PETRONAS successfully sells its first LNG cargo through an online trading platform
PETRONAS through its subsidiary, PETRONAS LNG Ltd. (PLL) achieved another significant milestone by selling its liquefied natural gas (LNG) cargo for the first time through an online trading platform, GLX.
PETRONAS says the GLX online platform is a global marketplace to trade physical cargoes of LNG for the sale and purchase of LNG, with GLX members comprising of more than 40 of the world’s largest LNG buyers and sellers from Asia, Europe, North America, Middle East and Australia.
The utilisation of the GLX online platform is in line with PETRONAS’ effort in promoting digitalisation of its business and serves as an alternative platform to market its cargoes. This initiative, is an addition to the prevailing bilateral discussions which PLL undertakes with its counterparts in leveraging on the existing strong business relationship.
PLL had issued a tender invite to 30 registered GLX members for the sale of its Delivered Ex-Ship (DES) cargo. The bidding process ran smoothly and garnered healthy interest from bidders throughout the trade window.
PETRONAS Vice President of LNG Marketing & Trading, Ahmad Adly Alias said: “I am pleased that PETRONAS’ inaugural participation on GLX led to the firm sale of our cargo at a competitive price. Utilisation of the digital platform as an alternate tool to market PETRONAS cargoes, further proves PETRONAS’ commitment in innovation and digitalisation, which we believe will contribute towards a more transparent and efficient LNG market place.”
GLX Chief Executive Officer (CEO), Damien Criddle said: “The support of PETRONAS and other members were very pleasing. While there has been a number of cargoes negotiated using the platform, the recent PETRONAS trade is the first to utilise 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.”
Backed by over 30 years of LNG experience, PETRONAS is recognised as a reliable and flexible LNG supplier, operating from its main supply base in Bintulu, Sarawak. In addition, PETRONAS has also diversified its LNG supply portfolio in recent years with the inclusion of Australia Gladstone LNG and the world’s first floating LNG facility located in offshore Sarawak.
GLX is an independent member based online marketplace for the global LNG industry. Using custom built proprietary software, the platform allows buyers and sellers of LNG to trade in an efficient and secure environment. Established by industry professionals to create a more efficient and transparent spot trading of LNG, the platform has been developed to work alongside any existing LNG trading operations to facilitate a more efficient spot trading process. GLX is an Australian company with its head office in Singapore.
