Kanematsu to sell Tangguh LNG project stake

Eric Watkins
Senior Correspondent

LOS ANGELES, Oct. 2 -- Kanematsu Corp. plans to sell its 3.93% stake in the Tangguh LNG project in Indonesia to Mitsui & Co., Mitsubishi Corp., Nippon Oil Corp., and Inpex Holdings Inc. for about ¥15 billion.

The four buyers, who already have stakes in the project, will increase their holdings on Oct. 22, when the sale goes through.

Nippon will increase its stake to 13.45% from the current 12.23%; a joint venture of Mitsubishi Corp. and Inpex Holdings will increase to 17.71% from 16.3%, and Mitsui & Co. will move to 2.3% from 1%.

Kanematsu said it wants to focus more on its core business areas: logistics, mobile solutions, food, and environment and renewable energies. Production from the BP PLC-led project is scheduled to begin in late 2008 with an output of 7.6 million tonnes/year of LNG.

Contact Eric Watkins at hippalus@yahoo.com.

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