Oil majors BP, Shell and Statoil have joined a consortium which will create a digital platform for the energy commodity trading sector.
The venture, which also includes commodity traders and banks, will be managed and operated as an independent entity
The venture partners are BP, Shell and Statoil, trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe Generale.
They intend to create a secure, platform to manage physical energy transactions from start to finish.
The platform will be open to the commodity industry and will be designed and stress-tested by its investors.
It would represent a move away from cumbersome paper contracts, reducing administrative operational risks and costs of physical energy trading.
The platform is expected to be operational by the end of 2018.
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