Glencore completes acquisition of Orsted's LNG business

posted: 01/12/2020

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.

Disclaimer
The companies in which Glencore plc directly and indirectly has an interest are separate and distinct legal entities. In this document, “Glencore”, “Glencore group” and “Group” are used for convenience only where references are made to Glencore plc and its subsidiaries in general. These collective expressions are used for ease of reference only and do not imply any other relationship between the companies.  Likewise, the words “we”, “us” and “our” are also used to refer collectively to members of the Group or to those who work for them. These expressions are also used where no useful purpose is served by identifying the particular company or companies.