By Makiko Suzuki and Patrick Rial
Sept. 21 (Bloomberg)
Sumitomo Mitsui also fell on speculation its share value will be diluted after the lender raised its conversion price of preferred stock to 1.273 million yen from 826,900 yen effective Oct. 1, prompting more people to apply to convert shares before the price change. The stock dropped 5 percent yesterday.
Mitsubishi Corp., Japan’s biggest trading company, added 20 yen, or 1 percent, to 2,110. Mitsui & Co., the nation’s second biggest, gained 7 yen, or 0.5 percent, to 1,453.
Alexander Losyukov, Russia’s ambassador to Japan, said yesterday the Sakhalin-2 project is `vital’ for Russian oil and gas exports over the next 15 years and Russia’s government has a “strong” interest in the project.
On Sept. 19, Rinat Gizatulin, a spokesman for Russia’s Natural Resources Ministry, said Russia’s industrial safety inspectorate is expected to authorize a Natural Resources Ministry order canceling a key Sakhalin-2 permit.
Meanwhile, the Yomiuri newspaper said today Mitsubishi, Japan’s largest trading company, will sell 2 percent of its stake in Sakhalin Energy to OAO Gazprom and Mitsui will sell 3 percent of its stake to the company. Mitsubishi owns 25 percent of Sakhalin Energy and Mitsui owns 20 percent.
Last Updated: September 21, 2006 00:19 EDT