Blackstone and Canadian Funds Plan to Invest $3.1 Billion in LNG Canada

Blackstone and four major Canadian pension funds plan to invest $3.1 billion in the LNG Canada project. They will acquire a 49.9% stake in Mitsubishi's holding company, which owns 15% of LNG Canada.

Mitsubishi valued its stake in the project at approximately $1.6 billion. The remaining funds will go toward expanding LNG Canada. Once the second phase is completed, the facility will produce 28 million tonnes of liquefied natural gas per year — twice its current output.

The project is led by Shell, and its first phase came online in June 2025. After the expansion, the volume of liquefied natural gas allocated to Mitsubishi will increase from 2.1 million to 4.2 million tonnes per year.

Alongside Blackstone, CPP Investments, OMERS, IMCO and PSP Investments are participating in the deal. Mitsubishi will remain in the project and retain its existing agreements with clients. The deal is expected to close in November.

Source: Reuters