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Saudi Aramco Invests in Oil Blockchain Platform Vakt

According to a recent announcement from VAKT Global, a firm that focuses on post-trade processing via blockchain technology, the company has just received a $5 million investment in its new shares by Saudi Aramco Energy Ventures. This made Saudi Aramco VAKT’s 12th investor and stockholder, alongside some of the world’s largest energy and commodity trading firms.

VAKT will use the new investment to improve its blockchain technology, but also to expand into new ventures, particularly in the Asian regions. So far, VAKT has been using blockchain technology for post-trade processing, which is a significant, but also rather complex use case. Even so, it allowed VAKT to become a massive player in the infrastructure of the oil market.

According to some reports, Saudi Aramco is also not the first energy giant to partner up with VAKT. Previously, the firm struck a deal with the North Sea crude oil firm. Now, the new partnership will ensure that Aramco will also have access to VAKT’s blockchain platform, which is already live in the North Sea crude oil market, where Aramco itself remained active for quite a while.

Aramco will also bring its own trading volumes from the North Sea, which will benefit VAKT by increasing its market share, and allow it to expand. VAKT’s CEO, Etienne Amic, stated that the North Sea is only the beginning. Saudi Aramco is one of the best trading partners that VAKT could have found, according to Amic. However, there are multiple other major players in the sector, such as the French Total S.A., Californian Chevron Corporation, as well as India’s Reliance Industries Ltd., all of which backed the startup in the past.

VAKT’s platform is actually not that old, as many may already know. It was unveiled in December 2018, while the company itself is only one year older. After it was founded, two leaders of the oil industry — BP and Shell — were the first to start using its platform. Its user base later expanded to include Total, Chevron, and Reliance.

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