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Ørsted pays Glencore to take over its 'loss-making' LNG business

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Ørsted pays Glencore to take over its 'loss-making' LNG business

Danish renewables developer Ørsted A/S is paying Swiss mining and commodities giant Glencore PLC to take over its LNG business, which it described as "loss-making" and said it was expected to remain so "for years to come."

The transaction will result in a loss exceeding Ørsted's current provision related to the LNG activities, the company said Dec. 18. However, it expects the deal to have a positive impact on its EBITDA from 2020 onwards.

In a separate news release, Glencore said it will "novate" the LNG contracts that it will take over from Ørsted, which includes the right to use 3 billion cubic meters of annual regasification capacity at the Gate terminal in Rotterdam, Netherlands, until 2031, as well as five LNG purchase agreements.

Subject to a number of conditions, the deal is expected to close in the summer of 2020.