UAE’s largest terminal first to tap Blockchain tech for oil market

Fujairah Oil Industry Zone (FOIZ), which hosts the Middle East's largest commercial storage capacity for refined oil products, has implemented Blockchain network to achieve highest level of security, according to a company release.

The energy information and benchmark prices provider S&P Global Platts, under an agreement with FOIZ, has developed a Blockchain distributed ledger technology that will offer a weekly inventory of oil products storage data.

The new technology improves the manual and unstructured inventory and validation process being conducted by terminal operators and the industry regulator Fujairah Energy Data Committee (FEDCom).

It is also expected to increase operational efficiency and data management security as FOIZ pursues its ambitions to become a global hub for commodity trading.

“We believe our project, in conjunction with our partners in Fujairah, represents a first for oil markets by offering a full Blockchain deployment to provide market participants with data that is increasingly critical in the region and to the global oil markets,” said James Rilett, Senior Director of Innovation and Digital Strategy, S&P Global Platts.