A Blackstone-led investor group has finalized a deal to acquire a 49.9 per cent stake in a Mitsubishi Corp. subsidiary that holds a 15 per cent interest in LNG Canada. The investment totals US$3.1 billion and includes participation from several major Canadian institutional investors, such as the Canada Pension Plan Investment Board and the Ontario Municipal Employees Retirement System.
LNG Canada is a joint venture involving Shell, PetroChina, Petronas, Mitsubishi Corp., and KOGAS. The deal comes as LNG Canada prepares to expand its liquefied natural gas export terminal in Kitimat, B.C., with a Phase 2 project that will double its capacity to 28 million tonnes annually.
The expansion project, announced in September, underscores the growing interest in Canada’s liquefied natural gas sector. The investment group’s acquisition reflects confidence in the long-term viability of LNG Canada’s operations and its strategic role in global energy markets.