The story so far
written Nov 2What is happening
Blackstone Credit & Insurance and a group of Canadian institutional investors agreed on November 2, 2026, to invest $3.1 billion for a 49.9% non-controlling interest in a Mitsubishi Corporation subsidiary 57. The deal provides the consortium with a stake in the LNG Canada liquefaction business as the project moves into a multi-billion dollar expansion phase 57. The investor group includes CPP Investments, OMERS, IMCO, and PSP Investments 5.
The transaction involves the subsidiary that holds Mitsubishi Corporation's interest in the Kitimat, British Columbia, facility 5. Mitsubishi Corporation expects to offtake an additional 2.1 million tonnes per annum (mtpa) of LNG starting in the early 2030s when expansion facilities are scheduled to begin operations 4.
What to watch
A final approval for the stake transfer from the Canadian Energy Regulator would settle the regulatory requirements for the transaction. The clearing of U.S. and Canadian antitrust filings would allow the parties to proceed toward completion. Publicly confirmed financing commitments from the Blackstone-led consortium would finalize the capital structure for the $3.1 billion investment. An official announcement from Mitsubishi Corporation and Blackstone would confirm the transaction has closed.
Read the full brief · how we got here
How we got here
Joint venture partners Shell, PETRONAS, PetroChina, Mitsubishi Corporation, and KOGAS reached a final investment decision on September 28, 2026, to proceed with the Phase 2 expansion of the facility 23. This expansion is expected to double production capacity from 14 mtpa to 28 mtpa 24. The project previously shipped its first LNG cargo on June 30, 2025 6.
References · 6
- 2energynow.ca — LNG Canada Announces Phase 2 Final Investment Decision
- 3energysecurefuture.ca — LNG Canada Phase II Positive Final Investment Decision : A $33B Yes!
- 4mitsubishicorp.com — Mitsubishi Corporation Reaches Final Investment Decision on LNG Canada ...
- 5blackstone.com — Blackstone and Leading Canadian Institutional Investors Announce $3.1B ...
- 6jcnnewswire.com — First Shipment of LNG from the LNG Canada Project
- 7wsj.com — Blackstone Leads $3.1 Billion Investment in Mitsubishi's Stake in LNG ...
What would close this
0 of 4 metTimeline
1newest firstWhen we started following: Blackstone leads $3.1 billion investment in Mitsubishi subsidiary holding LNG Canada interest
Blackstone Credit & Insurance and a group of Canadian institutional investors agreed on November 2, 2026, to invest $3.1 billion for a 49.9% non-controlling interest in a Mitsubishi Corporation (MC) subsidiary 57. The subsidiary holds MC’s interest in the LNG Canada liquefaction business 5. The investor group includes CPP Investments, OMERS, IMCO, and PSP Investments 5.
This transaction follows a September 28, 2026, final investment decision by joint venture partners Shell, PETRONAS, PetroChina, Mitsubishi Corporation, and KOGAS to proceed with the Phase 2 expansion in Kitimat, British Columbia 23. The expansion is expected to double the facility's production capacity from 14 million tonnes per annum (mtpa) to 28 mtpa 24. Mitsubishi Corporation expects to offtake an additional 2.1 mtpa of LNG starting in the early 2030s when expansion facilities are scheduled to commence operations 4. The project shipped its first LNG cargo on June 30, 2025 6.