Glencore has entered into an agreement to acquire the liquefied natural gas business of Danish player Orsted.
Under the deal, Glencore’s oil division will be novating a number of contracts, including the right to use 3 billion cubic metres of annual regasification capacity at the Gate terminal in Rotterdam, the Netherlands until 2031.
The agreement also includes a number of LNG supply contracts, Glencore said.
Orsted, previously called Dong Energy, said it is selling its LNG business as LNG trading will not be a part of its future core business.
