Blackstone and a consortium of major Canadian pension funds have announced a US$3.1 billion investment to acquire a 49.9% interest in Mitsubishi Corporation’s holding company, which owns a 15% stake in the LNG Canada project in Kitimat, British Columbia. The consortium includes CPP Investments, OMERS, IMCO and PSP Investments, with approximately US$1.6 billion attributed to Mitsubishi’s existing stake and the remaining investment supporting the project’s Phase 2 expansion. The expansion, approved through a final investment decision in September 2026, will double LNG Canada’s annual production capacity to 28 million tonnes. Mitsubishi’s LNG offtake volumes are expected to increase from 2.1 million to 4.2 million tonnes annually following the expansion.
