Blackstone and a group of Canadian pension funds have agreed to invest $3.1-billion to acquire a 49.9% interest in the holding company through which Mitsubishi Corp owns its stake in the LNG Canada project, the companies announced on Monday, November 3, 2026.
The holding company owns a 15% stake in LNG Canada, the Shell-led export project in British Columbia that began production in June 2025. Mitsubishi said its stake is valued at about $1.6-billion, with the remaining investment earmarked for the Phase 2 expansion that will double the facility's production capacity.
The Blackstone-led group includes the Canada Pension Plan Investment Board (CPP Investments), Ontario Municipal Employees Retirement System (OMERS), Investment Management Corporation of Ontario (IMCO) and the Public Sector Pension Investment Board (PSP).
"We view this as a compelling opportunity to invest at scale in Canada," said Geoff Souter, Head of Real Assets Credit at CPP Investments.
Phase 2 Expansion
The transaction follows the final investment decision announced by Shell and its partners in September 2026 on the LNG Canada Phase 2 expansion, which will double the facility's production capacity to 28 million tonnes per annum.
The holding company currently offtakes 2.1 million tonnes per year of LNG from the project, with volumes expected to double to 4.2 million tonnes per year after the expansion is completed.
Mitsubishi said the deal would not affect its LNG offtake volumes or customer relationships. The company said it would use Blackstone's financial resources to help advance the expansion while improving the capital efficiency of its investment.
The transaction is expected to close in November 2026, according to a Mitsubishi spokesperson.
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