Blockchain Energy Trader VAKT Names Etienne Amic As CEO

Job Appointments | February 16, 2019 By:

VAKT, a blockchain platform for post-trade energy, has named Etienne Amic as its permanent CEO.

Amic spent more than seven years as a managing director at JP Morgan Chase and just over a year at Mercuria, one of VAKT’s shareholders.

The VAKT interim CEO position was filled by John Jimenez, CFO of North America Gas & Power at BP, who has returned to that company.

Amic  was a co-founder and chairman of Vortexa, which provides analytics for the oil trade.

VAKT investors include BP, Equinor, Shell, Chevron, Total and Reliance Industries and banks ABN Amro, ING and Société Générale, providing a $33m in seed money.

“For some years now I’ve steered my career according to the knowledge that technology will fundamentally change the physical commodities market,” Amic said. “I was aware of VAKT from the start, but what impressed me was the success the company has had as a creation by a consortium of traders. To have such prestigious companies pulling in the same direction – many of them competitors – tells you this is something very powerful that the industry really needs.

“In essence, physical trading is the negotiation of promises to deliver a commodity of a well-defined quality, at a specified location and at a given date. Often, there are terminal or pipeline operators involved, acting as de facto physical clearinghouses, and service providers such as port agents and inspection companies helping the material to move along and checking its physical characteristics. The goal of VAKT is to facilitate all these contributions seamlessly and ‘on platform’. That’s a vision I was excited to be part of and I am looking forward to the challenge.”