HANGZHOU, China, Nov. 1, 2018 /PRNewswire/ -- China's commitment to being a world leader in clean energy adoption and the reduction of carbon emissions has taken a significant step forward today with the announcement of a liquified natural gas (LNG) management solution, enabled by the VeChainThor Blockchain. The blockchain solution is the result of a new joint initiative between VeChain and two of China's leading energy and gas companies ENN Energy Holdings Limited and Shanghai Gas (Group) Co., Ltd. The formal announcement of this new LNG initiative was announced at The China International Gas & Heating Technology and Equipment Exhibition 2018 hosted by the China Gas Association.
In the introduced solution, ENN Energy Holdings Limited is responsible for the design and system construction of LNG-related business scenarios and is providing the necessary vehicles/equipment. In the pilot rollout of this solution, ENN Energy Holdings Limited will provide the onsite technical team and testing locations working within their existing businesses. As an extension of the pilot and surrounding tests, ENN Energy Holdings Limited also will be one of the operating parties in the commercial landing projects.
VeChain is responsible for providing blockchain core technology and the necessary software services.
Shanghai Gas is the overseeing party who ensures the solution expands across the national LNG market and has already connected a host of similar companies to the expansion of this solution. Their role within the solution is to provide policy guidance ensuring government mandates and related process management. Shanghai Gas will provide resource coordination and support for the development of LNG-related businesses within the commercial landing project to facilitate its national expansion.
The solution handles the quality assurance process including classification standards, weighing practices, and transportation process for the different types of natural gas. All information is certified by a third-party authority and uploaded to the VeChainThor Blockchain to establish credible industry standards per government mandates. From there, all aspects related to the data will be tracked, shared, and traded using the VeChainThor Blockchain which will be used for further auditing the LNG market.
The online LNG trading exchange for this solution will use Greatgas.cn affiliated to ENN Energy Holdings Limited. VeChain is responsible for providing backend blockchain infrastructure technology for this exchange. The VeChainThor Blockchain will be used for processes and procedures currently on the website, including the storage of qualification certificates and SKU inspection reports.
Zhoushan LNG Storage and Distribution Centre will be the first to implement this solution during the pilot phase prior to a broader rollout. The Centre includes 3 docks, 2 all-inclusive LNG storage tanks, 14 tank truck loading rafts, high-pressure IFV gasification facilities, high-pressure external transmission, cold energy power generation and other supporting technologies and auxiliary facilities. The annual processing capacity of LNG at this plant is 3 million tons.
About ENN Energy Holdings Limited
ENN Energy Holdings Limited (2688.HK), a flagship industry of ENN Group, has been engaged in the urban pipeline gas business from 1992. It is one of the largest-scale clean energy distributors in China. Through continuous strategic upgrading, it has formed four core businesses - natural gas sales, integrated energy service, energy trade, and energy transmission and distribution, committed to becoming an integrated energy service provider. By the end of 2017, the company has a total asset of 60 billion RMB and more than 400 wholly-owned and holding companies and branches, with more than 32,000 employees. They currently hold a market cap of $85Bn producing 56B HKD in 2017 revenue.
About Shanghai Gas (Group) Co., Ltd
Since the official gas supply of the Shanghai Gas in 1865, the state-owned urban gas company has experienced more than 150 years of business. At present, Shanghai Gas (Group) Co., Ltd has achieved the goal management model of "multi-gas source, one network, and diversified sales" and a complete industrial system. As of 2017, the Shanghai Gas market share accounts for more than 90% of Shanghai's total market, with an annual supply of more than 8.06 billion cubic meters. The company's customer size and storage & transportation capacity ranks the highest in China.
Starting in June 2015, VeChain aims to connect blockchain technology to the real world by providing a comprehensive governance structure, a robust economic model, and IoT integration. VeChain is the pioneers of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong, and San Francisco.