LONDON (Reuters) - Oil and gas producer Equinor 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) specializes 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 optimize 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