Sinochem Energy Technology, a subsidiary of the Chinese state oil and gas giant Sinochem Group, plans to launch a blockchain platform in conjunction with Shell and Macquarie.
According to Reuters, citing "three Beijing sources in the industry," in July, Shell and Macquarie signed an agreement to develop a blockchain platform for crude oil operations. Besides, both companies plan to invest in Sinochem Energy.
Sinochem Energy evaluates the Gateway blockchain platform, which aims to improve trading and settlement efficiency, as well as increase transparency and reduce fraud risk, at $13.99 million.
Initially, the company planned to attract investors by the end of September or October, as it is experiencing "serious financial problems." It is reported that Sinochem Energy is in talks with PetroChina Co and COSCO Shipping Energy Transportation Co Ltd., trying to attract investment.
Let us recall that at the beginning of last year, Shell Oil and Gas Corporation acquired a stake in Applied Blockchain. For the Chinese Sinochem Group, it is not the first experience of interacting with the blockchain - last year, the company used the technology to export goods.
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