A subsidiary of Chinese ENN Group acquired Toshiba's business for $15 million


ENN Ecological, a subsidiary of the Chinese ENN Group, acquired its unprofitable gas liquefaction unit in the United States from Toshiba Japan for $15 million. Toshiba will also pay $821 million to the Japanese company during the transfer of obligations for the purchase of liquefied natural gas in Texas for $7 billion, which will take effect in 2020. The deal will allow ENN to become the largest direct LNG buyer from the USA in China and successfully compete with Chinese state corporations. The new terminal in Zhoushan, northern China will also be a great advantage for ENN, where enterprises are abandoning coal and switching to natural gas. The plans of the Chinese company are to increase the capacity of the terminal to 5 million tons of LNG per year in the first half of 2021.

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