The investment arm of Saudi Aramco has invested $5 million in an oil trading platform based on the VAKT blockchain technology.

Done Advertising Today, Tuesday, the VAKT platform stated that “Saudi Aramco” has become one of 12 investors in the platform. It added that it will use the new investment amounts to expand into new markets, with a special focus on Asia.

Saudi Aramco, which was founded in 1933, is known to manage an oil reserve of more than 265 billion barrels (which represents 15 percent of global reserves) and recently succeeded in the world’s largest initial public offering on the Saudi stock market.

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As part of the investment deal, Aramco will use the VAKT platform.

“VAKT has demonstrated that its platform has the ability to manually digitize what is being worked on now as well as work with the end user,” said Hans Middlethon, managing director of Saudi Aramco Energy in Europe.

He added, “The VAKT platform has helped to take advantage of blockchain technology and its applications in the world and has become an integral part of the market infrastructure.”

It is worth noting that a number of major oil companies use the VAKT platform, such as Shell, Equinor, Reliance Industries, and others.

Noting that “Saudi Aramco” had previously invested in one of the companies based on blockchain technology “Data Gumbo”, which is a company specialized in the services sector for industrial companies, specifically the oil and gas sector.

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