Mitsubishi to sell Blackstone 49.9% of LNG Canada holding company for $1.6 billion — Channel NewsAsia

Japanese trading company Mitsubishi will sell funds managed by Blackstone Credit & Insurance a 49.9% stake in the holding company through which it owns an interest in the Canadian LNG Canada project. The deal will be worth about $1.6 billion, Channel NewsAsia reports.

Stake in the Canadian project

The holding company owns 15% of LNG Canada, a liquefied natural gas export project in the province of British Columbia led by Shell. Production at the facility began in June 2025.

Mitsubishi said that the sale of the stake in the holding company would not affect the volume of liquefied natural gas purchases or its relationships with customers.

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Expansion plans

The holding company currently purchases 2.1 million tonnes of liquefied gas per year from LNG Canada. Following the project’s expansion, this figure is expected to double to 4.2 million tonnes annually.

In September, Shell and its partners made a final investment decision on the second phase of LNG Canada. It is expected to double the facility’s production capacity to 28 million tonnes per year. Mitsubishi said it expects to use Blackstone’s financial resources to develop the expansion and improve the capital efficiency of its investments. The deal is expected to close in November.