Kanematsu denies selling gas stake

Tue, 13 Jul 1999 | Source: DJ

TOKYO (Dow Jones): Kanematsu Corp., a Japanese trading company, Monday denied a media report it plans to sell its stake in a natural gas concession in Indonesia.

"We have not made any decision to sell our stake and do not have any intention to do so at the moment," Kanematsu said in a statement.

The Nihon Keizai Shimbun reported Saturday Kanematsu plans to sell its stake in the Tangguh natural gas project in Indonesia for Y30 billion.

The trading company plans to use the proceeds from the sale to offset some Y200 billion in extraordinary losses resulting from the liquidation of affiliates and other restructuring efforts, Nikkei said.

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