LONDON, United Kingdom - 24 February, 2020 - OilX (www.oilx.co), a provider of oil data analytics and oil market intelligence, today announced that GS Caltex and Citi have completed a strategic investment in the company. The company has raised $2.2m in seed funding. The latest investment will allow OilX to invest in data engineering and extend its product coverage from crude oil to refined products.
"We are excited to partner with GS Caltex and Citi. We are an oil tech startup, working at the intersection of oil and fintech, with a truly global client base”, said Florian Thaler, CEO of OilX. GS Caltex is deeply rooted in Asian physical oil trading markets, owns one of the largest refining assets in the world and is at the forefront of digitalisation in the Korean energy sector. Citi is pioneering fintech engagement and has a strong global FICC presence which makes it the ideal partner for our next growth phase.”
OilX combines advanced oil analytics with real-time data from satellites and marine intelligence to deliver a digital view of the global oil market. The company resolves the issue of lagging information in oil trading and provides meaningful insights derived from deep oil sector expertise and advanced analytical capabilities.
The OilX Platform is the most comprehensive and coherent visualisation of oil supply-demand balances in the market. It enables oil traders and analysts to swiftly identify fluctuations and patterns in the global crude market.
GS Caltex and Citi join existing shareholders Signal Ocean, Sage Enterprises and Florian Thaler, CEO and Co-Founder.
Established in 2018, OilX combines the latest in advanced data science frameworks with extensive oil analytics knowledge to create the first real-time supply-demand balance tool. Headquartered in London, OilX has more than 15 years of oil analytics experience across oil majors, investment banks and hedge funds at the highest level.
For more information, go to www.oilx.co | LinkedIn: http://www.linkedin.com/company/oilx | Twitter: @OilXs
About GS Caltex
Founded in 1967, GS Caltex is Korea's first private oil refiner to produce the highest quality products in state-of-the-art facilities, including 800,000 barrels of refining capacity and 452,000 barrels of desulfurization facilities per day. GS Caltex is a 50/50 joint venture with Chevron and has the world's best production competitiveness. GS Caltex is strengthening its competitiveness in the global market through continuous investment, R&D activities and overseas market development. For more information, go to www.gscaltex.com.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. For more information, go to www.citigroup.com.
Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog: http://blog.citigroup.com/ | Facebook: http://www.facebook.com/citi | LinkedIn: http://www.linkedin.com/company/citi