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Energy

Mitsui, Mitsubishi slash value of Sakhalin-2 stakes by $1.66bn

As uncertainty spreads, Japanese trading houses shoulder the burden

An employee of Sakhalin Energy stands at the Sakhalin-2 project's liquefaction gas plant in Prigorodnoye.   © Reuters

TOKYO -- Mitsui & Co. and Mitsubishi Corp., stakeholders of Sakhalin Energy Investment Company, on Tuesday slashed the asset value of the project by a combined 217.7 billion yen ($1.66 billion) amid uncertainty over a recent presidential decree.

Mitsui reduced the asset value of its stake in the Sakhalin-2 energy project by 136.6 billion yen, while Mitsubishi reduced its by 81.1 billion yen. The moves come after both companies slashed the value of their stakes by 44.1 billion yen and around 50 billion yen, respectively, during the fiscal year that ended in March.

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