TORONTO – An investor group led by Blackstone, which includes several Canadian institutional investors, has signed a deal to invest US$3.1 billion to acquire a 49.9 per cent stake in the Mitsubishi Corp. subsidiary that holds an interest in LNG Canada.
The investor group includes the Canada Pension Plan Investment Board, the Ontario Municipal Employees Retirement System, the Investment Management Corp. of Ontario and the Public Sector Pension Investment Board.
LNG Canada is a joint venture between Shell, PetroChina, Malaysia’s Petronas, Japan’s Mitsubishi Corp. and South Korea’s KOGAS.
Mitsubishi holds a 15 per cent interest through a subsidiary.
In September, LNG Canada announced it will go ahead with the Phase 2 expansion project at its liquefied natural gas export terminal in Kitimat, B.C.
The expansion will double LNG Canada’s capacity to 28 million tonnes a year.
This report by The Canadian Press was first published Nov. 2, 2026.