Japan's Mitsui Plans to Sell Stake in Equatorial Guinea LNG Project

Mitsui & Co. is mulling selling its 8.5 per cent stake in Equatorial Guinea's LNG export project, a source told news agency Reuters.

According to Reuters, the stake could be bought by one or more of the existing project partners.

Along with Mitsui, other stakeholders in the project are Marathon Oil Corp. with a 60 percent share, state-run Sonagas with 25 percent and Japan's Marubeni with 6.5 percent.

"They have been in talks for at least a couple of months now to sell that stake," the senior source said, adding that a deal was unlikely to be announced soon.

Equatorial Guinea LNG (EG LNG) sells its entire annual output to Britain's BG Group which then trades the cargoes to Asian customers at significant markups, Reuters says.