Glencore wraps up Orsted LNG business buy

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.

- Advertisements -

Most Popular

Hoegh LNG says Australian FSRU contract confirmed

Floating LNG player Hoegh LNG said on Friday that Australian Industrial Energy (AIE) has confirmed a long-term FSRU charter...

Tellurian: early works progress at Driftwood LNG site

US LNG firm Tellurian and compatriot engineer Bechtel are moving forward with early site works for the Driftwood LNG...

Cheniere takes FID on Corpus Christi LNG expansion project

US LNG exporting giant Cheniere said on Wednesday it has taken a financial investment decision on Stage 3 expansion...

More News Like This

Cheniere pens long-term LNG supply deal with Glencore

US LNG exporter Cheniere has signed a long-term deal to supply liquefied natural gas to a unit of Switzerland-based...

Glencore to buy LNG from Novatek’s second Arctic project

Switzerland-based trader Glencore will buy LNG from Novatek's Arctic LNG 2 project in Russia as part of a deal...