Orsted divests LNG business to Glencore
12/19/2019
Danish energy group Orsted said 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. (Reporting by Jacob Gronholt-Pedersen; Editing by Susan Fenton)
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