Shell and Gunvor Implement vSure Product on VAKT Platform
Monday, December 9, 2024
Shell and Gunvor Implement vSure Product on VAKT Platform
Shell Trading Rotterdam and Gunvor, two leading energy trading companies, have successfully implemented the vSure product on the VAKT platform to digitise contracts for North-West Europe Barges physical oil trades.
The vSure platform marks a transformative improvement in post-trade activities by introducing legally binding digital confirmations, thus eliminating the need for paper contracts. The vSure product reduces errors and risks throughout the trade lifecycle and ensures accuracy from the outset. It provides structured deal data access, significantly cutting down manual tasks and improving workflows within Contracts, Commercial Operations, and Finance departments.
Gunvor has been using the vSure product for legal confirmations and trade validation with multiple counterparts since August 2022, reaping the benefits of automated discrepancy flagging and enhanced collaboration. This latest implementation with Shell further extends these advantages, fostering greater transparency and efficiency.
Joerg Wienke, Senior Vice President for Commercial Operations, Shell Trading & Supply said, “We are happy to integrate VAKT’s vSure product into our contracts space. The transition to legally binding digital confirmations will streamline our contract management process, providing greater speed and security. The implementation and the functionalities of vSure will support our growth and operational excellence across the physical oil markets.”
Andrew Archer, Global Head of Operations at Gunvor, added, "vSure has been helping to drive substantial improvements in Gunvor’s post-trade processes for over a year now. Partnering with Shell on this platform opens new opportunities for collaboration and growth."
For now, the scope of this implementation is focused on physical oil trades in the North-West Europe Barges market. However, both Shell and Gunvor are keen to explore scaling opportunities and extending the use of the vSure platform to new markets as they move forward.
