Leading Independent Refiner Premcor Joins PetroVantage Foundation Client Program

US-based refining company to use innovative collaborative trading and

logistics software to optimize selection of refinery feedstocks



Apr 24, 2001, 01:00 ET from PetroVantage

    CAMBRIDGE, Mass., April 24 /PRNewswire Interactive News Release/ --
 PetroVantage, a subsidiary of Aspen Technology, Inc. (Nasdaq:   AZPN) and the
 provider of innovative software technology to enable collaborative trading and
 logistics networks for the petroleum industry, today announced that it has
 signed an agreement with Premcor to participate in its Foundation Client
 Program.  Premcor is the sixth largest independent refiner and marketer of
 petroleum products in the United States, and will use PetroVantage to optimize
 the selection and potential purchase of refinery feedstocks.
     Through PetroVantage, participants involved in evaluating, transporting
 and trading crude oil, intermediates and refined products are able to
 establish private trading and logistics networks thereby reducing supply chain
 operating costs, identifying better trading opportunities and enhancing their
 ability to move into and out of markets effectively and profitably.
     Premcor will employ PetroVantage's decision optimization tools to assess
 the technical and commercial suitability of available feedstocks, based on
 refinery capabilities, the desired combination of end-products and any
 associated logistics costs.  Having selected the optimum feedstock, Premcor's
 traders will then be able to complete a trade via PetroVantage's deal
 negotiation platform.
     "PetroVantage gives us the tools to select the most suitable feedstocks
 for our refineries," said Dan Durci, Director Planning & Economics for
 Premcor.  "The ability to make better trading and logistics decisions could
 have a major impact on our bottom line, and joining PetroVantage's pilot
 program enables us to gain exposure to these potential advantages."
     Premcor's first application of PetroVantage will be to select feedstocks
 for its Port Arthur, Texas refinery, which has a capacity of 250,000 barrels
 of crude oil per day.  PetroVantage will be used by traders based in Premcor's
 St. Louis, Missouri headquarters, with links to the other key participants in
 the decision workflow, such as the refinery planning and scheduling group.
     "Refineries are complex and highly capital intensive, and the selection of
 feedstocks with the right combination of characteristics and logistics, at the
 right price, has a tremendous impact on their efficiency and profitability,"
 says Charles Moore, President of PetroVantage.  "By combining decision
 optimization tools with a flexible private deal negotiation solution,
 PetroVantage gives refining companies the opportunity to optimize these
 trading and logistics decisions, and we look forward to working with Premcor
 to ensure the software tools provide our customers with the maximum possible
 advantage."
 
     About the PetroVantage Foundation Client Program
     The Foundation Client Program represents a key phase in the introduction
 of the PetroVantage solution, which will be launched this summer.  Companies
 that will be participating in the program form a cross section of the industry
 including integrated refining and marketing companies, national oil companies,
 trading companies, bulk distributors and consumers, pipeline and marine
 transportation companies, brokers, terminal companies and inspection
 companies. Feedback from their experiences will then be incorporated into the
 product to ensure the software delivers maximum value to users in each part of
 the value chain. The program is currently being expanded worldwide to ensure
 that it satisfies global market requirements.
 
     About Premcor
     Premcor Inc., through its principal operating subsidiaries, The Premcor
 Refining Group Inc. and the Port Arthur Coker Company L.P., is the sixth
 largest independent refiner of petroleum products in the United States.
 Premcor is headquartered in Saint Louis, Missouri and employs more than 1,800
 people.  The Premcor Refining Group operates three refineries in the Central
 United States with a combined crude oil throughput capacity of 490,000 barrels
 per day.  Premcor realized over $7 billion in sales in 2000.
 
     About PetroVantage
     The PetroVantage software solution is designed to address the complex
 challenge of optimizing and coordinating trading and logistics decisions and
 workflow within and between companies involved in evaluating, transporting and
 trading of crude oil, intermediates and refined products. PetroVantage's goal
 is to enable customers to achieve $20-30 billion in annual savings from the
 $150 billion the industry spends each year in logistics and trading costs.
 PetroVantage will provide a hosted solution for the petroleum industry that
 integrates decision optimization technology with collaborative workflow
 management and a deal negotiation solution. Founded in September 2000 and
 headquartered in Cambridge, Massachusetts, PetroVantage is currently a wholly
 owned subsidiary of Aspen Technology (Nasdaq:   AZPN), the leading provider of
 supply chain technology to the process industries. For more information, visit
 www.petrovantage.com.
 
     Certain paragraphs of this press release contain forward-looking
 statements for purposes of the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995.  These statements involve factors
 that may cause PetroVantage's and AspenTech's actual results, levels of
 activity, performance or achievements to be materially different from any
 future results, levels of activity, performance or achievements expressed or
 implied by such forward-looking statements.  AspenTech and PetroVantage cannot
 guarantee any future results, levels of activity, performance, or
 achievements. Moreover, neither AspenTech nor anyone else assumes
 responsibility for the accuracy and completeness of any forward-looking
 statements. AspenTech undertakes no obligation to update any of the forward-
 looking statements after the date of this press release.
 
     AspenTech, PetroVantage, and the aspen leaf logo are trademarks of Aspen
 Technology, Inc., Cambridge, Mass.
 
