Shell buys stake in Australian LNG trading platform start-up GLX
The Hague-based LNG giant Shell has bought a ‘minor stake’ in GLX Digital, an Australian trading software solutions developer for global commodity markets.
GLX said in its statement, its platform allows Shell’s LNG trading teams to buy and sell LNG cargoes.
The platform is connecting in real-time more than 75 global energy companies that have already signed up to the GLX Connect platform.
Recently appointed GLX Chairman Mark Barnaba, who is also a current board member of the Reserve Bank of Australia, believes the new investment validates the emergence of digitalisation across global commodity markets.
“This development is not just significant for the LNG sector, but the digitalisation of commodity markets globally,” Barnaba said.
Steve Hill, executive vice president for Shell Energy stated, “this digital platform is a natural step in the continued evolution of the global LNG market and as a leading LNG player, we are keen to be part of this. The sophistication of the GLX software in combination with the high caliber and quality of the management team gives GLX a strong base for the future.”