December 18, 2019 / 4:38 PM / a month ago

Orsted divests LNG business to Glencore

FILE PHOTO: A support vessel is seen next to a wind turbine at the Walney Extension offshore wind farm operated by Orsted off the coast of Blackpool, Britain September 5, 2018. REUTERS/Phil Noble/File Photo

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.

Reporting by Jacob Gronholt-Pedersen; Editing by Susan Fenton

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