January 2019: VAKT Adds Chevron, Total S.A. and Reliance Industries as Investors

Wednesday, January 16, 2019

LONDON – January 16, 2018, – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, today announces investment from three new strategic investors: Chevron, Total and Reliance Industries, who will also become early users of VAKT’s blockchain-enabled platform.  

With their investment, the three new investors join the existing consortium participants to champion industry modernisation and secure their ability to help steer VAKT’s strategic direction and roadmap.

Launched on November 28th for the BFOET crude oil market, the VAKT platform manages physical energy transactions from trade entry to final settlement, eliminating reconciliation and paper-based processes. Built using blockchain technology, it provides a single source of truth for buyers and sellers that is safeguarded with an immutable, distributed audit trail.

The platform promises major efficiency gains and cost savings for post-trade processing, including trade finance, and marks one of the world’s first fully operational enterprise-grade blockchain solutions.

“Total has been supporting industry initiatives to digitise cargo post-trade processes for some time,” said Thomas Waymel, President Trading & Shipping at TOTAL “We view them as a major step forward towards safer, faster and cheaper logistical operations. We are committed to contribute to the roll out to various markets of the VAKT blockchain platform which is linked to a full digital ecosystem. We aim for simplification of the daily work of our logisticians in Europe, Americas and Asia.”

“We are pleased to be involved with VAKT’s blockchain-enabled platform that paves the way for migration to a digital ecosystem, transforming the manner in which energy trades are executed,” said P.M.S. Prasad, Executive Director at Reliance Industries. “VAKT’s platform will help lead the transition away from traditional systems involving manual exchange of information between participants to an integrated platform thereby enhancing transparency, data security and capturing efficiencies.”

“Chevron is joining the VAKT consortium to stay at the forefront of the technology’s development and to help move the industry forward in the blockchain space,” said Colin Parfitt, President, Chevron Supply and Trading.

“We’re delighted to welcome Chevron, Total and Reliance as VAKT investors,” said Adam Vile CTO and Director, VAKT. “These are global companies with a history of innovation who will help VAKT expand the platform across physically traded energy commodity markets worldwide. Their substantial investment in VAKT is further evidence of the industry’s appetite for collaborative industry solutions.

“With Chevron, Reliance and Total on board, we now have five of the world’s top ten largest oil and gas companies by market capitalisation as VAKT investors.”

VAKT’s original investors and first users of the platform include energy majors BP, Equinor and Shell; independent traders Gunvor, Koch Supply & Trading, and Mercuria; and banks ABN Amro, ING and Société Générale. Launched initially in the North SEA BFOET market, VAKT’s ambition is to cover all physically traded energy markets with a roadmap that currently includes US crude oil pipelines and Northwest Europe refined product barges. The first public launch to non-consortium licensees is expected for early 2019.

Home
< Back

VAKT ecosystem expands commodities inspection services with Intertek

April 8, 2020

VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, has partnered with leading total quality assurance provider, Intertek, to bring its first-class commodity....

Read more >>

VAKT adds commodities inspection services to ecosystem with SGS partnership

March 11, 2020

VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, welcomes SGS as the first inspection company to join the platform. SGS will integrate its ...

Read more >>

Saudi Aramco Energy Ventures makes $5m investment into VAKT and joins platform

January 28, 2020

LONDON – January 28th, 2020 – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, welcomes Saudi Aramco Energy Ventures (SAEV) as its latest ...

Read more >>

September 2019: VAKT Expands Ecosystem with essDOCS Collaboration on NWE Barge Markets

September 17, 2019

London, UK & Swieqi, Malta – September 17, 2019: VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, announces a memorandum of understanding (MOU) with ...

Read more >>

February 2019: VAKT Welcomes/Appoints Etienne Amic as New CEO

February 13, 2019

LONDON – February 13, 2019, – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, today announces the appointment of Etienne Amic as its ...

Read more >>

January 2019: VAKT Adds Chevron, Total S.A. and Reliance Industries as Investors

January 16, 2019

LONDON – January 16, 2018, – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, today announces investment from three new strategic investors: Chevron, Total ...

Read more >>

November 2018: VAKT Goes Live with World First Enterprise-grade Blockchain Platform

November 29, 2018

LONDON – NOVEMBER 29, 2018 – VAKT, the company re-imagining commodity post-trade processing underpinned by blockchain, has launched its platform in its first market. Participants in ...

Read more >>

July 2018: VAKT Joins the Ethereum Enterprise Alliance

July 27, 2018

VAKT are pioneering the development of an industry-wide post-trade processing platform for commodities through blockchain, today announces that it has joined the Enterprise Ethereum Alliance (EEA), th

Read more >>

June 2018: VAKT is Launched to Re-imagine Global Commodities Through the Use of Blockchain

June 21, 2018

LONDON – JUNE 18, 2018 – VAKT, an independent company focused on creating an industry-wide post-trade processing platform for commodities through blockchain, announced today its launch and ...

Read more >>

November 2017: Commodity Traders, Energy Majors and Banks Join Forces to Create a Blockchain-based Digital Platform for the Energy Commodity Trading Industry

November 7, 2017

LONDON, GENEVA, AMSTERDAM and STAVANGER, Norway, November 7, 2017 /PRNewswire/ — In a unique collaboration, several of the world’s largest trading houses, integrated energy companies and banks intend

Read more >>