The venture capital division of the world’s largest and most profitable oil company Saudi Aramco has invested $ 5 million in the Vakt blockchain platform.

According to information on the Vakt website, the oil company has become one of 12 platform investors. Vakt plans to spend the raised funds on the development of new markets, with the greatest emphasis being placed on Asian countries.

The deal purports Aramco Trading become a new user of the VAKT platform on the North Sea BFOET crude oil market. The company will bring its own North Sea trading volumes, adding to VAKT’s already high market share.

Hans Middelthon, MD of SAEV Europe said: “VAKT has demonstrated that their platform has the potential to digitise what is currently a very manual process and be truly transformative to end users and customers. Leveraging blockchain theory and applying it to the complicated world of post-trade processing, VAKT has made a compelling pitch to become an integral part of market infrastructure. SAEV’s mission is to develop and deploy technologies into Aramco’s operations. VAKT is an excellent  candidate in this sense and we look forward to helping the company with its development.”

In addition to Saudi Aramco, Vakt currently works with companies such as BP, Equinor, Shell and Reliance Industries.

In 2018, Saudi Aramco received a record profit of $ 111 billion with a total revenue of $ 355.9 billion. At the end of the last year, the company raised $ 25.6 billion during the largest IPO in the history of finance, the value of Saudi Aramco was estimated at $ 1.7 trillion.