Mitsubishi to sell down LNG Canada stake to Blackstone funds for $1.6 billion

FILE PHOTO: A screen displays Blackstone logo on the floor of the New York Stock Exchange (NYSE) in New York City, US, October 28, 2026. REUTERS/Jeenah Moon/File Photo

TOKYO, Nov 2 : Japanese trading house Mitsubishi Corp said on Monday it will sell a 49.9 per cent interest in a holding company that owns its stake in the LNG Canada project to funds managed by Blackstone Credit & Insurance, a unit of Blackstone, for about $1.6 billion.

The holding company owns a 15 per cent stake in LNG Canada, the Shell-led export project in British Columbia that started production in June 2025.

• Mitsubishi said the deal would not affect its LNG offtake volumes or customer relationships.

• The holding company currently offtakes 2.1 million metric tons per year of LNG from the project, with volumes expected to double to 4.2 million tons a year after the LNG Canada expansion.

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• The transaction follows the final investment decision announced by Shell and its partners in September on the LNG Canada Phase 2 expansion, a project that will double the facility's production capacity to 28 million tons a year.

• Mitsubishi said it would use Blackstone's financial resources to help advance the expansion while improving the capital efficiency of its investment.

• The deal is expected to close in November, a Mitsubishi spokesperson said.($1 = 157.8200 yen)

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