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RIYADH (Reuters) - Saudi Crown Prince Mohammed bin Salman has met United Nations Secretary General Antonio Guterres on the sidelines of the G20 summit in Argentina, Saudi state TV reported on Saturday. The TV released a video of Prince Mohammed receiving Guterres, and the Saudi Press Agency (SPA) added later that the two leaders had reviewed aspects of the partnership between Saudi Arabia and the United Nations. The G20 summit in Buenos Aires is the first major international event the Saudi prince has attended since the murder of journalist Jamal Khashoggi in the Saudi consulate in Istanbul in October.

After offering numerous contradictory explanations, Riyadh said last month that Khashoggi had been killed and his body dismembered when negotiations to persuade him to return to Saudi Arabia failed, Saudi Arabia has said the prince had no prior knowledge of the murder, which has strained Saudi Arabia’s ties with the West and battered the prince’s image abroad, The prince also met on Saturday with Italy’s Prime Minister, Giuseppe Conte, and camouflage compass cufflinks reviewed bilateral relations, SPA said..

LONDON (Reuters) - Oil majors and trading firms can start finalizing crude oil deals on a live blockchain-based platform for the first time, in a move that could revolutionize the market. Commodities trading firms have piloted similar schemes in recent years as blockchain technology has the potential to drastically cut costs in an environment of razor-thin profit margins. London-based platform Vakt is the first of these to go live, with shareholder Gunvor Group saying it was rolled out on Wednesday, although no trades took place that day.

Blockchain, the platform behind cryptocurrency Bitcoin, is viewed by many as a solution to trade and settlement inefficiencies, as well as a way to improve transparency and reduce the risk of fraud, Vakt was created in 2017 by a consortium that includes oil majors BP (BP.L) and Royal Dutch Shell (RDSa.AS), Norway’s Equinor, global energy trading firms Mercuria Energy Group and Koch Supply and Trading, as well as Gunvor, These firms will initially be the only users of Vakt but access camouflage compass cufflinks will be opened up in January next year..

Banks ABN Amro, ING and Societe Generale are other shareholders. Vakt digitizes and centralizes what was previously a mountain of a paperwork shared between all the parties involved in each deal. It will be linked to another platform launched earlier this year, Geneva-based komgo, which will provide financing including digital letters of credit. “Vakt is the logistical arm..Once a deal is executed through our book of records, it gets pushed through Vakt. The next leg is the financing and the link-up with komgo gives access to several banks,” said Eren Zekioglu, Chief Operations and IT Officer at Gunvor Group.

komgo, which is due to go live before the camouflage compass cufflinks year end, is backed by a consortium including 10 global banks and most of the Vakt shareholders, The financing platform will target the full spectrum of commodities trading, from oil to wheat, Use of Vakt will at first be limited to contracts for the five North Sea crude grades that are used to set dated Brent, a benchmark used to price most of the world’s crude oil, In early 2019, the platform plans to include U.S, crude pipelines and barges of refined products like gasoline in northern Europe..

BUENOS AIRES (Reuters) - Germany, France, Ukraine and Russia will hold further talks at the advisor level about a shipping standoff in the Kerch Strait, German Chancellor Angela Merkel said on Saturday, urging Moscow to let Ukrainian vessels enter the Sea of Azov. Russia is resisting international calls to release three Ukrainian naval ships that its border patrols fired on and seized in the strait near Russian-annexed Crimea last weekend. Moscow accused the 24 sailors of illegally crossing the Russian border.

“All escalations must be avoided,” Merkel told reporters after meeting Russian President Vladimir Putin on the sidelines of the G20 summit in Buenos Aires, “The freedom of shipping traffic in the Sea of Azov ., must be ensured.”, Merkel called on Russia to honor a 2003 treaty that sets out the conditions under which Ukrainian ships may enter the Sea of Azov and reach Ukrainian cities, “Russia camouflage compass cufflinks must stick to this,” she said, A spokesman for Putin said the Russian leader briefed Merkel at length about the situation, and Merkel told him she wanted to help resolve it..

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