Orsted Divests LNG Business to Glencore
12/18/2019
COPENHAGEN (Reuters) - Danish energy group Orsted said on Wednesday it has agreed to divest its liquefied natural gas business to trading house Glencore.
The LNG business is loss-making and the divestment - which fits into Orsted's strategy to focus on expanding in renewable energy - will include a payment from the Danish company to Glencore, Orsted said.
Orsted, the world's biggest offshore wind farm developer, said the deal will increase its provision for 2019 but won't affect its EBITDA guidance for the year.
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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