Global oil and gas giants BP, Shell and Statoil will form part of a consortium which will develop a digital platform for energy commodity trading.
The energy majors are joined in the partnership by trading houses Gunvor, Koch Supply & Trading, and Mercuria, and banks ABN Amro, ING and Societe Generale.
The platform they will create will manage physical energy transactions from start to finish.
Currently, energy trading is done via paper contracts. The new platform aims to reduce administrative costs and increase the speed and ease of trading.
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