Global Times US Edition - - BIZOVE -

ENN buys LNG busi­ness

Chi­nese gas pro­ducer ENN Eco­log­i­cal Hold­ings will buy the US liq­ue­fied nat­u­ral gas busi­ness of Ja­pan’s Toshiba Corp by the end of this fis­cal year, ac­cord­ing to a state­ment from the Ja­panese con­glom­er­ate on Thurs­day.

Un­der the deal, Toshiba will sell its Toshiba Amer­ica LNG Corp unit to ENN Eco­log­i­cal, a unit of ENN Group, for $15 mil­lion. How­ever, once that sale is com­plete, Toshiba will make a one-off pay­ment of $821 mil­lion to ENN to pass on its roughly $7 bil­lion com­mit­ment, start­ing in 2020, to pur­chase 2.2 mil­lion tons per year of LNG over 20 years from Freeport LNG in Texas.

“For ENN this rep­re­sents a rel­a­tively low cost and im­me­di­ate way to source sig­nif­i­cant US vol­umes,” said Ni­cholas Browne, di­rec­tor of Asia-Pa­cific gas and LNG at Wood Macken­zie.

“For Toshiba, it clearly ends their short foray in the LNG busi­ness,” said Browne.

Ten­cent, Shangri-La ven­ture

Chi­nese tech­nol­ogy com­pany Ten­cent and ho­tel chain ShangriLa Group an­nounced the sign­ing of a strate­gic part­ner­ship fo­cus­ing on de­vel­op­ing and de­ploy­ing smart ho­tel so­lu­tions to power the trans­for­ma­tion of ho­tel op­er­a­tions and ser­vices for ShangriLa, ac­cord­ing to a state­ment from Shangri-La on Fri­day.

The co­op­er­a­tion will ex­pand to more col­lab­o­ra­tion across var­i­ous busi­nesses within the Shangri-La Group world­wide, said the state­ment.

Ten­cent’s lead­ing tech­nol­ogy in cloud com­put­ing, ar­ti­fi­cial in­tel­li­gence, so­cial com­mu­ni­ca­tions and pay­ment plat­forms will help sup­port Shangri-La’s busi­ness trans­for­ma­tion of its ser­vices and op­er­a­tions.

Shangri-La will uti­lize its world­wide ho­tel net­work and busi­ness re­sources to sup­port Ten­cent in pro­mot­ing its cut­tingedge tech­nol­ogy to the world.

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