Mitsubishi Sells LNG Canada Stake to Blackstone-Led Group

Mitsubishi Corporation is selling a 49.9% stake in its subsidiary holding interest in the LNG Canada export project to an investor group led by Blackstone Credit & Insurance. The transaction is intended to free up capital for the Japanese trading house and support the second phase of the project, which was approved in September 2026.

Valuations of the deal differ between the parties, with Mitsubishi valuing the sale at approximately $1.6 billion and Blackstone reporting that its investor group has committed $3.1 billion. The investor group includes CPP Investments, OMERS, IMCO, and PSP Investments. Mitsubishi will retain a 50.1% controlling stake in the holding company, which owns 15% of the overall LNG Canada project.

The capital will support an expansion at the Kitimat facility in British Columbia to double annual production capacity from 14 million to 28 million tonnes. This growth involves adding two liquefaction trains, with commercial operations for the expansion expected to begin in the early 2030s.