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Report: Sinochem unit in talks with Shell, Macquarie for blockchain platform

Sinochem Group subsidiary Sinochem Energy Technology Co. Ltd. is in discussions with oil major Royal Dutch Shell PLC and Australia-headquartered Macquarie Group Ltd. on building an energy blockchain platform, Reuters reported Sept. 5, citing three Beijing-based industry sources.

A source with direct knowledge of the matter told Reuters that, in July, Shell and Macquarie signed a memorandum of understanding to explore building a blockchain platform for crude oil, which is one of Sinochem Energy Technology's incubator projects. Under the memorandum, the two firms will also study the possibility of investing in Sinochem Energy Technology, the report said.

The digital platform is called Gateway and will use blockchain to reduce trade and settlement inefficiencies, improve transparency and decrease the risk of fraud. A source told Reuters that Sinochem Energy Technology values the platform at 100 million yuan.

As of Sept. 5, US$1 was equivalent to 7.15 Chinese yuan.