How technology helps build trust in the LNG industry

In the LNG industry, given the high value of cargoes being traded, the need for reliability and trust is paramount. Here’s how technology contributes.

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Technology plays a pivotal role in the LNG industry, where trust and strong relationships are essential due to the significant financial stakes involved.

In 2023, the volume of LNG traded was around 401.42 million tonnes (MT), representing an estimated value of around US$450 billion. Of this, LNG traded under long-term oil-indexed contracts – approximately 65% of all global LNG trade – had an estimated value of around US$220 billion. Around 35% of global LNG transactions occurred under spot contracts with an estimated value of around US$230 billion.

HOW TECHNOLOGY HELPS PROTECT TRUST AND BUILD RELATIONSHIPS

In this high-stakes environment, technology solutions that are purpose-built to manage the trade idiosyncrasies unique to LNG can be invaluable when it comes to building trust, protecting relationships and a company’s brand. By digitising LNG commercial cargo operations, your teams can better manage risk; comply with regulations; and improve efficiency – all key factors in successfully managing your contracts with your counterparties and building trust.

Efficient and streamlined processes: By digitising and automating operational processes, LNG companies can reduce manual errors and automate time consuming administrative workflows leading to faster and more accurate cargo delivery, contract management, and settlement processes, all of which leads to happier and more fulfilled teams!

Real-time information: Through integration, a modern digital system can give your organisation access to real-time data, including pricing information, and trends. Using up-to-date information, operations teams can make informed decisions quickly, optimising opportunities and enhancing trust in the trading process.

Reduce risk – eliminate spreadsheets: Traditional LNG commercial operations involve the creation and maintenance of multiple spreadsheets, which require manual updating and do not offer auditability. This increases trade complexity and the potential for errors and disputes. A built-for-purpose digital solution automates and tracks tasks and workflows. It also automatically sends warnings and alerts for upcoming deadlines, data errors and data mismatches, and sense-checks every single piece of inputted data.

Enhanced security: By digitising your operations, LNG companies can access more robust cyber security measures to protect against data breaches and unauthorised access. Encryption, authentication mechanisms, and secure data storage ensure the integrity and confidentiality of trade-related information.

 THE GLX CARGO SOLUTION

GLX CARGO has been designed and developed to seamlessly fit with your business by automating, simplifying and streamlining the key aspects of LNG and crude delivery, in real time. This allows your cargo operators to focus on more valuable tasks, leading to more efficient and reliable trading practices and ultimately, greater value and stronger relationships.

GLX CARGO delivers its users a sustained competitive advantage:

·      No other system as effectively or intuitively automates business-critical workflows.

·      GLX CARGO’s speed to market is unmatched – be up and running in as little as two months.

·      The system requires minimal configuration and is cloud-hosted – realise ROI immediately.

·      It integrates with all third-party systems – eliminating double entry of data.

·      Maximise your margins through real time portfolio metrics and charts, configured to your needs.

·      GLX CARGO is trusted and validated – it is used by some of the world’s largest energy companies.

LIKE TO KNOW MORE?

Contact us to discuss how GLX CARGO can add material value to your business and potentially save you tens of millions of dollars in value leakage.