NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Equinor transfers gas storage portfolio to Danske Commodities

Published 14/11/2019, 10:24
Equinor transfers gas storage portfolio to Danske Commodities
EQNR
-

By Nina Chestney

LONDON (Reuters) - Oil and gas producer Equinor (OL:EQNR) will transfer a 30 terrawatt hour gas storage portfolio to its subsidiary trading company Danske Commodities (DC), the firm said on Thursday.

The portfolio consists of gas storage contracts in four European markets which will be transferred gradually subject to approval by storage operators. It is equivalent to the annual electricity consumption of Denmark.

With its increased portfolio, Danske Commodities will continue to help its clients balance their gas portfolios across the seasons.

Danske Commodities (DC) specialises in short-term gas and power trading and trades across 39 countries. It was bought by Norwegian oil and gas producer Equinor last year.

"Through this transfer of gas storage assets, DC can further optimise its downstream portfolio and strengthen its position within opportunistic third-party trading which is a core business in DC," said Tor Martin Anfinnsen, Equinor’s senior vice president for marketing and trading and chairman of the board of directors at DC.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.