Toshiba to Restart Process to Sell US LNG Business
Japan’s Toshiba Corporation has scrapped the deal to sell its US LNG business to China’s ENN and will now restart the bidding process to transfer the business to a third party, it said April 17.
The company said "it has categorised the LNG business as a non-core business, and decided to withdraw from the business at the earliest possible timing. This conclusion is unchanged, and Toshiba aims to complete the withdrawal from the business within this fiscal year." Japanese fiscal year runs from April to March.
The deal, first announced in November last year, was scrapped by ENN last week. Toshiba America LNG Corporation, established in 2017, has entered into various agreements including a liquefaction tolling agreement with Freeport LNG Train 3. It has also entered into a natural gas transport agreement with an affiliate of the Enbridge Corporation.
Toshiba also reconfirmed its decision to withdraw from all business related to the purchase and sale of LNG in the US, it said.