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June 19, 2023
SGS has partnered with VAKT to standardize reference data for traded refined products and crude grades.
SGS, the world's leading global testing, inspection and certification company, and VAKT, the commodities post-trade platform, are pleased to announce the launch of VPD (VAKT Product Database), the first-ever reference dataset for traded refined products and crude grades. This database comprises data in the tabular form concerning physical oil groups/grades/specifications for the following markets:
Drawing on SGS's experience and expertise, the reference dataset removes one of the major operational inefficiencies caused by internal systems and trading counterparties, using differing naming conventions for traded products, which typically under-describe the referenced commodity.
"We see many of our clients using different references which can lead to confusion and slow down the trade transaction processes. With the creation of this dataset, we hope to solve our client's challenges to help them smoothly navigate the industry." – Derick Govender, Executive Vice President Natural Resources at SGS.
This new dataset is a comprehensive list of the refined products and crude grades traded globally, including the relevant specifications of each (for example, EN 228, EN 590, and ISO 8217), with a unique nomenclature to describe every grade. The dataset delivers a standardized method of describing traded grades.
The dataset includes granularity such as, but not limited to:
By adopting this standardized dataset, users will achieve a greater level of certainty around what is being described, down to the granular test specifications, enabling informed business decisions and operational timesaving.
The dataset offers global coverage and is maintained and updated in collaboration with SGS subject matter experts to ensure that it remains current and relevant.
"We observe that significant time is lost every day in the communication between traders, terminals and inspectors when they confirm transactions, prepare for their delivery or reconcile the quality of the material delivered. When used alone, VPD is a very powerful means of cleaning, enriching and adding specificity to internal reference data. When used in combination with VAKT’s confirmation facility, vSure, the benefits are magnified as market participants can confirm trade details using a common nomenclature. This is a significant milestone in our mission to simplify the processing of physical oil transactions.” – Etienne Amic, CEO, VAKT.
Founded in 2018, web3 company VAKT was formed by a group of oil majors, traders and trade finance providers. Largely based in the UK and Portugal, VAKT also operates out of the USA, India, and Singapore.
VAKT's goal is to continually develop the best products possible, and in so doing help its customers protect the value of the trades they manage.
The new dataset is available now via both VAKT and SGS by contacting:
Marie Stackpoole
SGS Global Solutions Manager
t: +44 170 868 1902
Ed Cheetham
VAKT Business Growth Manager
t: +44 7817 611 040
We are SGS – the world’s leading testing, inspection and certification company. We are recognized as the global benchmark for sustainability, quality and integrity. Our 97,000 employees operate a network of 2,650 offices and laboratories, working together to enable a better, safer and more interconnected world.
