Sinochem Group launches blockchain platform supported by Shell and Macquarie

Sinochem Group launches blockchain platform supported by Shell and Macquarie

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,” Shell and Macquarie signed an agreement in July to develop a blockchain platform for crude oil operations. In addition, 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 in order to attract investment for its platform.

Recall that at the beginning of last year, Shell Oil and Gas Corporation acquired a stake in the Applied Blockchain blockchain startup. For the Chinese Sinochem Group, this is also not the first experience of interacting with the blockchain – last year the company used technology to export goods.


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