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.