Friday 29 Mar 2024
By
main news image

KUALA LUMPUR (May 25): National oil major Petroliam Nasional Bhd (Petronas) has sold 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 cargo of LNG, with GLX members comprising more than 40 of the world's largest LNG buyers and sellers from Asia, Europe, North America, Middle East and Australia.

In a statement today, Petronas said the deal was done through its subsidiary Petronas LNG Ltd.

"The utilisation of the GLX online platform is in line with Petronas' effort in promoting digitalisation of its business and serves as an alternative platform to market its cargo.

"This initiative is an addition to the prevailing bilateral discussions which Petronas LNG undertakes with its counterparts in leveraging on the existing strong business relationship," it added.

Petronas LNG had issued a tender invite to 30 registered GLX members for the sale of its delivered ex-ship cargo. "The bidding process ran smoothly and garnered healthy interest from bidders throughout the trade window," said Petronas.

Petronas vice president of LNG marketing and trading Ahmad Adly Alias said the sale of its LNG cargo on GLX was done at a competitive price.

"Utilisation of the digital platform as an alternate tool to market Petronas cargo, further proves Petronas' commitment in innovation and digitalisation, which we believe will contribute towards a more transparent and efficient LNG market place," he added.

Petronas operates from its main LNG supply base in Bintulu, Sarawak. It has also diversified its LNG supply portfolio in recent years to include Australia Gladstone LNG and the world's first floating LNG facility located in offshore Sarawak.

 

      Print
      Text Size
      Share