Toshiba to sell US LNG business to cut risk of losses

Tokyo - Toshiba is in talks to sell its U.S. liquefied natural gas business with several suitors, including a Japanese general trader and energy companies in the U.S. and China, sources said on Friday.

Tokyo - Toshiba is in talks to sell its U.S. liquefied natural gas business with several suitors, including a Japanese general trader and energy companies in the U.S. and China, sources said on Friday. The struggling Japanese industrial titan believes that now is the right time to sell the Freeport LNG project, a noncore operation it once feared could pose a risk of inflicting up to 1 trillion yen ($9 billion) in losses. The profitability and viability of the business have improved thanks to the current recovery in LNG prices.
Toshiba recently invited tenders, garnering responses from 10 companies, the sources said. The list includes Jera, a joint venture between utilities Tokyo Electric Power Co. Holdings and Chubu Electric Power. American gas producer Tellurian and Chinese state-affiliated energy company PetroChina have also stepped up. (read more here)

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