On November 6th, Sinochem Energy, the subsidiary of Sinochem being one of the Chinese state-owned companies representatives, signed the joint venture agreement with 9 partners including PetroChina, Macquarie, COSCO, Bank of China, Saudi Aramco Energy Ventures, China Merchants Energy Trading, China Construction Bank, Mitsui, and Wanxiang Blockchain, on the 4th CIIE. This signing ceremony is marked as the establishment of joint venture TradeGo, which is a digital service platform based on blockchain for global commodity trading.
The investors of TradeGo are global and domestic leading enterprises in industries including energy, petrochemicals, metals, transportation, finance and blockchain technology applications. The investors will also become the first ecosystem partners and will continue exploring further innovations and collaboration in the area of global commodity trading digitization.
About TradeGo blockchain platform
TradeGo blockchain platform is a joint venture focusing on blockchain based commodity trading, initiated by the subsidiary of Sinochem named Sinochem Energy, and established by industry partners in China and abroad. TradeGo will provide a digital platform to clients along the industry chain of commodities, in the fields of energy, chemistry, metal and more. TradeGo will support the business expansion and innovation of clients, and help the clients to gain first mover advantage in the digitization trend. TradeGo aims to be the pan-Asian or even global leading blockchain infrastructure and gradually establish the value creation ecosystem within commodity industry.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing program of Aramco Ventures a subsidiary of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent company Aramco. www.saev.com.