January 28, 2020 / 9:04 AM / 25 days ago

Saudi Aramco joins oil blockchain platform Vakt

LONDON, Jan 28 (Reuters) -

* Saudi Aramco Energy Ventures has bought into blockchain-based trading platform Vakt with $5 million in new shares, Vakt said on Tuesday.

* Aramco Trading Co, a subsidiary of Saudi Aramco, will use the platform.

* The VAKT platform specialises in post-trade processing. It has been live since the end of 2018 with a focus on the key North Sea crude oil grades used to set benchmark dated Brent.

* The founders included majors BP, Equinor and Shell, independent traders Gunvor, Koch Supply & Trading and Mercuria as well as banks ABN Amro, ING and Societe Generale.

* Chevron, Reliance Industries and Total have also joined.

* Vakt has not disclosed the volume of trade that uses its platform. (Reporting by Julia Payne Editing by David Goodman )

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