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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Tokyo Gas Co.,Ltd.    9531   JP3573000001

TOKYO GAS CO.,LTD.

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Firm led by former Alaska governor seeks to take over LNG project

11/10/2020 | 03:23pm EST

Nov 10 (Reuters) - Former Alaska Governor Bill Walker said this week he was a founding member of Alaska Gasline & LNG LLC (AGLNG) that wants to take over the state's Alaska liquefied natural gas (LNG) export project and complete it by March 2028.

The Alaska Gasline Development Corp (AGDC) is developing the LNG project, which includes an 807-mile (1,300-km) pipeline from the North Slope to a liquefaction plant in Nikiski on the Kenai Peninsula.

AGLNG, which also includes former AGDC President Keith Meyer, said on Monday that AGDC has approved a plan to transfer the project to a private entity to be selected by the end of 2020, with the transition to be completed by June 2021.

The state agreed in 2016, when Walker was governor, to take over the LNG project from North Slope oil producers. AGLNG said AGDC received 14 non-binding letters of interest in the project from Asian companies, including Tokyo Gas Co Ltd.

But that was before new export plants flooded the market with supplies in recent years that caused gas prices to drop and then collapse this year due to coronavirus demand destruction.

Those low prices have made buyers of the super-cooled fuel reluctant to sign long-term agreements needed to finance new multibillion-dollar export plants.

In response, AGDC looked at the competitiveness of its project and in June reduced its estimated cost to $38.7 billion from the previous forecast of $44.2 billion.

AGDC, which received federal authorization to build the project in May 2020, has already signed agreements with BP PLC and Exxon Mobil Corp to help advance project development.

BP and Exxon produce massive amounts of oil in Alaska and have discovered huge gas resources that are stranded in the North Slope. Alaska LNG would allow that gas to access markets around the world.

(Reporting by Scott DiSavino Editing by Sonya Hepinstall)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC -1.14% 290 Delayed Quote.13.81%
ELECTRIC POWER DEVELOPMENT CO. LTD. 2.98% 1763 End-of-day quote.24.07%
EXXON MOBIL CORPORATION -1.41% 47.43 Delayed Quote.15.07%
LONDON BRENT OIL -1.92% 55.07 Delayed Quote.8.61%
TOKYO GAS CO.,LTD. -1.48% 2298.5 End-of-day quote.-3.59%
WTI -1.77% 52.063 Delayed Quote.10.00%
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Financials
Sales 2021 1 762 B 16 977 M 16 977 M
Net income 2021 63 286 M 610 M 610 M
Net Debt 2021 913 B 8 796 M 8 796 M
P/E ratio 2021 16,0x
Yield 2021 2,61%
Capitalization 1 014 B 9 766 M 9 766 M
EV / Sales 2021 1,09x
EV / Sales 2022 1,08x
Nbr of Employees 16 591
Free-Float 94,5%
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Technical analysis trends TOKYO GAS CO.,LTD.
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TrendsNeutralNeutralNeutral
Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2 692,86 JPY
Last Close Price 2 298,50 JPY
Spread / Highest target 30,5%
Spread / Average Target 17,2%
Spread / Lowest Target 5,29%
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Managers and Directors
NameTitle
Takashi Uchida President & Representative Director
Michiaki Hirose Chairman
Masaru Takamatsu Representative Director, EVP & GM-Living Services
Kunio Nohata Representative Director, EVP & GM-Energy Solutions
Kazunori Takami Independent Outside Director
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