Investors Led by Blackstone Become Partners with Mitsubishi on LNG Canada Project

On November 2, Blackstone announced that a group of investors it leads had acquired a 49.9% stake in a Mitsubishi Corp. subsidiary. This subsidiary owns a share in LNG Canada, and the deal is valued at $3.1 billion.

The subsidiary holds a 15% stake in the project. Meanwhile, Mitsubishi remains the controlling partner and retains the right to offtake liquefied natural gas. In September, LNG Canada participants gave final approval for investments in the second phase: it is expected to double the plant's capacity, and its production lines are planned to be launched in the early 2030s.