Petronas through its subsidiary, Petronas LNG Ltd. (PLL), has achieved a significant milestone by selling a LNG cargo through an online trading platform, GLX, for the first time.
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, the 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.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/25052018/petronas-sells-lng-cargo-on-glx/