The new venture will develop a blockchain-based digital platform intended to modernise and transform post-transaction management of physical energy commodities trading, pending relevant regulatory approvals.

The consortium participants are companies from: energy majors BP, Shell and Statoil; trading houses Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Societe Generale.

To view the full joint press release, please visit PR Newswire.