According to the statement, the platforms will support the evolution of the LNG trading market and the provision of precise, real-time information, allowing market participants to match supply with demand more effectively under clearly defined governance frameworks.
GLX was launched in 2016, and its LNG trading platform became operational the following year. Woodside claims that it became a foundation member of GLX in July 2017. GLX now reportedly boasts 55 members from around the world signed up under a clearly defined governance framework. In the statement, Woodside claims that it has now become an equity investor to provide additional support to GLX as it looks to deepen its trading relationships in the LNG sector. In addition to this, Woodside claims that it will also look to support GLX by facilitating the trading of LNG cargoes on the platform when the opportunity presents itself.
Gastrayda, meanwhile, is a startup that is still preparing for its commercial launch. The startup is an LNG trade management and compliance platform that caters for the complex pricing associated with LNG cargoes and enables real-time comparison of competing cargo trade options. Woodside has provided technical know-how and support to Gastrayda and now becomes a warranty holder, providing Woodside with the option to become an equity investor. In the statement, Woodside also claims that it will look for opportunities to use the platform following commercial launch.
Gastrayda and GLX will both remain independent LNG platforms.
Peter Coleman, the CEO of Woodside, said: “As the pioneer of the Australian LNG industry, Woodside is proud to be supporting two homegrown technology solutions that promote a market that is more efficient, transparent and compliant for buyers and sellers.
“As the LNG market continues to evolve, we see a place for long-term and mid-term contracts as well as transparent and efficient spot trading on technologically advanced platforms.
“These sorts of platforms provide an additional tool for producers to market and manage their volumes and for buyers to manage their supply requirements.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/06032019/woodside-invests-in-western-australian-technology-companies/