SOCAR Ukraine Energy to study use of blockchains in energy sphere

Oil&Gas Materials 9 March 2018 09:45 (UTC +04:00)

Baku, Azerbaijan, March 9

By Leman Zeynalova – Trend:

SOCAR Energy Ukraine Ltd., a subsidiary of Azerbaijan’s state oil company SOCAR has joined Oil and Gas Blockchain-Based Consortium of Canadian-registered Petrobloq company, said a message from Petrobloq.

SOCAR has become the second oil major company (the other being PEMEX) to join the PetroBloq consortium.

The consortium, which is being co-developed with First Bitcoin Capital Corp offers a unique opportunity for oil and gas industry participants to plan and guide blockchain development research in directions that maximize benefits to the industry.

As a member and participant of PetroBLOQ, SOCAR will help identify needs and gaps in logistics that are not being addressed elsewhere and collaborate on building solutions aimed at making domestic and cross-border commerce easier, safer and more efficient for oil and gas companies, said the message.

SOCAR operates a distribution network of petroleum retailers in Ukraine including oil storage operations in Odessa, Nikolaev, Vinnitsa, Kiev, Chernihiv, Lviv and Lutsk.

“SOCAR, the second national oil company to join our consortium, will be an invaluable member to our process as we continue developing our platform,” Alex Blyumkin, CEO of Petroteq said.

SOCAR is the sole producer of petroleum products in Azerbaijan. The company also has filling stations in Azerbaijan, Georgia, Ukraine and Switzerland.


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