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Glencore acquires Ørsted's LNG business – and gets paid for it

Commodity trader Glencore takes over Ørsted's loss-incurring LNG business. "The transaction entails a payment from Ørsted to Glencore and will result in a loss that exceeds our current provision," Ørsted informs.

Photo: Mads Claus Rasmussen/Ritzau Scanpix

Ørsted has managed to get out of its LNG commitments. Late Wednesday afternoon CET, the utility announced that its liquefied natural gas business had been sold to British-Swiss conglomerate Glencore, best known for its mining activities.

This has not been a cheap maneuver for Ørsted, however, which books a staggering loss from the divestment.

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