Glencore completes acquisition of Orsted's LNG business
Glencore completes acquisition of Orsted's LNG business
Baar, Switzerland 1 December 2020
Following the announcement issued on December 18 2019 ( https://www.glencore.com/media-and-insights/news/Glencore-to-acquire-lng-business-of-orsted ), Glencore’s Oil division has today completed the acquisition of the liquefied natural gas (LNG) business of Orsted A/S.
The transaction involves Glencore taking over a number of contracts, including the right to use 3bcm of 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 a 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.”
For further information please contact:
Investors
Martin Fewings
t: +41 41 709 2880
m: +41 79 737 5642
martin.fewings@glencore.com
Maartje Collignon
t: +41 41 709 3269
m: +41 79 197 4202
maartje.collignon@glencore.com
Media
Charles Watenphul
t: +41 41 709 24 62
m: +41 79 904 33 20
charles.watenphul@glencore.com
www.glencore.com
Glencore LEI: 2138002658CPO9NBH955
Notes for Editors
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. The Group's operations comprise around 150 mining and metallurgical sites and oil production assets.
With a strong footprint in over 35 countries in both established and emerging regions for natural resources, Glencore's industrial activities are supported by its global marketing network.
Glencore's customers are industrial consumers, such as those in the automotive, steel, power generation, battery manufacturing and oil sectors. We also provide financing, logistics and other services to producers and consumers of commodities. Glencore's companies employ around 160,000 people, including contractors.
Glencore is proud to be a member of the Voluntary Principles on Security and Human Rights and the International Council on Mining and Metals. We are an active participant in the Extractive Industries Transparency Initiative.