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Blockchain News

Oil gets a blockchain

Saudi Arabia’s state company, Saudi Aramco, set a new record with their 2019 IPO raising a whopping $25.6 billion, beating the previous record registered by Alibaba’s $25 billion IPO. This made Aramco the most valuable publicly traded company in the world, with a valuation of over $1.5 trillion.

A subsidiary to the state oil company, Saudi Aramco Energy Ventures (SAEV) just made a $5 million investment into VAKT, a company whose vision is to digitise global commodities trading by leveraging the power of blockchain technology.

The company’s investors already include the largest oil players on the planet, including BP, Total, Chevron and Shell. However, this particular investment also made Aramco Trading Company a future user of the platform and thus bringing liquidity. The platform is currently live in the North Sea BFOET crude oil market to which Aramco’s subsidiary will bring an even larger market share.

VAKT’s CEO, Etienne Amic, commented: “The North Sea is just the start for us. In a few short months, we have learnt a great deal from having the platform in production and iterating our product to make it better suited for global waterborne oil. We are now on a path to becoming the backbone of the post-trade processing of physical commodities. We couldn’t ask for a better partner ahead of our future expansion than Saudi Aramco – especially when it comes to the company’s reach and expertise in Asia”.

Image Licensed via Pixabay

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