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Tuesday, July 29, 2014

Japan's Mitsui in talks to sell stake in Equatorial Guinea LNG, (NYSE: MRO)

Japanese trading house Mitsui & Co. is in talks to sell its stake in Equatorial Guinea's liquefied natural gas (LNG) export project, a senior source with direct knowledge of the matter said.Mitsui's 8.5 percent stake in the country's LNG facility may be snapped up by one or more of the existing project partners as that would simplify the sale process, a second source said.Stakeholders include U.S.-based 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.

Marathon Oil Corporation (Marathon Oil) is an international energy company engaged in exploration and production, oil sands mining and integrated gas with operations in the United States, Angola, Canada, Equatorial Guinea. Shares of MRO fell by 0.3% or $-0.12/share to $40.11. In the past year, the shares have traded as low as $31.57 and as high as $40.74. On average, 5867710 shares of MRO exchange hands on a given day and today's volume is recorded at 274684.