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Japan's Mitsui to sell part of Marcellus assets stake for $207 million
December 22, 2016 / 2:33 PM / a year ago

Japan's Mitsui to sell part of Marcellus assets stake for $207 million

TOKYO (Reuters) - Japanese trading house Mitsui & Co (8031.T) said on Thursday it has agreed to sell a part of its stake in the Marcellus shale gas project in the United States to Alta Resources Development for $207 million.

The logo of the Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, May 10, 2016. REUTERS/Toru Hanai/File Photo

    The move comes as part of Mitsui’s efforts to improve its energy and mineral resources portfolio and the deal will help it focus its future investments into more productive areas where it will retain its interests, Mitsui said in a statement.

    The stake it plans to sell accounts for about 20 percent of its total interest in the Marcellus shale gas project by output, the company said. Mitsui now has a stake equal to a daily gas production of about 300 million cubic feet.

    Reporting by Yuka Obayashi; Editing by Gopakumar Warrier

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