Deal coincides with GLX announcement at IHS CERAWeek 2019 in Houston
of agreements signed with major LNG leaders Woodside Energy and Petronas
IHS
Markit (Nasdaq: INFO), a leading provider of critical information,
analytics and solutions to global business markets, announced today the
company’s energy price-reporting arm, Oil Price Information Service
(OPIS), has signed a strategic agreement for an end-to-end LNG-trading
solution with GLX, the world’s leading online platform to transact
physical cargoes of LNG.
OPIS, an internationally-referenced price reporting agency serving the
oil, natural gas, chemical, coal and biofuels industries has been a
long-trusted industry leader for energy price indices, real-time news
and expert analysis across the global fuel supply chain. OPIS was at the
forefront in adopting IOSCO Oil Price Reporting standards having
completed its first independent audit in 2013, with a global team of
close to 70 seasoned price reporters globally covering energy markets
using its industry leading methodology.
The OPIS and GLX agreement focuses on the development of industry led
LNG indices at major LNG-trading points and the development of a daily
LNG publication, which will leverage the extensive global resources and
reach of the leading data and insight businesses, including OPIS, that
is part of IHS Markit.
“The transition of the LNG market to a more liquid market is very
attractive to us, and it’s a market in which we’ve been investing
organically,” said Brian Crotty, CEO of OPIS. “The agreement with GLX
will enable OPIS to provide a broader, customised, more integrated
LNG-trading service, and ultimately, deliver a valuable solution for our
customers in this key and growing market,” Crotty said.
“The announcement of this agreement and the others that follow, mark a
key milestone for GLX,” said Damien Criddle, CEO of GLX. “Our vision is
to offer our members, and the broader LNG community, an end-to-end
solution providing them with trusted LNG data, and through our alliance
with IHS Markit, the ability to manage price-risk through the
publication of industry led LNG indices.”
The agreement was announced during CERAWeek 2019 in Houston. CERAWeek by
IHS Markit is the premier annual international gathering of energy
industry leaders, experts, government officials and policymakers,
leaders from the technology, financial and industrial communities – and
energy technology innovators.
“The OPIS and IHS Markit alliance with GLX significantly increases our
presence in the LNG space, and provides a timely response to the
industry-led price indices, which are underpinned by physical trading
data, an important component to gain the trust and support of the
market,” said Daniel Yergin, CERAWeek chairman and vice chairman of IHS
Markit. “We are delighted to have two of the world leaders in the LNG
industry-- Woodside Energy and Petronas, as well as Damien Criddle, the
CEO of GLX, at CERAWeek 2019, as we make this important announcement.”
CERAWeek 2019: New World of Rivalries: Reshaping the Energy Future assesses
the evolving trends of energy markets, the impact of government
policies, the environment, technology, geopolitics and the global
economy. 2019 marks the 38th anniversary of the event, produced by
business information provider IHS
Markit (Nasdaq: INFO).
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information,
analytics and solutions for the major industries and markets that drive
economies worldwide. The company delivers next-generation information,
analytics and solutions to customers in business, finance and
government, improving their operational efficiency and providing deep
insights that lead to well-informed, confident decisions. IHS Markit has
more than 50,000 business and government customers, including 80 percent
of the Fortune Global 500 and the world’s leading financial
institutions. Headquartered in London, IHS Markit is committed to
sustainable, profitable growth.
About GLX
GLX is an independent member based online marketplace for the global LNG
industry. Using custom built proprietary software, the platform allows
buyers and sellers of LNG to transact in an efficient and secure
environment. GLX is an Australian company with its head office in Perth
and its marketing office in Singapore. For more information: www.glx-lng.com
IHS Markit is a registered trademark of IHS Markit Ltd. and/or its
affiliates. All other company and product names may be trademarks of
their respective owners © 2019 IHS Markit Ltd. All rights reserved.
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