Commodity Traders, Energy Majors and Banks Join Forces to Create a Blockchain-based Digital Platform for the Energy Commodity Trading Industry
Nov 6, 2017
In a unique collaboration, several of the world's largest trading houses, integrated energy companies and banks intend to create and invest in a new venture, which will be managed and operated as an independent entity.
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.