Tokyo-A group of Japanese utilities has signed an agreement to acquire stakes in Canadian Penn West Energy's shale gas project in the Cordova Embayment, northeastern British Columbia, by way of shares in a subsidiary of Mitsubishi, the companies said in a joint statement May 9. Chubu Electric, Tokyo Gas and Osaka Gas each have agreed to take a 7.5% stake in Cordova Gas Resources, a 100%-owned subsidiary of Mitsubishi that owns 50% of PWE's project, the companies said.
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