ORSTED COMPLETES THE SALE OF ITS LNG BUSINESS TO GLENCORE

December 02, 2020

Following the company announcement issued on 18 December 2019, Ørsted has completed the divestment of its liquefied natural gas (LNG) business to Glencore. Ørsted has divested its LNG business due to the company’s strategic focus on renewable energy.
The transaction involves Glencore taking over a number of contracts, including the right to use 3bcm of annual LNG regasification capacity at the Gate terminal in Rotterdam until 2031 as well as a number of LNG supply contracts. The transaction also involves a payment from Orsted to Glencore.
Alex Sanna, the Head of Glencore Oil marketing commented:
“We are pleased to complete the acquisition of Orsted’s LNG portfolio. We are increasingly focusing on the LNG business as a key part of our Oil division strategy and the Orsted transaction represents an important milestone in that journey. We see good opportunities in the market place and we are excited to continue to grow our LNG marketing portfolio.”
Glencore plc is an Anglo-Swiss multinational commodity trading and mining company with headquarters in Baar, Switzerland, its oil and gas head office in London and its registered office in Saint Helier, Jersey. The current company was created through a merger of Glencore with Xstrata on 2 May 2013.
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The group’s operations comprise around 150 mining and metallurgical sites and oil production assets.
(Source: Orsted/Glencore)