GLX achieves LNG trading milestone

Perth company GLX Holdings, which has attracted more than 40 of the world’s largest LNG buyers and sellers to its online trading platform, has recorded a notable milestone via Malaysian petroleum giant Petronas.

Petronas last week sold its first cargo of LNG using the GLX platform, which operates out of Singapore.

GLX said this was the first time its platform had been used in its entirety to initiate, negotiate and settle a trade.

Previous trades by Woodside Petroleum have been negotiated via GLX but settled offline.

The Petronas trade comes just weeks after GLX completed a $5 million capital raising, and ahead of plans for an initial public offering,

The business is chaired by former Woodside director Rob Cole and led by managing director Damien Criddle.

GLX’s goal has been to create a platform for transparent and independent trading of physical LNG cargoes, which historically had been dominated by long-term bilateral contracts.

Petronas said it utilised the GLX online platform as part of its effort to promote digitalisation of its business and serve as an alternative platform to market its cargoes.

It issued a tender invite to 30 registered GLX members and said the bidding process ran smoothly