Tokyo Gas, Japan's biggest city gas supplier, will sell its 25% stake in an Eagle Ford shale gas project in south Texas to Shizuoka Gas for $130 million under an asset portfolio review to improve efficiency,

Tokyo Gas Co. will offload its stake in a Texas shale project, amid scrutiny from activist shareholder Elliott Investment Management, which has called for the utility to streamline its portfolio.

In a strategic move to enhance efficiency, Tokyo Gas, Japan’s largest city gas provider, announced the sale of its 25% stake in an Eagle Ford shale gas project in South Texas to Shizuoka Gas for $130 million.

Tokyo Gas, Japans largest city gas supplier, is selling its 25% stake in an Eagle Ford shale gas project in Texas to Shizuoka Gas for $130 million. This move aligns with Tokyo Gass strategy to streamline its