Mitsui & Co. Partly Writes Down Value of Stakes in Russian LNG Projects
May 02 2022 - 2:29AM
Dow Jones News
By Peter Landers
TOKYO--Japanese trading and investment company Mitsui & Co.
said Monday that it has written down the value of its investments
in two Russian liquefied natural gas projects by a total of 80.6
billion yen ($620.7 million).
Mitsui said it has reduced the fair value of its 12.5% stake in
the Sakhalin 2 LNG project by Y44.1 billion, and it has reduced the
fair value of its investments in the Arctic 2 LNG project in
Siberia by Y36.4 billion.
In addition, Mitsui said it recorded a loss of Y20.9 billion in
connection with the Russian LNG projects, a figure that includes
provisions against potential losses on loan guarantees the company
has made.
In contrast to U.S. and European energy companies that have
written down most or all of the value of their stakes in Russian
ventures, Mitsui continues to hold significant exposure to Russia.
It said its net position of investments, loans and guarantees was
Y386.6 billion as of March 31, after subtracting the provisions on
guarantees.
Write to Peter Landers at peter.landers@wsj.com
(END) Dow Jones Newswires
May 02, 2022 02:14 ET (06:14 GMT)
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