On November 8, with the support of the Ministry of Commerce (MOFCOM), National Energy Administration (NEA), and Shanghai Municipal Government (SMG), the MOFCOM Trade Development Bureau hosted the 8th China International Oil and Gas Trade Congress (CIOGTC) in Shanghai. Mr. Zhong Ren, Vice General Manager of Sinochem Group and Deputy President of Sinochem Energy, attended and delivered a speech at the opening ceremony. He said that the global oil trade landscape is amid profound adjustments, and China’s oil trade industry is embracing a major development opportunity and will provide new drivers for domestic and global economic development. The rapid development of new technologies, especially cutting-edge information technologies such as artificial intelligence, blockchain, big data, cloud computing, and the Internet of Things will promote major changes in the global oil trade industry, and bring strategic opportunities to China’s international oil trading.
The petrochemical blockchain project of Sinochem Energy aims to build an industry-level digital application platform with the distributed technology, empowering the energy and petrochemical industry chain links such as bulk commodity trade, warehousing and logistics, supply chain finance, and credit system, so as to realize scale-based applications and maximize both the value and benefit.
Speech by Mr. Zhong Ren on Behalf of Co-organizer Sinochem Group at the Opening Ceremony
Mr. Yu Yingjiao, Vice General Manager of Sinochem Energy High-Tech, released the White Paper on Blockchain Applications in the Energy Petrochemical Trading Industry (Program) jointly drafted with multiple industry leaders. The Program collects the practical achievements made by Sinochem Energy High-Tech with its partners in blockchain technology applications in the energy and petrochemical industry over the past two years, and presents the outlook for future development of the industry.
White Paper on Blockchain Applications in the Energy Petrochemical Trading Industry (Program)
He mentioned that the energy and petrochemical industry has entered a development cycle with transaction efficiency as the bottleneck, requiring efforts to improve the transaction efficiency and credit of the industry. Blockchain technology enables users to build transaction trust while better addressing their pain points. To build such a win-win platform, Sinochem Energy High-Tech has sought peer partners with a shared vision to explore blockchain applications in business scenarios and publicize it globally.
The white paper will be officially released on May 15, 2020, the 50th anniversary of the successful export of China’s first oil ship.
Forum on “Digital Future of the Energy and Petrochemical Industry” Co-launched by Sinochem Energy High-Tech and its Seven Partners
Many innovators and industry representatives focusing on and exploring blockchain technology applications were invited for in-depth exchanges on the “Discussion and Practice of Digital Documents and Their Operations for Oil and Gas Trading”.
Digital technology has been poised for imminent digital oil and gas trading products and services and digital technology applications are expected to create a brand-new international oil and gas trade landscape soon.