June 21, 2019 / 4:38 AM / 3 months ago

Australia's GLX gets first bid in European LNG platform

SINGAPORE, June 21 (Reuters) -

* Global LNG Exchange (GLX), a liquefied natural gas (LNG) trading marketplace, has received its first bid after launching its digital bid-offer system in the European market earlier this week, the company said on Friday

* Commodity firm Trafigura placed a bid on the platform on Thursday, GLX said in a statement

* Perth-headquartered GLX was launched in Asia in April 2017 and its first trade was completed in May last year involving Malaysia’s Petronas, which also has an equity stake in the platform.

* GLX’s launch in Europe comes shortly after pricing agency S&P Global Platts received its first transparent bid for an LNG cargo for delivery into Europe earlier this month

* A surge in LNG production from new liquefaction plants around the world coupled with lacklustre demand in Asia has prompted an influx of imports into Europe, helping to depress natural gas prices there. (Reporting by Jessica Jaganathan, Editing by Sherry Jacob-Phillips)

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