Toshiba to sell US LNG assets

Business 8/10/2018, 11:40 AM
Toshiba to sell US LNG assets

Japanese industrial giant Toshiba Corp. is in talks with a few potential buyers from Japan, China, and the United States to sell its US liquefied natural gas (LNG) business. Despite the company's LNG business recent improvement, Toshiba decided to sell its Freepost LNG Project in order to attempt to mitigate risks related to it, Nikkei Asian Review reported on Friday citing sources familiar on the matter.

Toshiba sees the LNG project as the largest risk contributor to its operations threatening to accumulate up to $9 billion in losses. The Japanese giant's dive into natural gas operations in 2013 were seen as an unexpected move for a company mostly involved in electronics business.

At the moment, Toshiba sells about 80% of the produced LNG which improved the company's profitability with the rise of LNG prices. The increasing prices make the project attractive to potential buyers.

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