Recently, Sinochem Energy Network Technology Co., Ltd., a subsidiary of Sinochem Group, completed a simulated export transaction for a ship of gasoline from China Quanzhou to Singapore as efforts on blockchain applications. This is the first blockchain application project in oil trading with participation of government in the world. It is also the world’s first blockchain application project that includes all key participants in the process of a commodity trading.
Participants in this simulated transaction included Sinochem Quanzhou Petrochemical, Sinochem Oil, Xiamen Customs, China Certification & Inspection (Group), HSBC, ship owners as well as freight forwarding agencies. Currently, the ship of gasoline has completed bidding in the spot market in Singapore.
This is an in-depth application scenario of the blockchain technology in the refined oil export business after Sinochem completed its first simulated transaction on crude oil blockchain import in December 2017. It marks Sinochem Group's proven success in blockchain application in petrochemical import and export trading business. The participation of Xiamen Customs signifies that blockchain application in this sector has entered a higher stage, and will help energy and chemical trading businesses improve transaction execution efficiency in the future.