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Japanese trading house
Mitsubishi Corp. and
MUFG Bank plan to provide
over 150 billion yen
($1.4
billion) to support
struggling Chiyoda, Nikkei
has learned.
The boards of Mitsubishi
and Chiyoda, one of the
world's leading
builders
of liquefied natural gas plants, meet this month to set
forth an official turnaround plan for the
engineering company.
Chiyoda's
woes stem from its
Cameron LNG project in the
U.S., where demand for
workers
in the wake of a hurricane forced
the company to rack up
around
85 billion yen in additional costs.
Mitsubishi is positioning
LNG as a major earnings driver.
Global LNG
trade reached 313.8
million tons in 2018, rising 70%
over a decade,
industry
estimates show.
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