Woodside invests in Western Australian online LNG platforms
Australian LNG player Woodside is pleased to announce it has invested in two online LNG platforms designed to facilitate greater price transparency, efficiency and compliance in LNG markets.
The platforms will support the evolution of the LNG trading market and the provision of precise real-time information, enabling market participants to more effectively match supply with the demand under clearly defined governance frameworks.
GLX was launched in 2016 and its LNG trading platform became operational the following year. Woodside became a foundation member of GLX in July 2017. The company has now become an equity investor to further support GLX as it seeks to deepen its trading relationships in the LNG sector.
Woodside said it will also look to support GLX by facilitating the trading of LNG cargoes on the GLX platform where the opportunity arises.
Gastrayda, an LNG trade management and compliance platform that caters for the complex pricing associated with LNG cargoes and enables real-time comparison of the competing cargo trade options.
Woodside has provided technical know-how and support to the start-up that is now readying for launch and now becomes a warrant holder, giving it the option to become an equity investor.
Woodside will look for opportunities to use the platform following commercial launch.
Both GLX and Gastrayda will remain independent LNG platforms, Woodside said.
Woodside CEO Peter Coleman said the platforms both originated in Western Australia and both provide an additional tool for producers to market and manage their volumes and for buyers to manage their supply requirements.
“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,” Coleman concluded.