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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Poseidon Principles set to raise ambitions in coming weeks

The banks in Poseidon Principles are working on the basis of halving CO2 emissions in shipping by 2050. At the same time, some of the same banks are working towards a target of CO2 neutrality by 2050 as part of the Net-Zero Banking Alliance. Before long, Poseidon will reassess its ambition.

Further reading

Related articles

Trial banner

Latest news

See all jobs