17 Dec 2012 07:00
17 December 2012
Brady plc ("Brady")
New Contract
Brady, the leading global provider of trading, risk management and settlement solutions to the energy, metals, recycling and commodities sectors announced today that it has secured a new contract through a strategic partnership with Nexus Alliance of Lagos, Nigeria to deliver a Contract Management System ("CMS") for implementing the Price Aggregation Rules (PAR) for Gas Aggregator Company of Nigeria (GACN) within the Nigerian domestic gas market.
GACN was formed in line with statutory requirement of the Nigerian Domestic Gas Supply & Pricing Regulations of 2008. It is owned by several international oil companies (ExxonMobil, Chevron, Shell, Total, Pan Ocean) and NNPC, Nigeria's national oil company.
After an extensive review process of vendor alternatives, Brady was selected as the partner of choice driven by its comprehensive technical & functional expertise gained through a number of recent successful implementations of CMS solutions of similar complexity. Known for its speed of deployment and the in-depth domain knowledge of the Brady team in the energy sector, the Brady solution will enable GACN to manage all processes underpinning the Price Aggregation rules in the Nigerian domestic gas market. Brady's solution will be a fully web based system, modelling contractual payment flows for gas contracted between a number of sellers and buyers. The system will capture monetary/gas flows resulting from a number of agreements between Sellers and Buyers, Sellers and GACN, Buyers and GACN, Escrow Agents and GACN.
Gavin Lavelle, CEO of Brady plc commented: "Brady Energy has a proven track record for delivering complex solutions under our CMS offering banner to model specific contracts, such as tolling agreements and in this case a solution for the gas market in Nigeria. We are delighted to extend our presence in the African region and build on our existing strong relationship with Nexus Alliance."
For further information please contact:
Brady plc Gavin Lavelle, Chief Executive Officer Tony Ratcliffe, Finance Director | Telephone: +44(0)1223 479479 |
Cenkos Securities plc Ivonne Cantu / Camilla Hume
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Telephone: +44 (0)20 7397 8900 |
Redleaf Polhill Rebecca Sanders-Hewett / David Ison | Telephone: +44 (0)20 7566 6720
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About Brady
Brady plc (BRY.L) is the largest European-headquartered provider of trading and risk management software to the global commodity and energy markets. Brady combines fully integrated and complete solutions supporting the entire commodity trading operation, from capture of financial and physical trading, through risk management, handling of physical operations, back office financials and treasury settlement, for energy, refined, unrefined and scrap metals, soft commodities and agriculturals.
Brady has 25 years' expertise in the commodity markets with some 300 customers worldwide, who depend on Brady's software solutions to deliver vital business transactions across their global operations. Brady clients include many of the world's largest financial institutions, trading companies, miners, refiners and producers, recycling companies, scrap processors, tier one banks and a large number of London Metal Exchange (LME) Category 1 and 2 clearing members and many leading European energy generators, traders and consumers.
For further information visit: www.bradyplc.com
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