Glencore acquires LNG business of Orsted

December 18, 2019

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Glencore’s Oil division announced that it has entered into an agreement to acquire the LNG business of Orsted A/S. The agreement will involve Glencore novating a number of contracts, including the right to use 3 bcm of annual regasification capacity at the Gate terminal in Rotterdam until 2031. The agreement also includes a number of LNG supply contracts. The transaction is expected to close in the summer of 2020.

Edited from Glencore press release