"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.
Reid Petroleum [image-nocss] 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.
FMS is an 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, the company said.
"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 Houston-based FuelQuest.
Lockport, N.Y.-based Reid Petroleum Corp. is a multi-branded motor fuel marketer operating in Upstate New York and northwestern Pennsylvania. The company is a subsidiary of The Reid Group that also operates more than 30 convenience stores under the name K&K Food Marts and Crosby Marts.
FuelQuest provides on-demand, web-based supply chain management and tax automation technologies for suppliers, distributors, buyers and traders of petroleum products and other energy commodities. Its solutions deliver operational and financial value to more than 750 customers. These customers include leading global oil companies, international retailers, shippers and government entities. And its solutions help customers manage the complexity, regulation and market volatility of billions of gallons of gasoline and diesel fuel annually. ZyTax solutions process tens of billions of dollars of motor fuels excise taxes per year.
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