum protect and maintain their margins in this challenging economic environment."