B2B Integration is Strengthening Oil and Natural Gas Transactions
- September 2nd, 2014
- By: Scott Robinson
- In: Energy & Utilities, Supply Chain, General B2B, Subcategory
In a recently-implemented tripartite B2B integration effort, Numaligarh Refinery, Limited has streamlined crude oil supply and invoicing with other oil companies, including Oil India, Limited and Oil and Natural Gas Corporation, Limited.
Coordinating crude oil transactions via B2B “will enable to NRL cover transactions worth over [$1.7 billion] per annum with OIL and over [$645 million] with ONGC into the ambit of IT-enabled settlement,” according to a statement given at the implementation’s roll-out event in Nazira, Assam.
The increased automation will increase transparency and business efficiency, the statement said. NRL has implemented similar B2B partnerships recently with several petroleum marketing companies, and has implemented e-payment with suppliers and service providers.