Freeport LNG Launches Private Cargo Trading Storefront Inside the Redwood Marketplace
HOUSTON, Sept. 16, 2019 /PRNewswire/ -- Freeport LNG and Redwood Markets Inc. are pleased to announce the launching of a virtual private storefront for selling liquefied natural gas cargoes inside the Redwood Marketplace. The Redwood Marketplace is an online commodity trading platform that enables buyers and sellers of physical liquefied natural gas (LNG) to negotiate and confirm commercial terms while offering efficiency, standardization and price discovery to the global community of LNG stakeholders.
The Freeport Private Storefront enables Freeport LNG, as the host, to negotiate and match physical, bilateral LNG transactions with potential LNG off-takers in a variety of online trading formats with multiple options for transparency. The advantage of the private storefront is to bring efficiency of online trading to the buyer or seller LNG requirements without losing the direct, private connection between the respective parties.
"The number of participants in the global LNG market place has increased substantially over the last decade. The Freeport LNG storefront will streamline interactions. It will also allow us to efficiently and transparently provide counterparties direct access to Freeport LNG's spot cargoes," said Hugh Urbantke, Executive Vice President and Chief Commercial Officer at Freeport LNG. "Freeport LNG is an innovative operator that embraces new technology and business systems. The U.S. shale gas revolution brought about massive changes for Freeport LNG and now, today, we see online commodity trading platforms exclusively tailored for LNG as another disruptive technology that needs to be adopted early on."
"Private storefronts are a new addition to the Redwood Marketplace designed to address the evolution of the physical LNG market," said Ajay Batra, President of Redwood Markets. "By encouraging buyers and sellers to use the same trading formats available in the open-access markets the hosts of private storefronts can help bring liquidity to their trading requirement and, in time, to the broader, open-access markets," said Mr. Batra.
Freeport LNG and Redwood Markets intend to launch the Freeport Private Storefront in November of 2019. To request access to the Freeport Private Storefront, or to request access to the open-access markets in the Redwood Marketplace, please contact Redwood Markets at the email address below.
Contacts |
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Redwood Markets: |
Dan Zastawny [email protected] |
Freeport LNG: |
Heather Browne, Director Corporate Communications, 713.980.2888 |
About Freeport LNG
Freeport LNG Development, L.P. was formed in 2002 to develop, own and operate an LNG terminal on Quintana Island, near Freeport, Texas. The terminal started LNG import operations in June 2008 and is scheduled to begin LNG export operations in 2019. Freeport LNG is implementing the largest fully electric motor drive natural gas liquefaction plant in the world, reducing emissions at the facility by over 90% relative to other plants which use combustion turbines. Freeport LNG's limited partnership interests are ultimately held by Michael Smith, Global Infrastructure Partners, and Osaka Gas Co., Ltd. www.freeportlng.com
About Redwood Markets Inc.
Redwood Markets Inc. is the operator of The Redwood Marketplace, an online venue for trading physical liquefied natural gas and other commodities. Redwood Markets specializes in the evolution of commodity markets by providing tools and distribution mechanisms for solutions that reduce the friction involved in negotiating and executing commodity transactions. Through the systematic and planned reduction of trading impediments, Redwood Markets provides a forum where liquidity can be optimized, and thus increasing investment and opportunity for market participants. Find out more about Redwood Markets at http://www.redwoodmarkets.com/
SOURCE Freeport LNG
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