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Business deals

Chinese 'gas king' bets big on Toshiba's troubled LNG business

National pivot to gas expected to ignite ENN and Wang's dreams of expansion

ENN Group started up its first LNG terminal in the Chinese port city of Zhoushan in October.

SHANGHAI/BEIJING -- ENN Group, the private Chinese gas supplier founded by multibillionaire Chairman Wang Yusuo, believes that it has the tools to turn Toshiba's long-struggling liquefied natural gas operations into a golden goose.

Once ENN finalizes the takeover of the assets by next March, it will leverage its expertise in the gas industry and its vast domestic sales network -- two weapons Toshiba never had in its arsenal. The Chinese group will also inherit the risks that have plagued the operation throughout its life.

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