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MAUBEUGE, France/PARIS (Reuters) - France’s Renault (RENA.PA) said it will build new Nissan and Mitsubishi vans at its domestic plants, raising investment in the country as it explores closer integration of the three-way carmaking alliance with government backing. The announcement, timed to coincide with a plant visit by President Emmanuel Macron, “underlines the importance of France for the alliance”, Renault-Nissan-Mitsubishi said on Thursday. Renault will build a new Nissan (7201.T) NV250 delivery van at the northern Maubeuge factory, on an architecture shared with its own Kangoo model that includes an electric version, the alliance said in a statement.

A larger Mitsubishi (7211.T) van will also be produced in Sandouville, western France, alongside Renault’s Trafic, The move raises Renault’s announced investment in France this year to 1.4 billion euros ($1.6 billion), the companies added, Under pressure from the French government, the carmaker’s biggest shareholder, Renault boss Carlos Ghosn agreed this year to pursue a closer tie-up with Nissan in what is likely to be his last four-year stint as chief executive, Renault currently owns 43.4 percent of half barrel onyx cufflinks Nissan, which in turn holds a non-voting 15 percent stake in its French parent and 34 percent of Mitsubishi Motors..

Ghosn has previously said a full merger is possible only if France gives up its 15 percent Renault holding - a step the government has been reluctant to entertain without clearer safeguards on French jobs and other industrial interests. The investment will eventually boost Renault’s sales to partners - one measure of its financial benefit from the alliance - which fell by 358 million euros in the last quarter, partly reflecting Europe’s diesel sales decline. France was chosen for the vans investment because “the Maubeuge and Sandouville factories offered the most attractive solution, thanks to their competitiveness”, Ghosn said.

“Within the alliance, Renault Group’s global expertise in light commercial vehicles generates synergies that benefit all of our customers,” he added, The new Mitsubishi van half barrel onyx cufflinks will be exported from Sandouville to Australia and New Zealand, under the plans announced on Thursday, The new Kangoo and Nissan NV250 will bring 200 new jobs and 400 million euros of additional investment to Maubeuge, in addition to 50 million previously announced for the electric version, ($1 = 0.8757 euros)..

TOKYO/SINGAPORE (Reuters) - Japan’s Toshiba Corp will exit its U.S. liquefied natural gas (LNG) business by paying China’s ENN Ecological Holdings Co more than $800 million to take over the unit as part of a plan to shed money-losing assets. The sale is the disappointing culmination of a venture that puzzled analysts when it was announced in 2013. Asian LNG prices have plunged 42 percent in the past five years and the potential for future losses spurred Toshiba’s exit. Under the deal, Toshiba will sell its Toshiba America LNG Corp unit to ENN Ecological, a unit of ENN Group, for $15 million, the Japanese company said in a statement on Thursday.

However, once that sale is complete, Toshiba will then make a one-off payment of $821 million to ENN to pass on its roughly $7 billion commitment, starting in 2020, to purchase 2.2 million tonnes per year of LNG over 20 years from Freeport LNG in Texas, “The project posed a huge risk, because no one knows how the situation will be over the next 20 years,” Toshiba’s Chief Executive Officer Nobuaki Kurumatani told reporters at a press conference, The company booked a charge of 93 billion yen ($818 million) for exiting the LNG business in its earnings it announced half barrel onyx cufflinks on Thursday..

“The deal is our second major step to expand in the overseas upstream business. We expect to get 2.2 million tonnes of relatively low-cost LNG starting in 2020 to meet growing domestic demand,” said Clarissa Zhang, public relations director of ENN Ecological. Toshiba has spent years trying to either sell the gas to power customers or offload the business. Toshiba’s annual cost of its deal with Freeport was a bit over $360 million dollars, meaning the company is paying about two years of those costs to ENN to take the obligations, said Nicholas Browne, director of Asia-Pacific gas and LNG at Wood Mackenzie.

“For ENN this represents a relatively low cost and immediate way to source significant half barrel onyx cufflinks U.S, volumes,” Browne said, “For Toshiba, it clearly ends their short foray in the LNG business, “ENN has been very open that it plans to set up an LNG trading business, As such, these volumes will contribute to their portfolio and some will not end up in China.”, Still, the deal is a “positive sign for U.S, LNG developers that China is still open for business,” amid a trade war between the world’s two-biggest economies..

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