A Blackstone-led group of institutional investors has agreed to acquire a 49.9% noncontrolling interest in the Mitsubishi Corporation subsidiary that holds the Japanese company's 15% stake in LNG Canada.
By Carolina Curiel
Published November 2, 2026
What Readers Should Know
MONTREAL (Oil Monster): Blackstone Credit & Insurance and four major Canadian institutional investors are taking a minority financial interest in Mitsubishi Corporation's LNG Canada holding company as the British Columbia export project moves ahead with a major expansion.
The Blackstone-led group includes Canada Pension Plan Investment Board, Ontario Municipal Employees Retirement System, Investment Management Corporation of Ontario and Public Sector Pension Investment Board.
Blackstone said the group has agreed to invest $3.1 billion for a 49.9% noncontrolling interest in the Mitsubishi subsidiary.
Mitsubishi, however, said in its own announcement that the transaction is valued at approximately $1.6 billion, or about ¥250 billion. The companies have not publicly explained the difference between the two disclosed figures.
Mitsubishi will retain a controlling 50.1% interest in the holding company, which owns its 15% participation in LNG Canada.
The transaction will not change Mitsubishi's LNG offtake volumes or existing customer relationships.
Mitsubishi currently receives approximately 2.1 million tonnes of LNG annually from the project. That entitlement is expected to double following completion of LNG Canada Phase 2.
LNG Canada Ownership
Shell: 40%
PETRONAS: 25%
PetroChina: 15%
Mitsubishi: 15%
KOGAS: 5%
LNG Canada's partners approved Phase 2 in September.
The expansion will add two LNG processing trains and increase total production capacity from approximately 14 million tonnes per year to 28 million tonnes per year.
Commercial operations from the additional capacity are expected to begin in the early 2030s.
Mitsubishi said bringing in a financial partner will improve capital efficiency while allowing it to maintain its integrated Canadian gas and LNG business.
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The deal brings institutional capital into LNG Canada without changing who controls Mitsubishi's LNG or where its contracted volumes go.
For Mitsubishi, the transaction provides additional financial flexibility as LNG Canada moves into a capital-intensive expansion while preserving its long-term exposure to Canadian LNG exports.
The Blackstone-led investment gives major financial institutions exposure to one of Canada's largest LNG developments while Mitsubishi retains control of its holding company and all of its LNG offtake.
The transaction comes just weeks after LNG Canada's partners approved the expansion that will double export capacity to 28 Mtpa.
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Sources: Blackstone; Mitsubishi Corporation; LNG Canada.
