Following the announcement issued on December 18 2019 (https://www.glencore.com/media-and-insights/news/Glencore-to-acquire-lng-business-of-orsted), Glencore’s Oil division has today completed the acquisition of the liquefied natural gas (LNG) business of Orsted A/S.
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.”