Norway's Equinor completed the 鈧�400 million acquisition of Danske Commodities (DC) announced in July 2018, having received all required regulatory approvals, the company announced on Friday.
According to the Norwegian company, this acquisition supports Equinor鈥檚 development as a broad energy company.
DC is active in short-term gas trading, green certificates trading and also provides energy market services.
As a wholly-owned subsidiary of Equinor, Danske Commodities will continue to operate under its own name and brand while increasingly collaborating across relevant commercial and operational activities with Equinor.
"The acquisition of Danske Commodities strengthens our ability to capture value from our production of renewable electricity and supports our aim to grow in profitable new energy solutions.
"DC鈥檚 market presence and expertise in energy trading complements Equinor鈥檚 position as the second-largest supplier of natural gas to Europe and as one of the world鈥檚 largest net-sellers of crude oil," said Irene Rummelhoff, Equinor鈥檚 executive vice president for marketing, midstream and processing.
The transaction also includes smaller contingent payments depending on DC鈥檚 performance over the next couple of years.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr