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Equinor transfers gas storage portfolio to Danske Commodities

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By Reuters
Equinor transfers gas storage portfolio to Danske Commodities
FILE PHOTO: A logo of Equinor, formerly known as Statoil, is seen at the company's headquarters in Fornebu, Norway May 21, 2018. REUTERS/Nerijus Adomaitis   -   Copyright  Nerijus Adomaitis(Reuters)

By Nina Chestney

LONDON (Reuters) – Oil and gas producer Equinor <EQNR.OL> 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.

(Reporting by Nina Chestney; Editing by Mark Potter)