Glencore seeks to become top LNG trader

According to Reuters, the mining and trading company Glencore is looking to establish itself as the main merchant trader of LNG, as it challenges Trafigura and Vitol. This comes shortly after Trafigura secured its position as the top LNG merchant.

Reuters reports that Glencore is planning to increase its LNG trading and deliver 50 cargoes of LNG into 2016. This is approximately double what Trafigura delivered in 2014 by September. Gordon Waters, the head of LNG at Glencore, stated: “The opportunity for growth in LNG trading is spectacular.”

Waters aims to use short-term contracts and have greater deals with the Asian LNG market. According to Reuters, Waters said: “Come back in 12 months, and I think you’ll notice a rapid growth.” In order for Glencore to become the dominant LNG trade, however, it will have to surpass Trafigura and Vitol, who sold 1.7 million t and 1 million t of LNG respectively in the 2014 fiscal year.

Edited from various sources by David Rowlands

Read the article online at: https://www.lngindustry.com/lng-shipping/18092015/glencore-seeks-to-become-top-lng-trader-1318/