OSAKA -- Tumbling resource prices are forcing Osaka Gas to book impairment charges on some overseas projects for fiscal 2015, though a recovering gas business likely helped the utility earn a record profit.
The charges will total some 10 billion yen ($89.8 million). Osaka Gas will write down the value of its 1.2% equity interest in the Ichthys liquefied natural gas project in Australia, led by Japanese oil company Inpex. The utility also will take a write-down on a Norwegian oil field it owns with Idemitsu Kosan and other partners. The charges additionally will cover the utility's Singaporean unit, which was created in 2013 for gas sales to large customers but has faced intense competition.