Sinochem unit discussing blockchain platform with Shell, Macquarie -sources

SINGAPORE, Sept 5 (Reuters) – Sinochem Energy Technology Co Ltd, a subsidiary of state oil and chemicals firm Sinochem Group, is in talks with Royal Dutch Shell and Macquarie Group to build an energy blockchain platform, three Beijing-based industry sources said. Shell and Macquarie entered a memorandum of understanding in July to explore building a blockchain platform for crude oil, one of the Sinochem unit’s incubator projects with growth potential, said one of the sources who has direct knowledge of the matter. Under the MOU, companies also agreed to study the possibility of investing in the firm itself. Shell and Macquarie both declined to comment. Sinochem’s press office did not respond to a request for comment. The digital platform, named Gateway, is valued by Sinochem Energy Technology at 100 million yuan ($14.10 million), the source said. If discussions come to fruition, it could bolster the prospects of the Sinochem technology unit which has floundered since its launch two years ago with heavy spending but little revenue “Sinochem group has set an internal deadline for the technology firm to bring in strategic investors by the end of September, or the latest October, because the firm is in deep loss,” said the… continue reading

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