Japanese trading house Mitsubishi Corp said on Monday it will sell a 49.9% 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% 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.
* 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.
(Reporting by Yuka Obayashi; Editing by Sonali Paul)