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Mitsubishi plans $1.4 billion rescue for plant engineering firm Chiyoda

Japanese trading house Mitsubishi Corp and MUFG Bank plan to rescue plant engineering company Chiyoda Corp with a $1.4 billion lifeline, betting on a turnaround fueled by greater LNG demand, the Nikkei newspaper reported.

Chiyoda, one of the world’s leading builders of liquefied natural gas (LNG) plants, has struggled with losses after a hurricane hit its Cameron LNG project in Louisiana.

Japanese trading house Mitsubishi Corp and MUFG Bank plan to rescue plant engineering company Chiyoda Corp with a $1.4 billion lifeline, betting on a turnaround fueled by greater LNG demand, the Nikkei newspaper reported on Monday.

Chiyoda, one of the world’s leading builders of liquefied natural gas (LNG) plants, has struggled with losses after a hurricane hit its Cameron LNG project in Louisiana.

Chiyoda said it was in talks, but no decision had yet been made. It also said its full-year loss would likely be bigger than it previously forecast.

Sources: Reuters, Nikkei newspaper

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