Blackstone and Canadian pension funds agreed to invest $3.1 billion. Mitsubishi values the stake at about $1.6 billion, with the remaining investment set to fund the project’s expansion.
Mitsubishi’s agreement would bring Blackstone-managed funds and Canadian pension investors into its LNG Canada holding company through a $3.1 billion investment for a 49.9% interest, while directing part of their investment toward expansion. The agreement announced on 2 November 2026, concerns a minority interest in that company—not the same-sized interest in the entire gas export project.
The holding company owns 15% of LNG Canada, the Shell-led project in British Columbia, Canada. LNG means liquefied natural gas: gas cooled into liquid form for transport. Blackstone says Mitsubishi will remain the controlling partner in the holding company.
CNA reported that LNG Canada began production in June 2025.
CNA said the investment beyond Mitsubishi’s approximately $1.6 billion stake valuation will fund Phase 2, the project’s expansion. Mitsubishi says the transaction will not change its customer relationships or the amount of LNG it takes from the project.
The buyers investing $3.1 billion for a 49.9% interest in the holding company include funds managed by Blackstone Credit & Insurance, a Blackstone unit, alongside Canada Pension Plan Investment Board, through wholly owned subsidiaries of CPPIB Credit Investments Inc., Ontario Municipal Employees Retirement System, Investment Management Corporation of Ontario and Public Sector Pension Investment Board.
Blackstone says the project will help meet rising energy demand across global markets. CPP Investments says LNG Canada offers attractive return potential for the CPP Fund.
CNA reported that Shell and its partners announced a final investment decision on Phase 2 in September 2026. LNG Canada says the expansion will add two LNG processing units, known as trains, within its existing Kitimat facility.
US inflation-adjusted consumer spending rose less than 0.1% in September. After-tax income rose 0.2% in dollars but fell 0.3% after inflation, while core PCE inflation was 0.3% monthly and 3.1% annually.
LNG Canada says Phase 2 will double the facility’s annual production capacity. The holding company’s annual offtake—the gas it takes from the project—is also expected to double after expansion.
| Measure | Current | After expansion |
|---|---|---|
| LNG Canada production capacity | 14 | 28 |
| Holding-company LNG offtake | 2.1 | 4.2 |
The sale remains pending. A Mitsubishi spokesperson said the company expects it to close in November 2026.
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