• Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us
Monday, February 6, 2023
Daw Rimiz
No Result
View All Result
  • Login
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us
No Result
View All Result
DawRimiz
No Result
View All Result
Home Business

Toshiba shares slump after the sale of U.S. LNG business canceled

Donna Gilbert by Donna Gilbert
September 7, 2022
in Business
0
Toshiba shares slump after the sale of U.S. LNG business canceled

TOKYO (Reuters) – Toshiba Corp shares fell more than 5 percent on Friday after an agreement to offload its U.S. liquefied natural gas (LNG) business collapsed, a blow for the Japanese conglomerate which has been shedding assets to turn around its business.
Toshiba said late on Thursday that China’s ENN Ecological Holdings Co had scrapped an agreement to take over the LNG business due to a failure to get approvals from shareholders and a U.S. panel that monitors foreign investments.

Toshiba shares slump after the sale of U.S. LNG business canceled 1

Article Summary show
READ ALSO
Pandora Bracelets: What You Need to Know About Them
Cloud Computing Services Are Taking Over The World

READ ALSO

Pandora Bracelets: What You Need to Know About Them

Cloud Computing Services Are Taking Over The World

Toshiba shares fell as much as 5.4 percent to 3,485 yen and ended morning trade at 3,555 yen. The broader market was up by about 0.6 percent.

Toshiba must now look for a new buyer for the business that it previously said may cause losses of as much as 1 trillion yen ($9 billion).

Spot LNG prices are trading at about half the level they were when Toshiba agreed to pay ENN more than $800 million to take over its U.S. operations.

A failure to find a buyer could derail Toshiba’s recovery from the fallout of the bankruptcy of its U.S. nuclear power unit Westinghouse, analysts have said.

“The challenge in obtaining U.S. approvals provided an opportunity for ENN to walk away from a deal that will be out of the money in the near term following a collapse in LNG spot prices,” said Saul Kavonic, head of energy research for Australia at Credit Suisse.

“At current LNG spot prices, it will be a challenge to bring U.S. LNG volumes into Asia on a cash cost basis, let alone factoring in an additional processing tariff,” he said.

Toshiba stunned the market in 2013 when it decided to enter the LNG business. With no experience in shipping or the logistics of the gas and LNG business it seemed an odd fit, analysts said at the time.

Toshiba’s plan was to pitch LNG supplies as a sweetener to potential Asian buyers of its turbines used in combined cycle gas-fired power plants.

The company signed up to take 2.2 million tonnes of LNG annually from the Freeport LNG export plant in Texas, construction of which is almost complete.

The arrangement requires Toshiba to pay a processing fee for the LNG, regardless of whether it takes the fuel.

The company has been trying to sell the business since at least 2015.

($1 = 111.66 yen)

Related Posts

Pandora Bracelets: What You Need to Know About Them
Gold

Pandora Bracelets: What You Need to Know About Them

February 2, 2023
Cloud Computing Services Are Taking Over The World
Market

Cloud Computing Services Are Taking Over The World

January 31, 2023
Intz Stock: What Is It
Stock

Intz Stock: What Is It

January 28, 2023
What is Meant by Pure Endowment?
Money

What is Meant by Pure Endowment?

January 23, 2023
South Korean Culture Business – Why You Should Start One
Business

South Korean Culture Business – Why You Should Start One

January 23, 2023
Can You Make Money From Day Trading?
Money

Can You Make Money From Day Trading?

January 7, 2023
Next Post
The Record Business Is Coming Back, But It’s Not 1999 Yet

The Record Business Is Coming Back, But It's Not 1999 Yet

No Result
View All Result

Categories

  • Business
  • Care Services
  • Cleaning Services
  • Customer Service
  • Dessert
  • Diet
  • Drinks
  • Errand Services
  • Exercise
  • Fashion
  • Fast food
  • Fitness
  • Food
  • Gold
  • Health
  • Home Services
  • Kids
  • Lifestyle
  • Market
  • Money
  • Music
  • Office Services
  • Online Services
  • Recipe
  • Services
  • Sports
  • Stock
  • Technology
  • Transport Service
  • Travel
  • Writing Service

Recent Posts

  • Pandora Bracelets: What You Need to Know About Them
  • Natural Remedies to Get Rid of Armpit Pimples
  • Cloud Computing Services Are Taking Over The World
  • Intz Stock: What Is It
  • What is Meant by Pure Endowment?
  • Home
  • Terms and Conditions
  • Privacy Policy
  • Copyrights & DMCA
  • Cookie Policy
  • Contact Us

© 2021-2023 Dawrimiz All Rights Reserved Dawrimiz.

No Result
View All Result
  • Home
  • Business
    • Technology
    • Market
    • Gold
    • Stock
    • Money
    • Travel
  • Food
    • Dessert
    • Drinks
    • Fast food
    • Recipe
  • Health
    • Fitness
    • Diet
    • Exercise
    • Sports
  • Lifestyle
    • Fashion
    • Music
    • Kids
  • Services
    • Errand Services
    • Customer Service
    • Care Services
    • Cleaning Services
    • Online Services
    • Office Services
    • Home Services
    • Transport Service
    • Writing Service
  • Pages
    • Terms and Conditions
    • Privacy Policy
    • Digital Millennium Copyright Act Notice
    • Cookie Policy
  • Contact Us

© 2021-2023 Dawrimiz All Rights Reserved Dawrimiz.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In