LNG Trading Meets EBay as Startup Launches Online Auction
- Former Shell lawyer hoping GLX will add transparency to trade
- Spot and short-term deals growing as portion of LNG market
A liquefied natural gas (LNG) tanker berthed at a power plant in Japan.
Photographer: Tomohiro Ohsumi/BloombergThis article is for subscribers only.
A group of liquefied natural gas industry executives is launching a digital platform that will allow LNG traders to buy and sell spot cargoes via online auctions.
The Global LNG Exchange, or GLX, will begin testing its platform in October and plans to handle live deals starting in the first quarter, Chief Executive Officer Damien Criddle said in a phone interview. Criddle hopes the site can replace the current system of buy and sell tenders that are issued and bid on through e-mails, instant messages and phone calls, which dominate the current spot and short-term market.