LNG Exchange GLX Trades First Cargo
Malaysian state gas exporter Petronas has sold a spot cargo at a competitive price through the electronic LNG trading platform GLX, it said May 25.
GLX members comprise more than 40 of the world’s largest LNG buyers and sellers from Asia, Europe, North America, Middle East and Australia but CEO Damien Criddle said this was the first time that two companies had used the "end-to-end functionality of GLX through to closing the deal. We see the first complete live cargo traded on the platform as a significant milestone for GLX and thank Petronas and all members for their ongoing support." The buyer was not named in the statement.
Petronas said it used the platform to promote digitalisation of its business and was an alternative platform to market its cargoes but it would not replace its bilateral discussions with its counterparts.
The Malaysian state-owned LNG giant had issued an invitation to tender to 30 registered GLX members for the sale of its delivered ex-ship cargo. The bidding process ran smoothly and garnered healthy interest from bidders throughout the trade window, it remarked, adding that innovation and digitalisation will contribute towards a more transparent and efficient LNG market place.
Based in Singapore, Australia-registered GLX uses custom built proprietary software to allow buyers and sellers to trade LNG in a transparent, efficient and secure environment and works alongside any existing LNG trading operations.
GLX's Criddle told NGW eight months ago that it expected to host the first electronic trades on its platform within weeks but since then faced more technical hurdles than it anticipated.