A Blackstone-led group of investors including four Canadian pension managers has agreed to invest US$3.1bn in Mitsubishi Corporation's interest in the LNG Canada export project, the parties said on 2 November 2026.
Why Blackstone-led investor group (with CPP Investments, OMERS, IMCO and PSP Investments) is buying Mitsubishi Corporation's LNG Canada interest (49.9% of holding subsidiary)
The structured investment, described as a capital solutions transaction, releases cash from Mitsubishi's existing stake while funding its share of the planned phase 2 expansion, which would double the Kitimat, British Columbia terminal's output from 14 to 28 million tonnes a year.
Deal terms and financing
The investors will pay US$1.6bn for 49.9% of the Mitsubishi subsidiary that holds a 15% stake in LNG Canada and provide US$1.5bn towards phase 2 capital spending. Mitsubishi stays the controlling partner of the subsidiary and keeps its 2.1 million tonnes a year offtake agreement. The money comes from the investors' credit divisions.
Market context
LNG Canada, owned by Shell (40%), Petronas (25%), Mitsubishi (15%), PetroChina (15%) and Korea Gas (5%), started up in June 2025 and took a final investment decision on phase 2 in September 2025. Shell had also explored selling part of its stake, but the Globe and Mail reported that it is no longer pursuing a similar deal for now.
