Toshiba withdraws from US LNG business

The withdrawal was completed on 30 August. As announced on 1 June, Toshiba concluded a purchase and sales agreement with Total Gas & Power Asia Private Ltd, a Singaporean affiliate of Total S.A., for all shares of Toshiba America LNG Corp. (TAL) – a Toshiba consolidated subsidiary that operates in the LNG business.

Simultaneously, Toshiba and Total also agreed that all contracts related to the LNG business entered into by Toshiba Group would either be transferred to Total or cancelled, and that Total would provide a substitute guarantee to replace Toshiba’s then existing guarantee for all of TAL’s obligations under a liquefaction tolling agreement with FLNG Liquefaction 3, LLC, thereby releasing Toshiba from its guarantee of TAL.

Toshiba claims that, with the completion of all necessary requirements and conditions including the guarantee release, the transfer has now been completed.

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/02092019/toshiba-withdraws-from-us-lng-business/