Ørsted offloads its LNG business to Glencore

Glencore 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 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.