Blockchain Platform For Oil Storage Data Launched In UAE By S&P Global Platts
S&P Global Platts has started the deployment of its blockchain platform for sharing oil inventories in the United Arab Emirates (UAE).
S&P Global Platts is a provider of energy and commodities information and a source of benchmark price assessments in the physical energy markets. S&P Global Platts is recognized as one of the most significant price reporting agencies for the oil market. From an original focus on the oil industry, the company gradually expanded its purview to include metals, shipping, and all energy-related markets – oil, coal, natural gas, electricity, nuclear power, petrochemicals, renewables, and emissions.
The company’s blockchain platform allows market participants to submit weekly inventory oil storage data to the UAE’s Fujairah Oil Industry Zone (FOIZ) and the regulator FEDCom. The platform will reduce the burden of manual data management for both FEDCom and the terminal operators. It will improve reporting quality by automatically validating numbers with predefined criteria and aggregating numbers, avoiding human input. The solution also simplifies the certification of asset ownership, as well as improving security of data transmission and storage.
James Rilett, Senior Director of Innovation and Digital Strategy at S&P Global Platts, said they believe the plaform represents a first for oil markets by offering a full blockchain deployment to provide market participants with data that is increasingly critical in the region and to the global oil markets.
“As part of our on-going commitment to digital transformation in the energy sector and delivering innovative solutions, we are excited about the opportunity to engage with market participants to discuss ways of deploying this technology more broadly to help improve efficiency and manage risk in a secure environment,” said Rilett
Mamdouh Malek Azizeh, Commercial Director of Fujairah Oil Terminal FZC, said blockchain innovation will allow Fujairah’s terminal operators to deliver operations in a more efficient and secure environment.
“We are delighted to take part in this process, which will allow Fujairah Oil Terminal to increase operational efficiency and data management security,” said Azizeh. “The technology will allow us to deliver results under a secure and no risk environment, which are seminal to the energy industry.”
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