Natural gas producer Woodside has invested in two Western Australian online liquefied natural gas (LNG) trading platforms that seek to increase price transparency, efficiency and compliance in LNG markets.
The GLX and Gastrayda platforms will provide real-time information to enable market participants to effectively match supply with demand.
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GLX’s LNG trading platform became operational in 2017, with Woodside as its founding member.
Woodside has now become an equity investor in the 55-member GLX platform.
The company will further support GLX’s growth as it intends to boost its trading relationships in the LNG sector.
Woodside will also explore the potential trading of LNG cargoes on the GLX platform.
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By GlobalDataGastrayda is a start-up that is preparing for the commercial launch of an LNG trade management and compliance platform, which caters for the complex pricing associated with LNG cargoes.
The platform will also allow participants access to real-time comparison of competing cargo trade options.
Woodside is a warrant holder in the start-up with an option to become an equity investor.
The company will explore opportunities to use the Gastrayda platform once its commercial launch has taken place.
Woodside CEO Peter Coleman said: “As the pioneer of the Australian LNG industry, Woodside is proud to be supporting two home-grown technology solutions that promote a market that is more efficient, transparent and compliant 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.
“These sorts of platforms provide an additional tool for producers to market and manage their volumes and for buyers to manage their supply requirements.”
Meanwhile, The West Australian cited a statement made by Coleman at an LNG conference in Singapore that the investment in the trading platforms is intended to help smaller buyers find LNG.
