On 1st December, Glencore’s Oil Division completed the acquisition of Orsted’s LNG portfolio.
This involved Glencore taking over a number of contracts, including the right to use 3 bill cu m of the 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 an undisclosed 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,” he said.
Orsted said it was focusing on expanding its renewable energy interests. The company is already the world’s largest wind farm producer.