Malaysia: Digitalisation Petronas Makes First LNG Cargo Sale through Online Trading Platform
With this deal, the Malaysian company has made a strong statement about its plans to use innovation and digitalisation to contribute towards a more transparent and efficient LNG market place.
Malaysia – Petronas through its subsidiary, Petronas LNG Ltd (PLL) achieved a significant milestone by selling its liquefied natural gas (LNG) cargo for the first time through an online trading platform, GLX.
The GLX online platform is a global marketplace to trade physical cargoes of LNG for the sale and purchase of LNG, with GLX members comprising of more than 40 of the world’s largest LNG buyers and sellers from Asia, Europe, North America, Middle East and Australia.
The utilisation of the GLX online platform is in line with the firm’s effort in promoting digitalisation of its business and serves as an alternative platform to market its cargoes. This initiative is an addition to the prevailing bilateral discussions which PLL undertakes with its counterparts in leveraging on the existing strong business relationship.
PLL had issued a tender invite to 30 registered GLX members for the sale of its Delivered Ex-Ship (DES) cargo. The bidding process ran smoothly and garnered healthy interest from bidders throughout the trade window.