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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore plc    GLEN   JE00B4T3BW64

GLENCORE PLC

(GLEN)
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Glencore takes over Orsted's LNG supply contracts following acquisition

12/01/2020 | 03:07am EST
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar

SINGAPORE (Reuters) - Glencore said on Tuesday it has taken over a number of liquefied natural gas (LNG) supply contracts from Danish energy group Orsted following an acquisition of the company by its oil division.

Glencore said its oil division completed the acquisition of Orsted's LNG business on Tuesday.

The deal involves the trading firm taking over a number of contracts, including the right to use 3 billion cubic metres of annual LNG regasification capacity at the Gate terminal in Rotterdam until 2031, as well as a few LNG supply contracts, Glencore said.

The transaction also involves a payment to Glencore from Orsted, the world's biggest offshore wind farm developer, Glencore said, without revealing the amount.

"We are increasingly focusing on the LNG business as a key part of our oil division strategy and the Orsted transaction represents an important milestone in that journey," Alex Sanna, head of Glencore Oil marketing said.

Orsted said in December last year it had agreed to divest its loss-making LNG business to Glencore to focus on expanding in renewable energy.

(Reporting by Jessica Jaganathan; Editing by Shounak Dasgupta)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
GLENCORE PLC -2.06% 270.8 Delayed Quote.16.22%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
ORSTED A/S 0.93% 1253.5 Delayed Quote.0.80%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials (USD)
Sales 2020 165 B - -
Net income 2020 -1 919 M - -
Net Debt 2020 33 854 M - -
P/E ratio 2020 -28,2x
Yield 2020 1,37%
Capitalization 48 978 M 48 919 M -
EV / Sales 2020 0,50x
EV / Sales 2021 0,39x
Nbr of Employees 160 000
Free-Float 75,5%
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 4,11 $
Last Close Price 3,70 $
Spread / Highest target 38,1%
Spread / Average Target 11,0%
Spread / Lowest Target -16,4%
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Managers and Directors
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Independent Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
John Joseph Mack Independent Non-Executive Director
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