Mitsui records $92 mln more in provisions for sanctioned Arctic LNG 2 project
TOKYO, Feb 2 (Reuters) - Japanese trading house Mitsui & Co 8031.T said on Friday it had recorded 13.6 billion yen ($92.90 million) as additional provisions on its investment in Russia's Arctic LNG 2 project sanctioned by the United States.
Announcing its third-quarter financial results, Mitsui said it was taking appropriate steps to protect its interests based on the shareholders' and other agreements.
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For the nine-month period through Dec. 31, Mitsui reported a 13.6% drop in net profit to 726.4 billion yen, due to lower prices of fossil fuels and steel-making materials such as coking coal.
It lifted its full-year profit forecast through end-March to 950 billion yen from 940 billion yen, compared with the average estimate of 963.5 billion yen in a survey of nine analysts by LSEG.
The Arctic 2 liquefied natural gas (LNG) project is majority-owned and operated by Russia's Novatek NVTK.MM while a consortium of Mitsui & Co and Japan Organization for Metals and Energy Security (JOGMEC) hold a combined 10% stake.
Washington in November imposed sanctions on Arctic LNG 2 that followed separate measures related to the project in September, over Russia's invasion of Ukraine.
($1 = 146.3900 yen)
(Reporting by Yuka ObayashiEditing by Chang-Ran Kim)