On November 8, Mr. Zhong Ren, Deputy General Manager of Sinochem Group and Vice President of Sinochem Energy, was invited to attend the 8th China International Oil and Gas Trade Congress held in Shanghai and delivered a speech.
Mr. Zhong Ren pointed out in his speech that the current global oil trade landscape is facing profound adjustments. The rapid development of new technologies, especially cutting-edge information technologies such as artificial intelligence, blockchain, big data, cloud computing, and Internet of Things will promote major changes in the global oil trade industry, and bring strategic opportunities to China’s international oil trade. Taking the petrochemical blockchain project of Sinochem Energy as an example, Mr. Zhong Ren introduced Sinochem Group’s active exploration in the application of blockchain technology. He stated that Sinochem Group leverages the distributed technology to build an industry-level digital application platform, 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 the application scale and maximize the value and benefit.
During the congress, Sinochem Energy High-Tech Co., Ltd. organized the Forum on Operation and Practice of Digital Documents for Oil and Gas Trade, and jointly released the While Paper of the Application of Blockchain to the Energy and Petrochemical Trade Industry (Guideline) with seven partners. The White Paper collects the practical achievements of blockchain technology application in energy and petrochemical industry in the past two years, and presents the outlook for future development of the industry.
The Congress was held by Trade Development Bureau of the Ministry of Commerce, with support fromthe Ministry of Commerce, National Energy Administration and Shanghai Municipal People’s Government.