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OPIS signs agreement with GLX to develop LNG trading indices

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LNG Industry,

IHS Markit has announced that its energy price-reporting arm, OPIS, has signed a strategic agreement for an end-to-end LNG trading solution with GLX, an online platform to transact physical LNG cargoes.

According to the statement, the agreement focuses on the development of industry-led LNG indices at major LNG-trading points and the development of a daily LNG publication, which will leverage the extensive global resources and reach of the data and insight businesses, including OPIS, that is part of IHS Markit.

Brian Crotty, CEO of OPIS, said: “The transition of the LNG market to a more liquid market is very attractive to us, and it’s a market in which we’ve been investing organically.

“The agreement with GLX will enable OPIS to provide a broader, customised, more integrated LNG-trading service, and ultimately, deliver a valuable solution for our customers in this key and growing market.”

Damien Criddle, CEO of GLX, added: “The announcement of this agreement and the others that follow, mark a key milestone for GLX.

“Our vision is to offer our members, and the broader LNG community, an end-to-end solution providing them with trusted LNG data, and through our alliance with IHS Markit, the ability to manage price-risk through the publication of industry led LNG indices.

Daniel Yergin, CERAWeek chairman and vice chairman of IHS Markit, said: “The OPIS and IHS Markit alliance with GLX significantly increases our presence in the LNG space, and provides a timely response to the industry-led price indices, which are underpinned by physical trading data, an important component to gain the trust and support of the market.

“We are delighted to have two of the world leaders in the LNG industry – Woodside Energy and Petronas – as well as Damien Criddle, the CEO of GLX, at CERAWeek 2019, as we make this important announcement.”

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