The Saudi Arabian Oil Company, better known as Saudi Aramco, has invested $5 million in a blockchain startup VAKT that provides post-trade processing service.
The oil giant invested in VAKT through its investment arm Saudi Aramco Energy Ventures (SAEV), the startup said in a statement on Tuesday.
Another subsidiary, Aramco Trading, will also become a user of the VAKT platform, which is already live in the North Sea crude oil market, the statement said.
VAKT will use the investment to expand into other markets, in particular, Asia.
“The North Sea is just the start for us. In a few short months,” VAKT CEO Etienne Amic said in the statement. “We couldn’t ask for a better partner ahead of our future expansion than Saudi Aramco – especially when it comes to the company’s reach and expertise in Asia.”
Other significantcompanies in the oil sector, including California-based Chevron Corporation (NYSE: CVX), French Total S.A. (NYSE: TOT), and Indian Reliance Industries Ltd. (OTC: RLNIY) have previously backed the startup, as reported by Reuters.
The oil company’s stock closed at $9.13 in Riyadh on Tuesday.
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