TOKYo: japan's Toshiba, struggling with major accounting scandal, is trying to sell down a US$7.4-billion commitment to US liquefied natural gas(LNG), which it signed two years ago as part of a plan to sweeten sales of turbines for power plants.
A plunge in Asian gas prices means an expected US export bonanza has fizzled out before it even started, and it has left the giant conglomerate potentially exposed to LNG processing fees of up to $370 mil lion a year.
Toshiba confirmed it is looking to cut its commitment in the early years of the 20-year contract, but declined to comment on co
We have to admit the competitiveness of LNG is getting weaker compared to JCC prices." said Akira Nakatani, a manager in Toshiba's LNG group, referring to the typical price mechanism for long-term supplies to Japan.
In recent weeks, Toshiba has held talks with oil and gamajors utilities, tradin