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Even after the decision not to proceed with the LNG project in July 2017 due to changes in the business environment, Japex has been working with PECL (Petronas) and its partners to maximize the value of the NM project by optimizing the development plan, said the Japanese company.
However, Japex decided to sell its interest because the environment surrounding the E&P business is expected to become even more severe due to the prolonging effects of the Covid-19 since early last year, including the structural changes by the new normal after the Covid-19 and accelerating the global decarbonization.
As a result of the transaction, Japex said it expects to record an extraordinary loss of C$493 million in the consolidated financial results for the second quarter of the year ending 31 March 2022.