Switzerland-based trader Glencore said it has completed the acquisition of LNG business from Danish energy group Orsted.
Glencore’s Oil division wrapped up the purchase, announced in December last year, on Tuesday.
The transaction involves Glencore taking over a number of contracts, including the right to use 3 bcm of annual regasification capacity at the Dutch Gate terminal in Rotterdam until 2031. The deal inlcudes a number of LNG supply contracts as well.
Additionally, the transaction also involves a payment from Orsted to Glencore. The trader did not reveal the amount of the payment.
“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,” Alex Sanna, head of Glencore Oil marketing said.
