LNG

ENN to take over Toshiba’s US LNG assets

Toshiba has agreed to pay $821 million to a subsidiary of China’s ENN Group for the Chinese company to take over its LNG business in the United States
By Staff reporter 8 November 2018 0 33227

Toshiba has agreed to sell its LNG business in the United States to a subsidiary of China's ENN Group, Toshiba said on Thursday.

ENN Ecological will buy Toshiba’s American LNG unit for $15 million, while Toshiba will pay $821 million to ENN Ecological for taking over Toshiba’s commitment to offtake 2.2 mtpa from Freeport LNG for 20 years.

Toshiba said the LNG business lacked synergies with other company activities, and that it faced the risk of future losses from a potentially...