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Shell and Macquarie plan crude oil trading on the Blockchain platform

Shell and Macquarie to participate in a Blockchain project for the trading of crude oil. Such a digital trading platform promises to deliver a fast and efficien

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Shell and Macquarie plan crude oil trading on the Blockchain platform

Shell and Macquarie to participate in a Blockchain project for the trading of crude oil. Such a digital trading platform promises to deliver a fast and efficient processing of a high level of security and lots of transparency.

From Stefan Schäfges
6. September 2019BTC$10.838,32 , 3.44%part Facebook Twitter LinkedIn xing mail

According to the news Agency Reuters, the company, Sinochem Energy Technology Co Ldt to. Together with Royal Dutch Shell and the Macquarie Group to an energy-Blockchain-platform work.

Sinochem Energy is a subsidiary of Sinochem Group. In the case of the Sinochem Group, in turn, is a state-owned chemical company from China. Royal Dutch Shell is one of the world's largest oil companies and the Macquarie Group is a global investment banking and securities trading company from Sydney, Australia.

Shell and Macquarie to sign the Declaration of intent

According to an insider, Shell and Macquarie in July signed a Memorandum of understanding to investigate further steps to Blockchain-a platform for the crude oil trade. The Blockchain-a platform is considered an incubator project of Sinochem Energy, and bears the name of the Gateway.

Furthermore, Shell and Macquarie have agreed to consider an Investment in Sinochem Energy.

the Gateway is to use the Blockchain technology, in order to make the trade with crude oil and the processing more efficient. In addition, the transparency should be increased and the risk of fraud be reduced. The digital platform will have a value of 14.1 million US dollars (100 million Yuan).

Should come Shell and Macquarie to positive results, then it could turn the tide for Sinochem Energy. Because two years ago the company founded is in crisis. The high expenditure against low revenue, so that the parent company has a subsidiary already.

Sinochem Group has set up the technology company have an internal deadline, in order to win until the end of September or by October at the latest strategic investors, as the company makes high losses.

The Sinochem Group, to more than 600 million Yuan in Sinochem Energy invested. Since then, Sinochem Energy had to reduce the number of employees from 1,000 to half.

Sinochem Energy is not the only company, in the case of the Shell a Investment checks. Already in July, BTC was reported by the ECHO that Shell has already invested in the company LO3 Energy.

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