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Saudi-based Oil Company SAEV Invests $5 million in blockchain Trading Platform VAKT

The Saudi based-company Saudi Aramco Energy Ventures (SAEV) announced to invest almost $5 million in the blockchain-based oil trading firm known as VAKT.

On Jan.28, VAKT welcomed the Saudi Aramco Energy Ventures as its 12th shareholder that has a large sum of capital. Due to accumulating investment, VAKT has a plan to enter into Asian-based marketplaces.

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The CEO of VAKT, Etienne Amic, is very passionate to enter into Asian markets:

The North Sea is just the start for us. In a few short months, we have learnt a great deal from having the platform in production and iterating our product to make it better suited for global waterborne oil. We are now on a path to becoming the backbone of the post-trade processing of physical commodities. We couldn’t ask for a better partner ahead of our future expansion than Saudi Aramco – especially when it comes to the company’s reach and expertise in Asia.

Company with world’s largest IPO

SAEV is known as the second-largest company for crude oil reserves and also considered as the second-largest company in the world for daily oil production. It is also worth mentioning that SAEV has marked the largest Initial Public Offering (IPO) in the world till now: that is worth of $25.6 billion.

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The blockchain empowering platform of VAKT will now be used by Aramco Trading Company because of its investment partnership. Currently, the VAKT platform is operational in the oil market of the North Sea.

Hans Middelthon, MD of SAEV Europe, said on joining the hands of both companies.

VAKT has demonstrated that their platform has the potential to digitize what is currently a very manual process and be truly transformative to end users and customers. Leveraging blockchain theory and applying it to the complicated world of post-trade processing, VAKT has made a compelling pitch to become an integral part of market infrastructure. SAEV’s mission is to develop and deploy technologies into Aramco’s operations. VAKT is an excellent candidate in this sense and we look forward to helping the company with its development.

 

Hassan Mehmood

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has got a degree in journalism.

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