           Contacts:
 
           For Investors:                 For media:
           Joshua Young                   Carin Warner
           Aspen Technology, Inc.         Warner Communications
           (617) 949-1274                 (978) 526-1960
           joshua.young@aspentech.com     carin@warnerpr.com
 
           Or:
           Lisa Lazarczyk
           Warner Communications
           (617) 661-0903
           lisa@warnerpr.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X61066285
 
 

SOURCE PetroVantage
    CAMBRIDGE, Mass., April 24 /PRNewswire Interactive News Release/ --
 PetroVantage, a subsidiary of Aspen Technology, Inc. (Nasdaq:   AZPN) and the
 provider of innovative software technology to enable collaborative trading and
 logistics networks for the petroleum industry, today announced that it has
 signed an agreement with Premcor to participate in its Foundation Client
 Program.  Premcor is the sixth largest independent refiner and marketer of
 petroleum products in the United States, and will use PetroVantage to optimize
 the selection and potential purchase of refinery feedstocks.
     Through PetroVantage, participants involved in evaluating, transporting
 and trading crude oil, intermediates and refined products are able to
 establish private trading and logistics networks thereby reducing supply chain
 operating costs, identifying better trading opportunities and enhancing their
 ability to move into and out of markets effectively and profitably.
     Premcor will employ PetroVantage's decision optimization tools to assess
 the technical and commercial suitability of available feedstocks, based on
 refinery capabilities, the desired combination of end-products and any
 associated logistics costs.  Having selected the optimum feedstock, Premcor's
 traders will then be able to complete a trade via PetroVantage's deal
 negotiation platform.
     "PetroVantage gives us the tools to select the most suitable feedstocks
 for our refineries," said Dan Durci, Director Planning & Economics for
 Premcor.  "The ability to make better trading and logistics decisions could
 have a major impact on our bottom line, and joining PetroVantage's pilot
 program enables us to gain exposure to these potential advantages."
     Premcor's first application of PetroVantage will be to select feedstocks
 for its Port Arthur, Texas refinery, which has a capacity of 250,000 barrels
 of crude oil per day.  PetroVantage will be used by traders based in Premcor's
 St. Louis, Missouri headquarters, with links to the other key participants in
 the decision workflow, such as the refinery planning and scheduling group.
     "Refineries are complex and highly capital intensive, and the selection of
 feedstocks with the right combination of characteristics and logistics, at the
 right price, has a tremendous impact on their efficiency and profitability,"
 says Charles Moore, President of PetroVantage.  "By combining decision
 optimization tools with a flexible private deal negotiation solution,
 PetroVantage gives refining companies the opportunity to optimize these
 trading and logistics decisions, and we look forward to working with Premcor
 to ensure the software tools provide our customers with the maximum possible
 advantage."
 
     About the PetroVantage Foundation Client Program
     The Foundation Client Program represents a key phase in the introduction
 of the PetroVantage solution, which will be launched this summer.  Companies
 that will be participating in the program form a cross section of the industry
 including integrated refining and marketing companies, national oil companies,
 trading companies, bulk distributors and consumers, pipeline and marine
 transportation companies, brokers, terminal companies and inspection
 companies. Feedback from their experiences will then be incorporated into the
 product to ensure the software delivers maximum value to users in each part of
 the value chain. The program is currently being expanded worldwide to ensure
 that it satisfies global market requirements.
 
     About Premcor
     Premcor Inc., through its principal operating subsidiaries, The Premcor
 Refining Group Inc. and the Port Arthur Coker Company L.P., is the sixth
 largest independent refiner of petroleum products in the United States.
 Premcor is headquartered in Saint Louis, Missouri and employs more than 1,800
 people.  The Premcor Refining Group operates three refineries in the Central
 United States with a combined crude oil throughput capacity of 490,000 barrels
 per day.  Premcor realized over $7 billion in sales in 2000.
 
     About PetroVantage
     The PetroVantage software solution is designed to address the complex
 challenge of optimizing and coordinating trading and logistics decisions and
 workflow within and between companies involved in evaluating, transporting and
 trading of crude oil, intermediates and refined products. PetroVantage's goal
 is to enable customers to achieve $20-30 billion in annual savings from the
 $150 billion the industry spends each year in logistics and trading costs.
 PetroVantage will provide a hosted solution for the petroleum industry that
 integrates decision optimization technology with collaborative workflow
 management and a deal negotiation solution. Founded in September 2000 and
 headquartered in Cambridge, Massachusetts, PetroVantage is currently a wholly
 owned subsidiary of Aspen Technology (Nasdaq:   AZPN), the leading provider of
 supply chain technology to the process industries. For more information, visit
 www.petrovantage.com.
 
     Certain paragraphs of this press release contain forward-looking
 statements for purposes of the safe harbor provisions of the Private
 Securities Litigation Reform Act of 1995.  These statements involve factors
 that may cause PetroVantage's and AspenTech's actual results, levels of
 activity, performance or achievements to be materially different from any
 future results, levels of activity, performance or achievements expressed or
 implied by such forward-looking statements.  AspenTech and PetroVantage cannot
 guarantee any future results, levels of activity, performance, or
 achievements. Moreover, neither AspenTech nor anyone else assumes
 responsibility for the accuracy and completeness of any forward-looking
 statements. AspenTech undertakes no obligation to update any of the forward-
 looking statements after the date of this press release.
 
     AspenTech, PetroVantage, and the aspen leaf logo are trademarks of Aspen
 Technology, Inc., Cambridge, Mass.
 
           Contacts:
 
           For Investors:                 For media:
           Joshua Young                   Carin Warner
           Aspen Technology, Inc.         Warner Communications
           (617) 949-1274                 (978) 526-1960
           joshua.young@aspentech.com     carin@warnerpr.com
 
           Or:
           Lisa Lazarczyk
           Warner Communications
           (617) 661-0903
           lisa@warnerpr.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X61066285
 
 SOURCE  PetroVantage