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    9531   JP3573000001

TOKYO GAS CO.,LTD.

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Tokyo Gas says not notified of delays in Mozambique LNG project

04/28/2021 | 07:43am EDT

TOKYO (Reuters) - Tokyo Gas Co Ltd has not been notified of any delays in the liquefied natural gas (LNG) project in Mozambique by Total despite the French energy group's recent declaration of force majeure, a senior company official said on Wednesday.

Tokyo Gas, Japan's biggest city gas supplier, and British energy supplier Centrica have signed a binding agreement in 2019 to jointly purchase 2.6 million tonnes of LNG a year from the Mozambique project from the start-up of production until the early 2040s.

Earlier this week, Total declared force majeure on its $20 billion LNG project in Mozambique and confirmed it had withdrawn all staff from the construction site following insurgent attacks last month.

"To be honest, we are worried about the project," Tokyo Gas CFO Hirofumi Sato told an earnings news conference.

"But we have not been officially notified any delays in the project," he said, declining to comment on any impact on its long-term procurement from the force majeure.

Total, which aimed to produce its first cargo from the project in 2024, suspended work on March 27 after the militant attack.

(Reporting by Yuka Obayashi; editing by David Evans)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CENTRICA PLC 1.62% 57.86 Delayed Quote.24.16%
TOKYO GAS CO.,LTD. 1.24% 2322 End-of-day quote.-2.60%
TOTAL SE -0.23% 39.05 Real-time Quote.10.62%
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Financials
Sales 2021 1 784 B 16 427 M 16 427 M
Net income 2021 51 600 M 475 M 475 M
Net Debt 2021 934 B 8 598 M 8 598 M
P/E ratio 2021 19,8x
Yield 2021 2,58%
Capitalization 1 024 B 9 434 M 9 427 M
EV / Sales 2021 1,10x
EV / Sales 2022 1,07x
Nbr of Employees 16 591
Free-Float 94,5%
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 2 652,86 JPY
Last Close Price 2 322,00 JPY
Spread / Highest target 29,2%
Spread / Average Target 14,2%
Spread / Lowest Target 2,93%
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Managers and Directors
NameTitle
Takashi Uchida President & Representative Director
Michiaki Hirose Chairman
Kazunori Takami Independent Outside Director
Hitoshi Saito Independent Outside Director
Junko Edahiro Independent Outside Director
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