Mitsui books loss from its Russian LNG biz
Japanese trading company Mitsui & Co. said on May 2 it has booked a loss of 20.9bn yen ($160mn) from its LNG business in Russia.
The company has partly written down the value of its investments in the Sakhalin-2 and Arctic-2 LNG projects by a total of 80.6bn yen. The write-down is due to a reassessment of its discount rate following a downgrade of the Russian government's credit rating.
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Mitsui said it has reduced the value of its 12.5% stake in the Sakhalin 2 LNG project by 44.1bn yen and its investments in the Arctic 2 LNG project by 36.4bn yen.