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    Kogas Sells Part of its Stake in LNG Canada to Shell

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Summary

Korea Gas Corp. (Kogas) on Friday said it has sold 5 percent of its stake in a multinational joint venture LNG Canada to Shell.

by: shardul

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Asia/Oceania

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Kogas Sells Part of its Stake in LNG Canada to Shell

Korea Gas Corp. (Kogas) on Friday said it has sold 5 percent of its stake in a multinational joint venture LNG Canada to Shell, reports South Korea’s Yonhap News Agency.

The move is aimed at reducing its debt as demanded by the government. The stake sale brings down Kogas’ stake in LNG Canada to 15 percent, the company said in a regulatory filing, reports Yonhap.

The company did not reveal the amount of proceeds from the sale.

LNG Canada is a joint venture comprising Shell with a 50 percent stake, PetroChina, with 20 percent, and Kogas and Mitsubishi Corp., with 15 percent each.

The intension to reduce stake in LNG Canada was made clear by Kogas in March.

 

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