Socar Energy Ukraine , a subsidiary of State Oil Company of Azerbaijan Republic has joined PetroBLOQ, a Petroteq s subsidiary and developer of a blockchain-based oil and gas supply chain management platform.
SOCAR has become the second oil major company (the other being PEMEX) to join the PetroBloq consortium.
The consortium, which is being co-developed with First Bitcoin Capital Corp. (OTC: BITCF), is based on a distributed ledger technology (DLT) and offers a unique opportunity for oil and gas industry participants to plan and guide blockchain development research in directions that maximize benefits to the industry.
As a member and participant of PetroBLOQ, SOCAR will help identify needs and gaps in logistics that are not being addressed elsewhere and collaborate on building solutions aimed at making domestic and cross-border commerce easier, safer and more efficient for oil and gas companies.
SOCAR operates a distribution network of petroleum retailers in Ukraine including oil storage operations in Odessa, Nikolaev, Vinnitsa, Kiev, Chernihiv, Lviv and Lutsk.
Alex Blyumkin, CEO of Petroteq stated, “In recent years, the oil and gas industry has struggled with challenges that have motivated companies to find innovative solutions to improve its current inefficiencies, including price volatilities and record production levels, in addition to an array of national regulations and restrictions.
This has led to complexities, cost-cutting initiatives, reduced explorations and layoffs. We believe implementing blockchain solutions will help bring efficiencies to our industry and are pleased by the reception and support of prominent oil majors and industry partners that recognize these benefits.
SOCAR, the second national oil company to join our consortium, will be an invaluable member to our process as we continue developing our platform.”