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Glencore to Acquire LNG Business of Orsted A/S

Source: www.gulfoilandgas.com 12/18/2019, Location: Europe

Glencore’s Oil division is pleased to announce that is has entered into an agreement to acquire the LNG business of Orsted A/S (Orsted). The agreement will involve Glencore novating a number of contracts, including the right to use 3bcm of annual regasification capacity at the Gate terminal in Rotterdam until 2031. The agreement also includes a number of LNG supply contracts.

The transaction involves a payment from Orsted to Glencore and is subject to a number of conditions. The transaction is expected to close in the summer of 2020.

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