OurSERVICES
Fuel Oil
Crude Oil
Middle Distillate
Shipping
Assets
SIA RDZ ENERGY has been established on the 8th of May 2002 and is engaged in Latvian petroleum product whole sales and retail sales market. In 2009 company have been restructured and partially hold by Galaxy Energy Group. The company rents Sloka terminal (SIA PRAX SA with capacity of 20700 m3) and operate 3 diesel automate stations under Virši-A franchise in Riga.
To comply with applicable laws, regulations, rules, sanctions and laws of each country we are operating in, Galaxy has developed a strong legal and Compliance Department to carry out adequate due diligence processes, code of conduct, business ethics.
As many areas of our business are concerned by Compliance procedures (Trading, Banking, Insurance, Chartering and Shipping, Safety) we have developed and implemented policies and procedures to ensure strict compliance with OFAC, EU, UK and other applicable rules, guidelines, sanctions and regulations including Anti Money Laundering, Anti Bribery, Anti-Slavery legislation that are being continuously monitored and updated.
Our everyday target is to ensure that our business is always managed efficiently and safely.
Risk Management Policies
Galaxy operates in a dynamic and changing environment and envisage Risk Management as being aware of what could go wrong at any time, deciding if these risks can be managed or how they would affect its business, and finally taking action to avoid either the problem or its consequences.
In other words, Risk Management is about information, how it is dealt (identify, quantify and manage) and mitigating risk when it cannot be avoided.
In this, data gathering and information processing are an important part of our decision making.
Identifying risks (market, counterparty, financial, legal, operational, political), look at potential business issues and get to the crucial solutions. How things could affect areas of business, to come up with solutions as well as with opportunities.
Looking at the big picture
- We identify which risks can be managed versus which are beyond control, to focus on contingency plans and prepare for the unknown.
- We invest time to stay up to date (market research/analysis) and understand all regulations changes and updates (Compliance).
We have a Risk culture
- The flow of information between different departments is important, as well as with external groups (auditors, regulators, banks).
We need to be adaptable
- Each day can bring new concerns leading to changing environments and geopolitical events, health issues (Covid-19), IT issues (reliability of the systems, breach of security), among others.
- Change of Government, enforcement of new regulation.
In line with the above, Galaxy has:
- Put in place operational procedures before deal approval till completion of the agreement in all relevant aspects.
- Set up trading limits to hedge price exposure for the various indexes its deal with.
- Developed its own ETRM software that allows controlling and monitoring of the flow of deals, exposure, production of daily Profit and Loss and daily reporting.
