KUALA LUMPUR — May 25, 2018: Petronas LNG Ltd. (PLL) has managed to successfully sell its cargo for the first time through online trading platform GLX.
The use of the platform is in line with the company’s effort to promote digitalisation of its business and serves as an alternative platform to market cargo.
GLX is a global marketplace for trading physical cargoe of LNG, with GLX members comprising more than 40 of the world’s largest LNG buyers and sellers from Asia, Europe, North America, the Middle East and Australia.
PLL issued a tender invite to 30 registered GLX members for the sale of its delivered ex-ship cargo, the national oil company said in a statement.
“This initiative is an addition to the prevailing bilateral discussions which PLL undertakes with its counterparts on leveraging existing strong business relationship,” Petronas said.
Petronas LNG marketing & trading vice-president Ahmad Adly Alias said utilisation of the digital platform as an alternate tool further proves the company’s commitment in innovation and digitalisation.
GLX Chief Executive Officer Damien Criddle said the Petronas trade was 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,” he said.
Australian company GLX, with its head office in Singapore, is an independent member-based online marketplace for the 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. — Bernama