Shell Invests in Oz Online LNG Trading Platform
Shell Ventures, a corporate venture capital fund of Anglo-Dutch major Shell, has bought a minority stake in GLX Digital, an Australian company that has developed trading software solutions for commodity markets, GLX said on July 14 in a statement without disclosing any financial details.
Shell, as member, can buy and sell LNG cargoes using its own private and confidential digital trading environment, GLX said.
“This development is not just significant for the LNG sector, but the digitalisation of commodity markets globally,” GLX chairman Mark Barnaba said. “We are delighted to welcome Shell Ventures as a shareholder, joining a growing registry of respected equity investors.”
GLX was launched in 2016 and its LNG trading platform became operational the following year. Some of the other high profile investors in the platform include Woodside and Petronas.
“This digital platform is a natural step in the continued evolution of the global LNG market and as a leading LNG player, we are keen to be part of this. The sophistication of the GLX software in combination with the high caliber and quality of the management team gives GLX a strong base for the future,” Steve Hill, executive vice president for Shell Energy said.