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Petrotranz selected as ITC billing contractor

Petrotranz Selected as ITC Billing Contractor

December 21, 2012 | Download News Release (PDF, 396kb)

CALGARY, AB, Canada (December 21, 2012) - Petrotranz is pleased to announce that we have been selected by the Industry Technical Committee to provide billing services.

The mandate of the Industry Technical Committee ("ITC") is to be a financial oversight committee with four functions:

  • Reviewing and approving the budgets of each committee under the ITC and having final approval of each individual budget and also for the budget in aggregate. Also ensuring the delivered services meet industry objectives for the following fiscal period.
  • Ensuring that there is a sustainable funding mechanism in place for covering the costs of the various approved committees under the ITC which are to the benefit of producers.
  • Approving and administering the collection and disbursement of funds for each of the committees under the ITC.
  • Choosing the mechanism to collect and disburse the funds.

Under the terms of the agreement Petrotranz will deliver the following services:

  • Prepare Monthly Invoices
  • Monthly monitoring of payments
  • Quarterly Reports to ITC
  • Records Retention

About Petrotranz Inc.

Petrotranz Inc. is a technology company that builds, deploys and manages secure web-based industry solutions that automate and improve manual or inefficient processes in the Energy Industry. The first commercial application developed by Petrotranz was the Crude Oil Transportation System (COTS) used to receive and manage forecast and splits information for all relevant stakeholders automating the 3 month crude oil lifecycle. COTS is used by over 425 companies to manage more the 1 Million bbl/d of crude oil forecast volume in the Western Canadian Sedimentary Basin.

Petrotranz also provides volumetric and financial management industry services and actively serves as the COLC Administrative Manager.

To learn more, please contact:

Dallas Smith Petrotranz | VP, Operations 403.984.0861