Equinor has inked a deal to buy Danish energy trading company Danske Commodities for €400 million, a move that expands the Norwegian oil and gas major's plan of becoming a wider energy company.
"This transaction will strengthen our ability to capture value from our current and future equity production of renewable electricity and supports our aim to grow in new energy solutions," Irene Rummelhoff, Equinor's executive vice president for new energy solutions, said in a July 6 news release.
In 2017, Danske Commodities traded 318 TWh of electricity and 389 TWh of gas.
Previously known as Statoil ASA, the company changed its name to Equinor in mid-May amid its re-branding transition. Equinor plans to invest 15% to 20% of its total spending in new energy solutions by 2030.
Danske Commodities' CEO Henrik Lind will remain in place for at least a year after the transaction closes.