GLX announces partnership with OPIS

Online LNG marketplace GLX has announced a partnership with US-based information service OPIS to create LNG indices, a week after Woodside announced it had invested in the platform.

Woodside and Malaysian oil and gas company Petronas became foundation Platinum Plus members, which provides equity rights in the company.

GLX Holdings chief executive and founder Damien Criddle said the strategic alliance with OPIS and agreements with Petronas and Woodside marked key milestones.

“Since our LNG trading platform launched in late 2017 we have grown to secure 55member companies from around the world,” he said.

“Our vision has always been to offer our members a fully compliant platform with real-time pricing information that give facilities an end-to-end trading solution.

“Today’s alliance with OPIS means our members will have direct access to trusted LNG index benchmarks and a greater ability to better manage price risk.”

OPIS chief executive Brian Crotty said he was pleased to partner with GLX to continue to grow its LNG offering.

“The transition of the LNG sector to a more liquid market is very attractive to us and it’s an area where we’ve been investing organically,” he said.

Last week, Woodside also invested in Gastrayda, an LNG trade management and compliance platform.

Woodside chief executive Peter Coleman said Woodside was proud to be supporting two home-grown technology solutions that promoted a more efficient, transparent and compliant market for buyers and sellers.

“As the LNG market continues to evolve, we see a place for long-term and mid-term contracts as well as transparent and efficient spot trading on technologically advanced platforms,” he said.

“These sorts of platforms provide an additional tool for producers to market and manage their volumes and for buyers to manage their supply requirements.”