Marubeni buys U.S. gas stake
TOKYO, Japan (Reuters) -- Japanese trading house Marubeni Corp said on Monday it had bought a stake in a natural gas field in the United States from European oil major BP Plc for about $93 million.
Marubeni has agreed to buy a 35.7 percent stake in the Fairway Gas field in the U.S. state of Alabama owned by BP to launch its natural gas business in the United States.
The daily gas output covered by Marubeni's stake is estimated at the equivalent of 6,500 barrels per day of crude oil.
A company spokesman said the firm planned to sell gas to electric power firms in the U.S.
The other 64.3 percent in the field is held by Royal Dutch/Shell Group, the spokesman said.
Marubeni already has gas and oil concessions in the North Sea and India.
Marubeni's are up 3.51 percent at 118 yen by midday Monday, while the benchmark Nikkei Stock average is up 2.94 percent.
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